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Financials

Bidding

Communicating privately with individual bidders

For any bid request that you create in CoConstruct, you will be able to communicate individually with your different bidders. To do this, you will first need to send the bid request to the trade partners who will be bidding. After the request is sent ...

What is the plan room on the Bid page and who can see the files inside?

When you send out a bid request, there's a good chance you will have files that you want to share with your bidders. The plan room is the place to house all of these files. There is a plan room for each and every job you set up within CoConstruct, bu ...

Bidding overview

  The plan room   When you send out a bid request, there's a good chance you will have files that you want to share with your bidders. The plan room is the place to house all of these files. There is a plan room for each and every job you set up wit ...

What are the different statuses of a bid request?

When you head to the bids tab for a given project, there are a number of different icons or statuses that you may see to inform you about where things stand with each bid request. Draft: This bid is still being prepared and has not yet been sent to ...

What happens when I award a bid?

The bid award notice When you award a bid to one of your bidding partners, then you will be given the option to choose whether or not to send out a bid award notice to that partner by email. An example of this award notice is below (click to view ful ...

Who receives reminders of upcoming bid deadlines, and when?

Reminder notifications will go out at the intervals you specify on the bid request. Bid requests can be set up for notifications 1 day before, 3 days before, and/or 1 week before the bid's due date. Reminders will go out to to bidders if all of the f ...

How do I enter amounts that I receive from my bidders?

When your bidders have a bid ready for your review, they will do one of three things: Include their bid in a reply to your bid notifications, in which case the bid will be tracked within the comments of your bid request Include their bid in a file a ...

How are notifications handled for bid requests and communication?

Since CoConstruct's bidding takes place largely over email, there are a few unique ways that bidding notifications are processed compared to other notifications from CoConstruct.   Notifications for your trade partners Your trade partners will always ...

How will my trade partners be interacting with my bid requests?

Bidding in CoConstruct takes place over email. This means that your trade partners aren't required to have a CoConstruct login in order to participate in the bidding process. They will instead receive all of their important bid requests, reminders, u ...

How do my bids tie into my selections, estimate, or budget?

If you are tracking the budget for your project in CoConstruct, then you can tie your bid requests directly into the other financial areas of your project.   Adding cost lines from your estimate to a bid When you create a bid request, you will be ask ...

How can I see which of my cost lines are already on bid requests?

When you create a new bid request, you will be able to view the specific cost lines that have not already been included on another bid. Note that this will not be visible on projects where you are not tracking the budget, since you will not have an e ...

Creating a new bid request

A bid request is a request to trade partners for their pricing for a particular part of a job. You can create bid requests that are focused on a specific trade specialty, such as plumbing, electrical, painting, etc. To create a new bid request, head ...

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Budget

Synchronize your financials between the Estimate, Selections, and Budget

If you have budget tracking enabled on a project, numbers entered in the financial fields of your Specs & Selections will synchronize with the Estimate and the Budget. Numbers entered in a selection item (Edit > "Add Cost Line" in the Original ...

How do I set up a budget for my project

You will be setting up your project's budget from the Estimate and/or Specs & Selection page, and there are a few different ways that you can approach this. In order to effectively utilize the Financials > Budget page for reviewing and trackin ...

Budget overview

The Budget page is where you as the builder can go to see where your project stands financially at any point based upon what you planned to spend (original budget), what you're expecting to spend (revised budget – based upon client decisions and chan ...

Auto-calculating profit and tax on the budget for open book projects

In addition to keeping track of price fluctuations as costs change on open book projects, CoConstruct lets you automatically make adjustments to projected profit and tax according to the rates you've set for the project. In your open book projects, y ...

What does the client view of the budget look like?

The client view of a project's budget information is very similar to the builder side view. If clients are given access to the Budget, they can see all original budget and revised budget information in the Spec & Selection items. Clients in a Fix ...

Can clients and partners see the budget?

Clients Your clients' ability to see the budget is set up in the project's Setup page (Main Menu > "i" info icon next to your project > Edit Project Setup > Client Access). By default in a fixed price project your client would not have acce ...

