Contingency?

[skpost99]

Does anyone track their Construction Contigency in Constructware? I'm trying to figure out if there is a way to do this, but I'm having no luck. Any help appreciated!

[larryadams]

We track contingency in the Cost to Complete Report.

We set our Budge Code template to identify specific codes for reserves or contingencies. We set them up in the Budget module and manage them with Cost Events.

Our budget code starts with a single character segment with three values: "1" = Soft Costs, "2" = Hard Costs and "3" = Contingency. These are in a separate segment so we can sub-total the Cost to Complete Report on them. We can define several types of Contingency, depending how the other segments are used.
The second budge code segment is a single letter code used for legacy cost categories such as "Architect Fees, Testing, Printing, Site Costs, Building Costs" , etc.
The third budget code segment is based on the six character Master Format 2004 coding system. The fourth segment is a single character segment we use to identify individual contracts. We have a rule that every Contract has its own budget code. There is fifth single character segment that is used for reporting to the State agency that issues our building permits. Here some examples"

2 Q 220000 1 1 "Plumbing - ABC, Inc."
Translation: Hard Costs, Building Cost, Plumbing, Contract Specific (ABC Plumbing, for example), Include in Permit Report.

3 0 000000 1 0 "Project Contingency"

3 0 000000 2 0 "Construction Contingency"

We use the Budget module to create and change the budget (Adjustments). The Budget Module is used to add to or deduct from the project budget. We set up Contingency budget code(s) here.

We use Cost Events and Cost Items to move money to and from Budget Codes within the project. We use the Submitted and Approved cost columns in the Cost Items to modify the Budge side of the ledger. For example, if we awarded several Contract Change orders, including one for plumbing we would create a Cost Event to move budget funds from "Construction Contingency" to "Plumbing - ABC, Inc.". We try to do a monthly update of the project budget from the Cost to Complete Report.

[skpost99]

Larry,

Thank you for the explanation, that's exactly what I was looking for. I wasn't sure if I needed to go into the budget to manually push an adjustment or do it through the Cost Events/ Items to get our CTC report up to date, this will be very useful to us~


Sherry