When a budget that has been agreed with key stakeholders, it should be baselined. Subsequent budget versions (snapshots) can be captured at any time throughout the project.
Budget Snapshots can be captured at any time, and they can be specified as being an official budget version (e.g. either Original, and/or Approved) or neither. To create a snapshot you need to select.
Enter in the description of the budget, for example “Pre-Tender Estimate” and enter a date for the snapshot.
To mark a snapshot as Original or Approved, simply create a document with a Budget control (e.g. Budget Change Request) and select the relevant snapshot from the “Version” dropdown list as shown below.
It is important to note that it is possible to create a budget as Original and Approved at the same time. Doing so, will overwrite any pre-existing Original and Approved budgets. When the document is signed off the process is complete.
To overwrite a Budget, the snapshot needs to be created in the document and approved. Creating a snapshot with the same version number in the Cost module will give the following error message.
Overwriting a budget snapshot
If you enter in the snapshot description the same name as a previous snapshot, the system will overwrite the old snapshot with the new one. You will be prompted to confirm you want to overwrite the old budget.
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