Before you dive deep into pricing, and especially before you get into estimating, you're going to want to setup your default budgets. You need to do this even if you don't have access to budgeting so that your cost, overhead recovery, and profit information are set accurately.
You can setup LMN to use default budget(s) for pricing standard jobs (install/design-build work) and for pricing service jobs (maintenance/recurring service work)
To setup your default budgets:
- Click the Settings icon at the top, then Estimate > Settings menu on the left side
As long as your company has an Active Budget, you will be able to set your defaults as shown below. Use the drop down menus for Standard and Service Estimates to select your default budget for each Estimate type. To learn more about the difference between Standard and Service Estimates, click HERE.
- Click Save Changes to save the budgets as your default budgets.
Going forward, every new estimate you create will point to the default budget for overhead recovery and profit information.
Default Budget Tips
- If your company does not have any Active Budgets - You will get a warning message, or you will see [SAMPLE] budgets set to default. You need to have an Active company budget before proceeding.
- If your company does not have any Active Budgets and you do not have access to LMN Budgets - You will have to request that your Company's Super Admin activates your company budget before you can proceed to pricing and estimating.
- Make sure you're using the right budget - Check with your Super Admin/company owner at least 4 times per year to make sure you are using the correct default budget for pricing work. Using old budgets can lead to pricing mistakes.
- Companies with multiple divisional budgets - Users can have their own default budgets - useful for companies who operate multiple divisions. If you are a Super Admin/company owner and you create a new budget that you wish to use for estimating be sure to create a To-Do for your estimators to switch their default budgets to the new budget. For more information on To-Dos, click HERE.