Budgeting functions in NFRA ERP
To avoid cost overruns, project industry companies need to have a constant monitoring of project cost. eresource NFRA provides a top-of-the-line Budgeting system that would allow configuration and allocation of budget for Materials, Subcontractor, Hiring and Administration costs.eresource NFRA budgeting module computes the Material and other Direct Cost of Project from the Base Price in the Item Master. The base price is updated as per the last services / purchase cost.
eresource NFRA budgeting module computes the Material and other Direct Cost of Project from the Base Price. The base price is updated as per the last services / purchase cost. Budget configuration permits the user to select it invoice-wise or order-wise. It can also further break into a category wise or lumpsum wise configuration.
Once the budget configuration has been selected in an desired manner, the budget allocation allows you to allot budget for each item as per the category wise or item-wise. When you choose to allot budget under the category-wise option, prices of all items under that category will be considered before the allocation of the budget. On the other hand if you have chosen the item-wise budget allocation, the allocation will be done for each item individually.
Using eresource ERP Budgeting you can define CAPEX for the project.
When a purchase order is raised the item will be purchased as per the budget allotted for the same. This will be done after validating the purchase order against the budget allocation. In case the purchase amount exceeds the allotted budget amount, then the purchase order must go for further approval.
Cost center is basically a point where the budget allocation responsibilities are separated. A decision on how the budget must be allotted, either category wise, item-wise, or department-wise, can be taken.
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