Projects¶
A Project in Credence is a CapEx or OpEx capital work package at a property. Projects are managed under Vendor / Projects and are used to organize vendor contracts, budgets, and spend for capital or operating work that is not tracked as development job costing.
Projects vs Development Jobs¶
| Project | Development Job | |
|---|---|---|
| Where you work | Vendor / Projects | Development |
| Typical use | CapEx or OpEx vendor work | Development budgeting and job-cost tracking |
| Budget grain | Project totals and related vendor activity | Job and cost code |
| Cost codes | Not required for project setup | Required through the property’s Cost Breakdown Structure |
Use a project when you need to track capital or operating vendor work at a property. Use a development job when you need cost-code-level budgets, commitments, and spend for development scopes.
Parent and Child Projects¶
A project can be a parent with child projects underneath it. Parent projects organize related scopes. Financial totals on a parent roll up from its children when children exist.
A parent project cannot have vendor charges of its own. Vendor contracts and charges belong on the child projects (or on a standalone project that is not a parent).
Budgets and Available Amounts¶
Projects can carry original and current budget amounts. Related vendor contracts and payables drive committed, invoiced, and spent amounts. The same leftover math used on Development Jobs applies here.
In Credence:
- Spent: Amounts on approved invoices that have been paid and matched.
- Approved Spend: Amounts on approved invoices that have not been paid and matched.
- Invoiced: Amounts on approved invoices. Spent + Approved Spend
- Committed: Amounts on active contracts that have not been invoiced.
- Available: Budgeted amounts that have not been invoiced or committed. Current Budget - Invoiced - Committed
- Contracted: Amounts on active contracts and invoiced amounts on closed contracts. Spent + Approved Spend + Committed. Never exceeds the charge total.
Charge and portfolio tolerances do not change Current Budget; they only affect whether the next purchase order or invoice can be approved.
Common Scenarios¶
- A property manager creates a roof replacement project and ties purchase orders and payables to it.
- An asset manager uses a parent project for a multi-building CapEx program and child projects for each building’s scope.
- A controller reviews available budget on a project after commitments and invoices are posted.