Learn how to manage your multi-budget contracts like a pro! Our guide covers everything you need to know about creating, editing, and deleting multi-budget contracts. Simplify your process with our easy-to-follow tips.
Multi-Budget Contracts allow you to have a single contract (like your Contractor contract) broken across multiple Budgets and Sub-Budgets (like your Early Works and Main Works Budgets) without having to create multiple Contracts. You will only need to create one Contract, make payments against one Contract, and add Variations to one Contract.
This article will show you how to:
Once you have created your Multi-Budget Contract, have a read of this article that shows you the best practices and tips on working with Multi-Budget Contracts!
Create a Multi-Budget Contract
Step 1: Navigate to the Cost Module through the Hamburger Menu (
). Then, on the Overall page, either hover over + Add and choose + Add Contract, or click on the Three Dots Menu (...) next to a Budget or the Project and select Add Contract.
Step 2: You will now see the Add Contract form and can begin entering your Multi-Budget Contract!
Step 3: As you can see, you now have an additional Budget field next to the Milestone. This is where you choose which Budget that Contract Milestone will be assigned to.
Step 4: Fill in the remaining information about the Contract (like the Vendor, and any Notes or Attachments). Once you have finished, click Add to finish creating your Contract!
Step 5: Once the Contract has been added, you should see the individual Contract Milestones under each Budget.
Note: When you add a Contract via the Budget's Three Dots Menu (...), it auto-selects the Budget.
Tip: You can also add a contract using the Contract Register.
Edit a Multi-Budget Contract
It's very easy to edit a Multi-Budget Contract within Mastt, but any changes may impact Variations, Payments, and Cash Flow.
Check with your Project Administrator/Director before you make any changes to your contracts. Changes may not be reversible.
Step 1: To edit a Multi-Budget Contract, navigate to the Contract Register. Click on the Hamburger Menu () and click Cost. Then click on Contracts to access the Contract Register.
Step 2: Click on the Three Dots Menu (...) next to the Contract you'd like to edit, then select Edit Contract.
Step 3: The Contract Form will then appear, allowing you to edit the Contract. You can remove Milestones from the Contract by clicking the '
' on the right-hand side of the form.
Step 4: Once you're happy with the updates, click Update in the bottom right of the form!
You will be restricted on the changes you can make if Variations have been added or Payments have been made against a Contract Milestone:
- You will not be able to reduce the Contract Milestone Value below the Claimed/Paid amount.
- You will not be able to remove a Contract Milestone if there are Payments or Variations against the Milestone.
- You will not be able to change the Contract Milestone status to Pending or Draft if there are Variations or Payments against that Milestone.
You will need to remove any Payments or Variations against the Contract Milestone if you need to make any of the above changes. Reach out to Mastt Support if you need any assistance!
Delete a Multi-Budget Contract
When deleting any contracts in Mastt, it's important to be cautious because there are connections with Variations, Payments, and Cash Flow that need attention.
If you're comfortable with deleting a contract, just follow these simple steps!
Step 1: From the Project Menu, click Contracts to navigate to the Contracts Register.
Step 2: In the Contract's list, find the contract you want to delete, then click on the Three Dots Menu (...) next to it and choose the option Delete Contract.
Step 3: After you click Delete, a pop-up notification may appear if there are any Variations, Payments or Forecasts against the contract. If you see this notification, you won't be able to delete the contract immediately. You'll need to remove all Payments, Variations and Forecasts against the Contract before you are able to delete the Contract. If there are no Payments, Variations or Forecasts against the Contract, you can delete the contract by confirming the deletion in the pop-up.
WARNING: Any Cash Flow associated with the Contract will also be deleted.
Need more help? Click the link to submit a ticket to our support team! We're here and ready to assist you further.