When creating a budget for a job with a T&M billing setup, Please have the budget calculate and include the markup, overhead and profit based on the T&M billing setup...as it does when 3-10-2 is used to compute T&M invoices.

This could then be pulled into the progress billing and T&M cost could be billed against the budget amounts, including a line that shows the O&P being billed against the O&P that was budgeted.

Ideally there would also be a T&M billing report that follows a progress billing format including columns for "budget" "CO's" "Updated Budget" "Previously Billed" "Current Billing" "Total billed" and "Balance to Finish"

If phases are used for a project, each phase should subtotal including it's overhead and profit with grand totals at the end of the budget and billing reports.

I would be happy to provide samples of the excel reports I currently use to accomplish this.

This idea will be valuable for project management and for T&M accounts receivable.

by: Rich W. | over a year ago | Project Management