How do I access the budget?

To access the budget, head to the Financials page for your project and click the "Budget" tab. Note that the budget will only be available on projects where you are using the estimates & job costing features of CoConstruct. If you're running an o ...

What changes if I use the estimates & job costing feature on a project?

The Estimates & Job Costing feature affects the areas of your project where you may be adding or creating budget data, namely the Specs & Selections and the Financials pages. On these pages, once budget tracking is on, you'll see fields appea ...

What are "Budget Adjustments"?

If you’re running an open book project, you will find a category on your Financial Summary page titled "Budget Adjustments" that lives near the bottom of the page. You may see a single line or two under this section that will affect your client’s pri ...

Understanding terminology: budgets, client prices, and allowances

There are a handful of different terms that CoConstruct uses to describe financial aspects of your projects. This article includes an overview of the various financial terminology:   Original Budget The original budget is the amount that you have bud ...

How do TBD selections show up on the budget?

Even if a selection item is marked as "TBD", you will find any of the relevant original budget details on the Budget. If the client has not yet selected an option, you will see that the original budget for the item shows up in both the original budge ...

What are options for viewing the Financials Summary?

The Financials Summary page is the financial hub for your project. To make the most of it, take advantage of these helpful perks: 1. Color Coding - We don't want you to overlook a change order that's still sitting in draft status or a document that ...

Turning estimates & job costing on or off for a project

On a Fixed Price project, estimates & job costing can be turned on or off at any point during a project's lifecycle until a change order or variation is created. However, it’s best to determine this setting at the start of your project. Since thi ...

How do I report project expenses that do not require client selections?

Some project expenses do not require clients to make any selections, such as the cost of dumpsters, cleanings, permit fees, porta potties, etc. There are two ways that you can handle these, if you are using budget tracking on your projects: You can ...

What does the client's view of CoConstruct look like?

Note: Client login access is only available on CoConstruct's Plus plan.  Core and Standard accounts are enabled to give clients email-only access.   Certain situations tend to bring forth certain questions... Situation #1: The dentist is about to gi ...

Managing a construction contingency in open book projects

Jump to: Setting up Your Contingency in CoConstruct Managing Your Contingency in CoConstruct In an open book or cost-plus construction contract, the contractor and their client may agree to include an amount for construction contingency in the budget ...

How to select your financial structure

A Fixed Price financial structure is the most common financial arrangement for buying a home, since it’s used by mostly production, many semi-custom builders, remodelers and some custom home builders. In this set up there is a contract outlining the ...

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Change Orders

Getting Selections onto a Change Order

Need final signoff from your client for choices, upgrades, and overages?  There are several ways to get these selections onto a change order: Through the Change Order Add to An Existing Draft Change Order Directly Through the Selection   THROUGH THE ...

Capture Changes in Scope and Cost

Change Orders are an integral part of the custom building and remodeling experience.  No matter how much planning you do at the start Capture the original project scope Communicate with clients on changes Update selections and budget to reflect chan ...

Setting Up a Change Order - Start to Finish

  There are a couple of scenarios under which you may be looking to set up a change order. SCENARIO 1:  You need to account for client chosen upgrades and/or overages on allowances. SCENARIO 2:  You need to account for additional scope and price to t ...

Can partners see files on change orders?

If you have enabled web access for a partner on this project and have allowed access to selections and change orders from the Settings > Partners page, he may be able to see certain files attached to change orders after you request approval with t ...

Can clients see files on change orders?

Once you click the "Save & Request Approval" button, clients will be able to see all of the files attached to the change order. When the clients go to approve the document, they will also have to place a checkmark next to the file to indicate tha ...

What is the best process for handling change orders and new items?

While the final building project matters most, we all know that clients are also buying a building experience. For that experience to be smooth and successful, we recommend using a consistent process for handling new choices that come up during the d ...

