*Note that all budget adjustments occur within a Rabbet draw.
Click here for information on assigning change order documents to budget adjustments.
Reallocate Funds in the Budget
Most projects require funds to be reallocated between line items at some point during the project lifecycle. These transfers often involve a budgeted contingency line item, but not always. Rabbet has the flexibility to reallocate funds to and from any line item.
Navigate to the ‘Line Items’ tab within the applicable draw. Click on ‘Budget Adjustments’.
Click 'Create Adjustment' to add your re-allocation:
Select the ‘Line Item(s)’ for which the reallocation is being made. Input the applicable adjustment amount. Attach the corresponding change order document (if applicable). Also, feel free to add an optional description to the reallocation.
Click 'Add Line Item', and select the ‘Line Item(s)’ for the corresponding budget item(s) that balances the adjustment. Input the applicable amount(s).
Review the ‘Gross budget change’ value to verify that the adjustment activity results in a net $0 amount. Click ‘Create Adjustment’. You may go back and edit the adjustment at any time.
The adjustments are now reflected in the ‘Current Adjustments’ column on the line items budget table. The ‘Budget Adjustments’ button also reflects the number of budget adjustments in the current draw.
*Note that you should not adjust line item funds for a previously submitted draw without resubmitting the draw to the original recipients.
Add Line Items to a Budget
If you need to add a new line item to your budget and you intend to allocate funds from an existing budget line item into the new line item, it is first necessary to add a line item to your budget by editing your project-level budget.
For more information on how to edit your project-level budget, see this article:
Once you have added a new line item to your budget, you can now make an adjustment within a draw to allocate funds to the new line item from any existing line item. Simply follow the steps outlined above.
Change the Total Budget
The initial steps mirror budget reallocations discussed above. Click on ‘Budget Adjustments’ and indicate the applicable ‘Line Item(s)’ and 'Adjustment(s)' amount.
Since the purpose of this adjustment is to change the budget total, the ‘Gross budget change’ amount should be a non-zero amount.
Click ‘Create Adjustment’.
Note that the 'Budget Adjustments' button above the draw line items table reflects the gross budget change. and a banner will alert you to change your project's funding sources to reflect the budget change. Rabbet then directs you to edit the project funding sources information through an alert banner at the top of the screen. The change in the total budget amount requires that you also update the funding sources for the project overall.
Click on the link and adjust the funding sources accordingly.
Click ‘Save Changes’ and close the funding source modal. The budget adjustment now appears on the line items table.
*Note that the ‘Current Adjustments’ total is a non-zero amount since the budget total has changed.
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