Cost to Complete

What steps must be taken in Timberline regarding project commitments, change orders, and purchase orders, and what delay should you be aware of when using Office Connector?

All commitments, change orders, and purchase orders must be entered into Timberline, and any change order requests must be approved within Timberline. Additionally, there may be a 1–2 hour delay between Timberline and Office Connector updates.

When preparing a cost-to-complete report that is not the first for the project, what must you check regarding rows, and what does an added row indicate?

Ensure the number of rows matches the previous report. An added row indicates a new cost code that must be included in the previous report.

In Excel, which columns should be copied and pasted as values, and what must you do to the sheet before copying?

Unhide all columns first, then copy and paste the values from columns D, E, G, H, J, and L, ensuring they are pasted as values.

When updating a project sheet, what should you enter next to ‘Schedule’ and what calculation should you perform afterward?

Enter the project’s completion date next to ‘Schedule’ and calculate the remaining weeks of the project next to it.

How should you enter formulas in Column M to project the remaining cost for each cost code, depending on commitments and time dependency?

• If there is a commitment, use Column I − Column J.

• If there is no commitment and the cost is not time-dependent, use Column F − Column L.

• If the cost is time-dependent, multiply the weekly cost by the remaining weeks from Step 5.

What should you verify between Column K and Column M in the project sheet?

Double-check that the values in Column K (“Balance to Invoice”) match the projected remaining costs in Column M.

What should you verify in Column H of the project sheet?

Double-check that the items in Column H match the subcontractor log in Timberline.

What should you review to ensure the accuracy of the report and the COP log?

Review the PO/Sub logs and Billing Report Detail to confirm the report’s accuracy, and check the COP log to ensure all approved and rejected change orders are entered correctly.

How should line item contingencies or buy-out savings be handled in Timberline to minimize extra costs in the Over/Under column?

Create an internal Schedule of Values (SOV) change order in Timberline to move contingency or buy-out savings out of the commitment line item into a new cost code that follows the original. For example, deduct $3,000 from 09.25000 “Drywall” and credit it to 09.25001 “Drywall Contingency.” This ensures any costs outside the commitment go to the new contingency cost code.

How should profit be handled in the Over/Under column (Column O) and what additional calculations should be included?

Remove the profit line item from Column O. Create a table that calculates profit based on Column F for each cost code, showing any additions or subtractions from the Over/Under column. Include a formula for split savings if applicable.

What final step should you take after completing all entries and calculations in the project sheet?

Double-check all formulas for accuracy and save the file.

For cost-plus projects, what should you do to compute profit and split savings?

Manually add rows to compute profit using Revised Contract − Column N (“Cost to Complete”) and add additional rows as needed to calculate split savings.