JobCOST Controller for Excel 2.11 - User Guide and FAQ

Frequently Asked Questions - JobCOST Controller for Excel

1. How do I start a new job?
   Click on "Add New Cost Account" from Excel's JobCOST menu. Then start entering your jobcost account definitions. Add category (max 8 characters), description (max 50 characters). This will be the account for tracking costs.
   
   Note: We provide a sample jobcost file for a typical home construction. If your project is similar, edit this file using "Maintain Cost Account" function. Otherwise, use "Clear Worksheets" to start fresh.
   
   
2. How do I maintain accounts?
   Periodically, you should maintain accounts to update expenses, committments, etc. First, place your mouse on the row and select "Maintain Cost Account" from Excel's JobCOST menu. Then start entering your jobcost account data. If Budget has changed (perhaps due to change orders), enter change in Budget Cost in the "Change This Period" column. If you have already started a job and expended funds, then also enter "Completion", "Actual Cost" and "Committed Cost".
   
   
3. What is Budget Cost?
   Budget Cost is the basis for tracking costs. It usually originates from your estimate. Budget Cost does not change throughout the project unless scope of work changes, e.g. a change order that adds to scope of work.
   
   
4. What is Actual Cost?
   Actual Cost is the expended funds for the jobcost item. This figure comes from accounting records.
   
   
5. What is Committed Cost?
   Committed Cost is the amount that you are obliged to pay but have not yet paid, e.g. Work done by a subcontractor but not yet invoiced or paid.
   
   
6. What is Completion?
   Completion is the percentage of physical completion of the jobcost item at the time of maintaining the JobCOST Controller file. For example, if you have 400 Lf of chain link fence to build and you have built 100 Lf in this period, then you enter 25% for completion in this period.
   
   
7. What is Forecast at Completion?
   This is the amount that JobCOST Controller forecasts to be the total cost to complete the work item 100%. It is derived using your input as well as JobCOST Controller's intelligent algorithms.
   
   
8. What is Variance?
   Variance is the forecasted difference from budget at job completion. This value can be positive (over budget) or negative (under budget).