Anticipated Costs Overview

Anticipated Costs are project expenses (ex. materials, labor or subcontractor services) that have not been incurred yet but will sometime in the future. For example, plumbing fixtures or cleanup services will occur at the final stage of a project and vendors may not be identified until the very end. As a result, financial dashboards that compare estimated cost budgets versus commitments would show a budget surplus unless Anticipated Costs are documented.

In Corecon, firms have a choice to document Anticipated Costs as detailed line items or dollar amount per job cost code (aka Summary by Job Cost Code). This can be specified in Settings (gear icon) | Feature Settings | Procurement.

Important Things To Know

Anticipated Costs should be reviewed on an ongoing basis for the project.
Anticipated Costs will be categorized as a Committed Cost in Project Analytics.
Anticipated Costs will eventually be deleted or marked "Accounted For" as the project progresses. Thus, actual Procurement transactions (ex. POs, Subcontracts etc.) will be documented as Anticipated Costs get accounted for in the project.
'Accounted For' only comes into play when itemizing anticipated costs not summary by job cost code (JCC).

Steps To Complete Before Entering Anticipated Costs

Make sure the Prime Contract that will be referenced on the Anticipated Cost Item is Approved and has a Status Date.
Like the Prime Contract, a Job Cost Code is required when entering Anticipated Costs.

Add, Import and Edit Options

When Settings | Feature Settings | Procurement = Itemize Anticipated Costs

When Settings | Feature Settings | Procurement = Summary by Job Cost Code (JCC)