After you have created budgets in BillQuick (see the BillQuick Help for how to create budgets), you can use them in the following way:
- Select a budget to create a Service Fee Schedule using the From Budget option on that screen. It will bring in rates and other data from a budget, but you can still change it, if desired.
- Select ‘Convert to Estimate’ under Tools in the Budget screen to convert a budget into an estimate. Some companies start with a preliminary budget and then convert it to an estimate, and may go through multiple iterations until the client signs off. Once signed off and project begins, project managers keep track of the budgeted project.
- Select Create Invoice under Tools in the Budget screen to convert a budget into a manual invoice. When creating a manual invoice from a budget, BillQuick calculates the total bill amount based on the % Done values less any previously billed amounts.
- Assign a budget to a project or multiple projects and thus restrict employees, expense and activities to the budgeted ones while recording time and expenses. You can set those rules on the Project-Detail screen.
- Select Purchase Orders under Tools in the Budget screen to create a purchase order from the selected budget. A budget must be assigned to a project and contain at least one vendor-related service or expense item to be converted into a purchase order.
- Set up project control using the budget details to restrict the employees, activities and expenses to the ones specified in the budget.
- Run budget reports to monitor project progress. View the Budget Comparison report to compare the actual vs. budgeted items. You can export budgets directly to Excel or convert their reports to PDF, Word, etc. You can even schedule these reports for automatic delivery using the BillQuick Agent module.