Hiding private builder information with the "Internal Memo" on a change order

When creating a new change order or variation, you will see an "Internal Memo" field, below the "Notifications" section. This is a space for builder-side users to add notes that will only be seen by other builder team users who are viewing the docum ...

How do I handle change order fees?

There are a couple of ways you can tackle accounting for additional fees and rates on a change order.  Much of the difference depends on how you typically prefer to communicate that fee to your clients. Find the scenario below best fitting your prefe ...

How do I attach files to a change order?

To add files to a change order, you will first need to click the option to "Create a new change order" or to "View/edit" an existing draft change order. Simply head to the "Related Files for Approval" section on the draft change order. There are two ...

How can I edit the name of a change order?

To edit the name of a change order, open the draft version of the document, by selecting the "View/Edit Change Order" link.  You will see the document title displayed in a text box that you can edit. Save your changes by selecting the "Save and Reque ...

What triggers a change order notification to be sent?

When creating a change order, you may select team members, partners, and clients who should be notified about the document. For each person, these are the events that will trigger a notification: Builder: Someone approves or declines the document, ...

How do I find the change order assigned to a selection?

If a specification or choice item is assigned to a change order, you will see a link to the change order for the selection item on the Selections page. Change Orders are also accessible from the Financials page. The change log for each selection ite ...

How can I delete a change order or variation?

In order to delete a Change Order or Variation in CoConstruct, first you’ll need to look to see if that document has already been approved.  If the Change Order or variation is still in draft status or awaiting approval, you’ll be able to delete it e ...

How do I change the contents of a change order?

If a change order is in “Draft” status, you can click the “View/edit change order” link to change its contents. If a document is awaiting approval, but no one has approved it yet, you can click the “Revert to Draft” link to change it back to a draft ...

What is a selection item versus a change order?

CHANGE ORDERS As a project progresses, you will encounter changes, unexpected additions, and client chosen upgrades to the project.  This is where change orders come into play. The change order stands as an addendum to the initial contract you signed ...

What are the different statuses of change orders?

Change orders will always have one of five different statuses: Draft - A draft document can still be updated and edited by you, by selecting the "View/Edit Document" link. Also, by selecting the "Other Actions" link, you have the option to dele ...

What is a "change order?"

Change orders let you group selection items together for signoff by your clients. A change order may also include addendums, allowance tally sheets, etc. You can name change orders however you want, and then complete the details for them from the Fin ...

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Invoices

How do I record payment for an invoice?

Between automatic payment syncing with QuickBooks and manually logging, CoConstruct gives you an quick and convenient way to keep track of payments that were made against an invoice. If you are linked with QuickBooks If you have connected your accoun ...

How do I create a new invoice?

CoConstruct lets you easily create new invoices, either by leveraging the financial data that already lives in your project, or by letting you create a new invoice from scratch. Open book, cost-plus, and T&M - Progress invoice from your budget ac ...

Invoices overview

CoConstruct's Invoicing lets you easily generate fast, accurate, and professional invoices that get you paid on time. You can easily leverage your project financial data that already lives in CoConstruct to keep your clients informed and manage your ...

What item code should I use for invoices?

In order to generate invoices in your accounting software through CoConstruct, you'll need to specify an accounting code on the Accounting Integration settings page (Main Menu > Settings > Accounting > "Select an item code to be used on cust ...

Invoice items to include on the budget for open book projects

Overview If you're running an open book project, many of your project actuals will be determined from your bills and payments or expenses from your vendors. But, what about the revenue items that you pass on to your clients on invoices, for which no ...

How do I void an invoice?

First, be aware that you can edit an invoice even after it has been issued. So, for minor typos or corrections, you may find that you do not need to completely void the invoice. But, if you have issued an invoice that no longer applies or that needs ...

How do I show draws and mortgage information?

The Financials Summary shows the total price of the project to the customer. The total price reflects the ultimate cost to the buyer over the course of the project, not the remaining balance owed. CoConstruct's invoicing feature allows you to create ...

How do I resend an invoice to my client?

