Become a pro at contract management with our comprehensive guide. Discover how to create, edit, and delete budgets and sub-budgets, simplifying your workflow with our easy-to-follow tips.
In this article you will learn how to:
Creating Budget and Sub-budgets
Creating budgets and sub-budgets in Mastt is a crucial step in effectively managing project finances. By creating budgets and sub-budgets, you gain better control over project costs and can accurately monitor whether the project is staying within the allocated budget. To create budget and sub-budget, follow these steps.
Step 1: Find the Cost Module in the Hamburger Menu (
). Then, on the Overall page, either hover over + Add and choose + Add Budget, or click on the Three Dots Menu (...) next to a Project and select Add and Edit Budgets.
Tip: You can also add a budget using the Budgets Register Page.
Step 2: Enter the Budget Title, Amount, and Status in the Add and Edit Budget form. Click Save to apply your changes. You can now add sub-budgets!
Step 3: To create sub-budgets, simply access the Three Dots Menu (
) located next to the budget you wish to add sub-budgets to. Select Add and Edit Sub Budgets. From there, follow the same process as creating a budget.
Step 4: In the Add and Edit Budgets form, enter the Budget Title, Amount, and Status for the sub-budget you are creating. To finalize your changes, simply click on the Save button.
Tip: You can add even more sub-budgets if you need to by clicking + Add Budget.
You can add sub-budget amounts that total more than the parent budget, but you will be alerted that you have over allocated the Budget. The Unallocated Budget row at the bottom is there as a guide to show you how much you have left to allocate, and will go into negative if you have over allocated the budget.
Editing Budgets & Sub-budgets
Editing budgets and sub-budgets in Mastt allows you to make necessary adjustments and updates to better manage project finances.
You can edit and delete budgets and sub-budgets through the Budget Register. Make sure you have appropriate access by consulting your Project's Administrator.
Editing budget and sub-budget is as simple as adding them - just follow these steps:
Step 1: Using the Three Dots Menu (...) next to the Budget or Sub-Budget you want to edit, click Edit this Budget to open the form.
Step 2: Make the appropriate changes in the Add and Edit Budgets form. Click on the Save button to save your updates.
Step 3: To edit sub-budgets, access the Three Dots Menu (...) next to the sub-budget you want to modify and select Edit this Sub Budget. Follow the same process as editing a budget. Hit Save to complete the process.
You are able to edit a Budget to be less than the sum of its Sub-Budgets, but you will be alerted that you have over-allocated the budget.
Deleting Budget and Sub-budgets
Deleting budgets and sub-budgets removes unnecessary or outdated financial information from your construction project, ensuring accurate and up-to-date financial records for improved project management.
To delete budgets and sub-budgets, follow steps below.
Step 1: To delete a budget, you can easily access the Three-dot menu (...) located next to the budget that you want to remove and select Delete Budget.
Step 2: Click Delete to confirm deletion of the selected Budget.
Tip: To delete a sub-budget, follow the same steps as deleting a budget. Simply select the sub-budget you want to remove from the Three Dots menu (...) and click Delete to remove it.
WARNING: You won't be able to Delete a Budget or Sub-Budget if it has Adjustments made to it. You will need to move or remove these adjustments before you can delete the budget.
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