Quick reference
Financial terminology
Learn about financial terminology in Constructable.
Project TeamDesktop WebVerified July 24, 2026
| Term | Meaning |
|---|---|
| Prime Contract | The contract with the owner and its revenue SOV |
| Commitment | A subcontract or other committed vendor cost |
| Purchase Order | A vendor commitment subtype, normally without retention |
| SOV | Schedule of Values: the line-item breakdown of a contract |
| Change Event or CE | The parent record that organizes a scope change |
| Change Order or CO | A change to a vendor Commitment |
| Prime Change Order or PCO | A change to the Prime Contract |
| Budget | The editable Original Budget and later Budget Modifications; previously labeled Expense Budget |
| Budget Impact | A Budget Modification connected to a Prime Change Order, shown as Budget Impact #NNN in budget views |
| Budget Report | The read-oriented rollup of revenue, budget, costs, actuals, and forecast |
| Billing Period | The date range and due date used for an invoice cycle |
| Invoice | A progress-billing record used to create a Payment Application |
| Payment Application | The formatted PDF generated from an Invoice |
| Payment | Cash recorded against one or more approved invoices |
| Receipt | A non-committed cost such as an expense, payroll cost, or standalone invoice |
| Retention / Retainage | Amount withheld from payment; wording varies between forms and settings |
| Forecast at Completion | The expected final cost, not a cash-flow forecast |