Lifecycle of Costs in Projectmates #
The Cost Tracking area of a project acts as the primary hub to manage and track the full lifecycle of costs for your project. It is a collection of tools that address various key aspects of your project costs.
- Allocating a budget for your project.
- Publishing and managing bids for the project.
- Establishing contracts and purchase orders with your external partners.
- Managing change orders against those contracts.
- Managing potential changes that could result in a change order.
- Managing invoices and pay applications.
As with many other areas within Projectmates, the Cost Tracking tools were designed with collaboration in mind. External partners who are users can login and view their own contracts/POs with the owner, and can directly submit PCOs, COs, invoices/pay applications through Projectmates itself. The owner can configure electronic approval workflows that ensure all key personnel required to review these financial items are notified immediately and can review them with an intuitive, easy-to-use interface.
Vendor Summary #
The Vendor Summary provides a convenient overview of the commitments and actuals associated with the various vendors working in your project. When inside of a project, the Vendor Summary can be accessed through the left-side menu by clicking Contract Mgmt > Vendor Summary.
The Vendor Summary page will initially provide a rollup of the total contracts, change orders, purchase orders, invoices and retainage associated with each external partner. Clicking on any of the vendor rows will expand and provide a more granular breakdown of the items that come together to form the rollup number. The From Date and To Date fields above can be used to filter these individual items by their date. As an owner user, you will have the ability to click on these individual items to directly access them through the Vendor Summary as well.
