How do I enter financial information for my specs & selections?



CoConstruct's Specs & Selections page lets you communicate a lot of important project detail to your clients, and one very critical aspect relates to the financials.

This varies depending on the type of project you're running and whether you are using the "Estimates & Job Costing" option for that project in CoConstruct.


Fixed Price with Estimates & Job Costing ON

If you're running a fixed price project with estimates and job costing on, you will be able to track your internal costs in addition to the allowance and price information for your clients.

Your costs: You will be entering your costs in what we call "cost lines" that will be added to the "Original Budget" section of each spec or selection, and underneath each option or choice that you present to your clients ("Revised Budget").

Allowance amounts: When you mark an item as a Client Allowance, the allowance will be determined by your budgeted costs (entered in the "Original Budget" section), along with markup or margin that you build in.

Client prices: Client pricing for each option will be determined based on whether the selection is an allowance item and based on the marked up costs that you enter underneath your predefined or open-ended selection options.

  • For an allowance item, the price is directly set based on your marked up costs. Your clients will see their available allowance and the price associated with each option.
  • For a non-allowance item, the price is determined based on the difference from your original budget, also known as the contract price. If you budgeted $500, but your clients pick an option that is $750 after factoring in your markup, then your client's price for that option will be displayed as the $250 overage.


Fixed Price with Estimates & Job Costing OFF

If you aren't using the estimates & job costing option in CoConstruct, you will still be able to present options to your clients on the Specs & Selections page, and even communicate the price implications to them.

You will manually enter any allowance that you want to give your client on the selection, along with the associated client price for each option.

When your clients log in, they'll see the available allowance and the prices that they're working with and, as they go in to make their choices, the pricing will be updated for them on the Financials Summary.

Your costs: You will not be tracking your costs if you do not have budget tracking enabled for your job.

Allowance amounts: Any allowances, if applicable, will be manually entered when you add new selection items or update one of your existing selections.

Client prices: Client pricing for each option will be manually entered when you add new options to your selection sheet.


Open Book

On open book projects, the pricing for your clients is determined based on your costs, plus markup.

Your costs: You will enter your costs in what we call "cost lines". You will add new cost lines to the Original Budget section of your specs and selections to capture any budgeted amounts. On selections, you will also keep track of your costs associated with the options that you are giving to your clients ("Revised Budget"). These will be entered in cost lines underneath each option.

Client prices: You will be entering your costs in cost lines underneath the various options that you present to your clients. As you enter your  costs, you will be building in markup that will determine your client's marked up price.


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