In BIS, a job’s initial Budget can be converted into a Schedule of Values. However, alterations to that Budget are NOT automatically carried over to the already established Schedule of Values. That must be done manually and consistently.
When entering an invoice and applying the expense to a new Budget item on-the-fly, it is important to remember to subsequently modify the Schedule of Values as well.
The tip-off that the Schedule of Values has not been properly updated with changes is that the Job Cost Ledger report may contain Cost Codes that do not appear on the Schedule of Values Billing Records. Examining the Budget for the job, the user will see that there are Cost Code lines with no associated Billing Code. Once the Billing Code is entered, and the budget amount is entered, already entered expenses should show up on the Billing Record for the job.
It may be useful for the user to make it a habit to review a job’s budget before billing to ensure that there were no Cost Code additions to the budget that need to have Billing Codes associated.