Onsite assessments
      Back to home
      1. User hub
      2. Project hub & onsite assessments
      3. Onsite assessments

      Setting opening balances for budget only assessments

      In this article

      What is the 'Opening balances' feature?

      The 'Opening Balances' feature in Chalkstring is designed to help you transition from other systems to Chalkstring by setting a clear starting point for managing a project. This feature allows you to input the total relevant cost and revenue budget information up to a specific date, providing a baseline for continuing project management within Chalkstring.

      Using this feature, you can effectively establish an opening balance for the project, ensuring that all prior financial data is accounted for, and you can seamlessly manage the remainder of the project using Chalkstring’s tools.

      > Back to top


      Why and when to use the 'Opening balances' feature 


      Transitioning from Other Systems: If you’ve been managing a project in another system and are now moving to Chalkstring, the 'Opening balances' feature allows you to enter your existing project financial data into Chalkstring.

      Simplifying project onboarding: New users of Chalkstring can quickly integrate their existing projects by inputting the necessary cost and revenue data, enabling them to start using Chalkstring immediately without re-entering all past details.

      Advantages:

      • Seamless transition: Easily move from external systems to Chalkstring while retaining financial data.
      • Efficiency: Quickly set up Chalkstring for ongoing projects without extensive data re-entry.
      • Accurate financial tracking: Ensure that previous costs and revenues totals are correctly reflected in Chalkstring so you can you continue to manage  your projects.


      > Back to top

      Video

       

      > Back to top

      How to set a starting point for budget only assessments

      To use the 'Opening balances' feature and establish a starting point for your project in Chalkstring:

      1. Navigate to the project where you want to add an opening balance
      2. Click the 'Costs' button in the blue bar on the left.
      3. Click the  '+ Opening balances' button.

      Opening balances should always be set prior to making any other onsite changes including marking progress, ordering materials or process labour applications.

      • You will be presented with the following fields to complete:

      Budget assessment - Select the assessment for which you want to set the opening balance.

      Date of last application - Select the date for you last application for the assessment prior to adding to project to Chalkstring.

      Applied - Enter the cumulative amount you have applied for from your clients for the assessment so far.

      Certified - Enter the cumulative amount you have had certified for payment by your client for the assessment so far.

      Projected revenue - This displays the total projected revenue for the assessment  as set for your budgets.

      Initial progress - Based on the values entered for the applied and certified, Chalkstring will automatically calculate what percentage  level of progress has been achieved onsite to have reached your payment values. We recommend you leave this value as calculated by Chalkstring but  can be manually changed if required.  

      The progress value entered here will automatically update the initial progress percentage for the assessment in the progress section of Chalkstring to reflect the value set here.

      Note: This field stores the 'Initial progress' value and continues to display it even after updates are made in the progress section. Clicking the opening balance will show the original progress value.

      If progress is updated in the progress section, changing the value in the opening balance form will override manual changes to the progress bill. Only adjust this if the initial values were entered incorrectly.

      Costs - Enter the total current costs spent for the assessment against each of the budgets.

        • Materials -  Enter the total current material costs spent for the assessment to date.
        • Labour - Enter the total current labour costs spent for the assessment to date.
        • Fixed costs - Enter the total of any current fixed costs  spent for the assessment to date.
        • Supply & fit - Enter the total of any current supply & fit costs  spent for the assessment to date.
        • Contingency - Enter the total current contingency costs spent for the assessment to date.

      Any fields left empty will default to £0.

      4.  Once you are happy with the values, click "Save & Sync" to establish this as the starting point for the assessment. Chalkstring will use these figures as the baseline  starting point for all future tracking and management.

      5. To edit or delete the opening balance, simply click on the opening balance item listed in the table

      6. To enter a set of opening balances for another assessment, simply repeat the process and select a different assessment from 'Budget assessment' drop down.

      > Back to top

      Key considerations when using the 'Opening balances' feature

      Accurate data entry: Ensure that all cost and revenue data entered is accurate, as this will serve as the financial baseline for the rest of the project.

      Impact on future budgeting: Once the 'Opening balances' are set, the remaining budget balance will behave as normal for all subsequent actions in Chalkstring. It’s essential to monitor ongoing costs to avoid exceeding the established budget.

      Editing the starting point: If necessary, you can edit the 'Opening balances' values after they’ve been saved. However, once this data has been exported to your accounts system, further changes may be restricted.

      > Back to top