If you have an unpaid invoice that has been issued, you can always resend the document to your clients by email. Head to the Invoice list (Financials > Invoices). Select the "..." icon next to the invoice you want to resend. Click "Resend" If y ...

What are the different invoice statuses?

Throughout the lifecycle of an invoice, you will see various statuses to give you context on where your invoices stand. Draft The document is still under development. All details can be edited and modified, nothing is visible to the clients on the pr ...

How can I track payment information on the Financials Summary?

CoConstruct clearly shows a project's cost from start to end... and every change order in between. But, while you have an accounting program to track payment information, your customers don't. To help your clients breathe a little easier (and to sa ...

What does my client see when I issue an invoice?

Once the invoice is issued, your clients on the project will be able to access it.  They will be able to view it by email (if you choose to send them an email), or within the site. Sending the invoice by email When you are creating or editing an invo ...

What are the different components of an invoice?

Below is an overview of the different information you can attach to an invoice. Number A number for your invoice is required, but you can choose between auto-numbering or manual numbering. You also have the option to attach a prefix to your numbering ...

How do I report on my invoices?

Once you've created invoices on your projects you can use CoConstruct's Invoice Report to locate and follow up with invoices across all projects to track down any payments owed. The report will also total up the invoices you search for, which should ...

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Purchase Orders

What are the different purchase order statuses?

Throughout the lifecycle of a purchase order, you will likely have many different purchase orders in one of the statuses below. Draft The document is still under development. All details can be edited and modified at this point in time, and you can c ...

What are the different components of a purchase order in CoConstruct?

Each purchase order that you create in CoConstruct will have the following information included: Purchase Order Number Each purchase order in your account will have a unique number to identify it. This number will be set automatically as you add new ...

How do I create a new purchase order?

In CoConstruct, you can generate new purchase orders and send them out for electronic acceptance in just a few clicks. If you already have financial data built out in CoConstruct from the estimating or bidding features, the great news is that you don ...

What is the best way to handle progress payments on a purchase order in CoConstruct?

CoConstruct's purchase orders are built around a standard flow of acceptance, work completion and billing, verification that the work is ready to be paid, and payment. When you receive a bill for a partial amount of the purchase order, you'll be able ...

How do I void or resend a purchase order?

Voiding a purchase order After a purchase order has been released and taken out of draft status, you won't be able to completely delete the document from your account. This keeps any communication and paper trail history tracked within the system. B ...

How do I create a variance purchase order?

There are any number of different reasons you may need to create a variance for a prior purchase order that was released and accepted. Whether the scope of work changed, estimates were off, or any other reason you can think of, you can manage all of ...

How do I resolve an error with pushing purchase orders to QuickBooks?

Warnings that partners, accounting codes, or variance codes aren't linked with QuickBooks If you see a yellow warning message that things aren't completely linked up with QuickBooks for your purchase order, you will be guided toward one of the follow ...

How do I pay a purchase order?

You can log payments on your purchase orders manually within CoConstruct, or you can sync that information directly from QuickBooks if you have linked QuickBooks with your CoConstruct account. If your purchase order is pushed to QuickBooks as a new b ...

How do I communicate with my team or vendors on Purchase Orders?

Communication on your purchase orders works very similarly to other areas of the system. For your purchase orders, this communication will include your team and the specific partner to whom you are issuing the purchase order. Clients are not included ...

How will my vendors interact with purchase orders from CoConstruct?

The partners to whom you are issuing purchase orders will have a few different ways of interacting with your purchase orders depending on your preferences for setting them up and their preferences for responding back to you. Viewing purchase orders b ...

What happens when I "release" a purchase order?

When you have reviewed all of the details of your draft purchase order and are ready to release it, the following things will happen: Updates to the purchase order status After you have released a purchase order, the purchase order is taken out of dr ...

How do purchase orders integrate with QuickBooks?

Purchase orders in CoConstruct take the place of your purchase order system within QuickBooks, giving you a dedicated place to send out purchase orders and associated information, communicate and clarify the documents with your vendors, and track pur ...

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