| Cost Code | Budget | Actual to-date | Variance $ | Variance % | Status | |
|---|---|---|---|---|---|---|
| $3,800 | 4.8% | Under budget | ||||
| ($4,800) | -10.7% | Over budget | ||||
| $400 | 3.3% | Under budget | ||||
| ($3,200) | -8.4% | Over budget | ||||
| Totals | $175,000 | $178,800 | ($3,800) | -2.2% | Over budget |
Total Budget
$175,000
Total Actual
$178,800
Variance (over)
($3,800)
-2.2%
Methodology
For each cost code: Variance $ = Budget − Actual and Variance % = Variance $ ÷ Budget × 100. A positive variance means you are under budget; a negative variance means you are over. The status badge treats anything within ±2% as on-budget. Track at the cost-code level so you can see where you are bleeding, not just that you are.
Estimates only. Not financial or accounting advice.
Frequently Asked Questions
How often should I update cost codes?
Weekly is the floor for most jobs — costs need to be entered as the bills land so you catch material price spikes, subcontractor change orders, and labor overruns inside the same week they happen. On fast-moving jobs (commercial buildouts, residential remodels), daily entry of labor hours and material receipts is the standard. Monthly entry is too late to course-correct.
What is a healthy variance?
For a well-bid job, individual cost codes should land within ±5% of budget at completion. Total job variance better than ±3% is the mark of a tight estimator. Negative variance (over budget) on labor is the most common red flag — it usually means productivity assumptions in the bid were optimistic. Always investigate variances bigger than 10% on any single code.
What cost codes should I track?
Start with the four CSI-friendly buckets: Labor, Material, Equipment, and Subcontractor. As you grow, break them down by CSI division (concrete, masonry, framing, roofing, mechanical, electrical, etc.) so you can compare divisions across jobs. Most accounting systems (QuickBooks, Sage, Foundation) ship with a default chart of cost codes you can adopt.
How does this differ from a WIP schedule?
A job cost tracker is the input data for a WIP schedule. The cost tracker shows budget-vs-actual by code on a single job; the WIP rolls cost-to-date and contract value across all open jobs to produce earned revenue and over/under billing. Use the cost tracker to manage day-to-day field performance, and the WIP to report financial health to your CPA, bank, or surety.