Back Costing Report
The Back Costing sub-tab breaks everything into two very easy-to-navigate options. One being by your Categories and the other by Supplier. We will now go through how the Back Costing page works in more detail.
The default view for the back costing page is by category as this is how we have grouped all of your Preliminary Budget, Quotes, Purchase Orders and Bills. To the left, you will see your current Running Profit, the Variance between Bills & Quotes, and the Variance between Quotes and your Budget (if using a preliminary budget). Then over to the right-hand side, we show your Budget total, Quotes total, Purchase Order total, Bills-In total, Project Value (agreed client price), total Client Invoices, and Expected Gross Profit.
NOTE: Your Expected Gross Profit should be a positive number at all times. The running profit will be positive (+) or negative (–) depending on your invoicing cycle to clients vs the timing of the bills you pay.
Back Costing by Category
As you can see below there are four ways to view your Back Costing by category. Budget, Quotes, Purchase Orders and Bills. These tabs compare your Budget to Quotes, Purchase Orders and Bills. The Budget sub-tab will be greyed out if you have not used the Preliminary Budget tab.
If you've exceeded an allowance the figures will be displayed in red, if you're under the allowance it will be displayed as green, and if you've come in on target the figure will be displayed in black.
In the example below, I have a quote for my Engineer and Inspections category of $2,450.00, no purchase order value at all, I have received a bill for $1,980. When comparing PO to my bill I have a red line as there was no PO issued and the Bill is $1,980. When comparing the Quote to the Bill I am showing a green value of $470.00 as Im under budget still.
NOTE: If you don’t currently use Purchase Orders you would just compare your Bills to your Quotes.
Clicking on a the Little Arrows to the left of the Category header will expand the display showing any Quotes, PO's, or Bills loaded - clicking on any of the teal coloured Quote, PO, or Bill link will take you to that Quote, PO, or Bill's page. You can also click the Expand/Collapse button at the top of the Category lit to expand or collapse all.
A Simplified/Advanced switch is available - when this switch is turned on, Rave will display a % column to the right of each X vs Y dollar figure.
We also have two exportable reports. Export to Excel will export your entire Category Back Costing report to a CSV file. The figures are also colour coded as above, and each Category has its own tab. This allows you to really break down your Costings and manipulate any information you need to. You can choose to export with or without Notes.
The Export Charge Up Report to PDF shows your Quotes (costs) vs your Bills, and the remaining balance. This report is used for open-book operators who share their Budget and their Bills with clients. This report doesn't have the client percentage markup on it. This option does not have notes.
Back Costing Notes
You have the ability to add notes to the category and track conversations about over or under spends.
simply click the 3 dots beside the category name and add A note. Then you can choose to expand all notes with the top left icon or collapse all notes pushing the same one again.
Notes can be used to track spending, make comments for the project or financial team or simply to add a reminder for next time.
The note is time stamped and has the user who added the Note.
Back Costing by Supplier
Back Costing by Supplier will allow you to compare your Quote, Purchase Orders and Bills by your supplier. Clicking on the supplier's name will expand the line to show all Quotes, Purchase Orders or Bills loaded against that supplier. Clicking on any of the teal coloured links will take you to that document.
You also have the ability to switch between Simplified/Advanced switch views - when this switch is turned on, Rave will display a % column to the right of each X vs Y dollar figures.
Back Costing at a Glance
Our last Back Costing Report is a graph where you can quickly compare incoming and outgoings to easily find if there are any variances. Within the graph, you want to see all the lines reach the same point. If they don't, there is a variance.
