4castplus Software Upgrade June 2019

4castplus Upgrade

October 9th, 2019

This is the R2, 2019 Release of 4castplus.

This upgrade of 4castplus does not contain any major new features, however is focused on numerous key enhancements, bug fixes and improvements driven by feedback from you.

  • Enhancements to Forecasting
  • More areas to attach documents
  • Improved tracking on change orders
  • Several enhancements to RFQ/RFP
  • Improvements to both the Jobsite LEM designer and the Purchase Order designer
  • Updates to Vendor Invoice Matching and Adjustments
  • Many enhancements to project reporting and business intelligence reporting

Scroll down to discover more…

1) Forecasting

1.1 Updates to Forecast Calculations

We’ve made some key updates to how forecast metrics are calculated. Previously, there was a closer tie between ETC and FTC (along with EAC & FAC), however we’ve now decoupled those so that FTC – or, Forecast to Complete – is independent of Percent Complete or Earned Value. It is now based on the Current Budget (BAC), and derives its forecast to complete strictly from forecasts that are input by the user.

Prior to any forecasts being entered, FTC is calculated as follows:

FTC = Current Budget - Actual Cost

This is effectively the same as Remaining Budget. However, users can override the FTC either at the resource level, or at the workpackage level. The Forecast At Complete calculation (FAC) is calculated as:

FAC = FTC + Actual Cost

FAC is also referred to as the “Forecast” or the “Forecast Budget” as it represents the user-driven forecast of how the project is going to play out.

Additionally, the Forecasted CPI is no longer editable and instead is a calculated value. It uses the FTC to back-calculate CPI, as follows:

FCPI = (BAC - EV)/FTC

Where, FCPI is “Forecast Cost Performance Index”, and BAC is “Current Budget”.

 

1.2 Updates to Resource Forecasting

  • Update to Resource Forecast feature to display Composite Rate Type components when Actual Quantity is a Composite Rate Type

1.3 Bug Fixes in Estimating

  • Bug fix re: de-selection of Resource column in Resource Estimate screen not ‘sticky’ after Save
  • Bug fix re: Duplicating Project with Workpackage Level estimate results in Cost Estimate doubled and Revenue Estimate not duplicated
  • Bug fix re: Revenue rate in detail estimate on Unit Price workpackage blanking out when changing workpackage quantity

2) Procurement

2.1 Updates to RFQ (Request for Quote) Management

  • Updated the “Remove Item” feature to allow for deletion of Line Items from an Open RFQ without requiring user to delete Vendor Cost Breakdowns on submitted Bids
  • Updated “Vendor Bid List” to display Vendor Contact Address and not Vendor Head Office Address
  • Updated “Award to PO” data transfer to include Invoicing & Communications

2.2 Updates to Purchase Order Management

  • Updated Purchase Orders to allow for selection of Change Order associated with Purchase Order/Line Items
  • Added Vendor Detailed Item Description to the Purchase Order Item Allocation Excel report
  • Improved user refresh alert when attempting to delete a Purchase Order that had already been deleted

3) Timesheets

3.1 Jobsite Timesheet

3.1.1 Field Receiving – Attach Documents

Provide ability to Attach Documents to Field Receipts.  When creating a field receipt, users can now attach one or more documents to the receipt such as the scanned receipt, waybill, photos, etc.  The interface has changed slightly now in that users have to first create the receipt document. You’ll see a little plus-sign (+) beside the document number which you can use to create the document. Once created, you’ll see an area to attach documents.  See the screenshot to the right.  Documents created here are available in the Vendor Invoice Matching feature.

Check out the following video to see this in action: https://youtu.be/c5r1dVbBIzc.

 

3.1.2 Other Updates to the Jobsite

  • Provide separate Section Totals in LEM Report Designer for: Cost, Billable, Cost Quantity and Billable Quantity
  • Bug fix re: Open Jobsite Timesheets required Save prior to running Multi-day Report. [Case:5686]
  • Bug fix re: Composite Rate calculation is populating Project Cost and Billable on Non-project maintenance transaction

3.2 Weekly Timesheets

  • Bug fix re: Project that Labor Resource is unassigned from is still available for selection when Timesheet is reloaded in following week

4) Vendor Invoice Matching and Adjustments

4.1 Vendor Invoice Matching

  • Added ability to attach documents to Invoice Tracking and Direct to Invoice which are then available in Vendor Invoice Approvals
  • Update to calculation of Invoiced To Date to include all Invoices up to the date of the Invoice, and addition of Total Invoiced field to include total of all Invoices for the Purchase Order
  • Update to Vendor Invoice Matching Adjustment to use Invoice Date instead of Transaction Date for recording of Adjustment
  • Bug fix re: Vendor Invoice Matching transactions not displaying Vendor Name for Contractors that are later updated to Employee status
  • Added an alert to Vendor Invoice Matching > Invoice Tracking & Direct To Invoice when Invoiced Amount exceeds Commitment Amount

4.2 Adjustments

  • Added Vendor Document # and Documents hyperlink columns to Adjustments transactions grid

Watch this video showing purchase order 3-way match and document attachments

 

5) Reporting

5.1 Project Reporting

5.1.1 Updates to the Time-Phased Report

  • The Time-Phased report now has Forecast Budget data tab, along with an Excel export for a forecast time-phased report

5.1.2 Reporting Filters

We’ve introduced new filtering capability in the Progressing area, along with in the Project Summary Report. These filters provide a way to quickly zero-in on critical areas of the work breakdown structure (WBS). We’ve chosen a list of 5 pre-defined filters for this upgrade, however we intend on expanding this in future releases of 4castplus. We’re looking for feedback from you on what filters we can add that would benefit you. We’ll also add the ability for you to create and save your own filters using your own criteria. Let us know!

See the screenshots to the right for more on WBS filters.

5.1.3 New Option to Lock Reports to “Last Submitted Progress Measurement”

The Project Summary Report is a standard pre-built report that shows a broad selection of key fields and metrics; shown in a work breakdown structure hierarchy. This report can now be viewed using data either from the last submitted progress measurement; or from the current open progress measurement (if there is one).  The reason behind this is to enable you to lock the data to a point in time to do your period reporting – i.e. last submitted progress.  Using the Open Progress option, the report will re-display including any new data since the last submitted progress measurement.  Fields like Actual Cost, Actual Revenue, Progress Quantities, Change Orders, Percent Complete, etc. are examples of fields that can be affected by this setting.

5.2 Custom Reports

  • Update to all Custom Templated Report datasets to accommodate row height modifications in templates
  • Updated all Custom Dashboard Project Details Reports datasets: Update Field title ‘Adjustment’ to ‘Vendor Matching Adjustment’
  • Updated Projects & Global > Procurement > Templated > All Procurement Items: Added the following fields: WBS #, Last Contact Date, Next Contact Date, Buyer, Expeditor, Received, Receipt Notes

5.3 Business Intelligence Reporting

  • Bug fix re: Procurement Reports > Summary Purchase Report> Detail Purchasing Report (Excel) missing Project Name
  • Added Date to Export Documents > Preview filename
  • Update to Export controls to alert user if transactions selected for Export have been Unsubmitted, subsequent to creating the Export Document but prior to submitting.
  • Include Project Status filters (In Progress, Waiting To Start, etc.) in Business Intelligence > Project Reports > All Project Detail Report

The Time-Phased Report showing the new Forecast budget section

If you want to learn more about this software upgrade – and we hope you do – please feel free to email us at info@4castplus.com.

Or, if you’ve landed on this page and you’re not already a customer, here’s where you can sign up for a free live demo of 4castplus.