Film Accounting Glossary
Actuals
What are actuals?
Actuals are the real, documented costs a production has incurred to date, as opposed to the estimates in the budget.
Actualizing means replacing an estimate with the invoiced or paid amount: a petty cash envelope is actualized when the receipts are logged, and a rental line is actualized when the vendor invoice posts. The cost report compares actuals plus commitments plus estimate to complete against the approved budget.
Example
A picture car budgeted at $2,500 a week for four weeks ($10,000) comes back invoiced at $11,650 after a weekend hold and a fuel charge. Actualizing replaces the estimate with $11,650, and the $1,650 shows as an unfavorable variance on that line.
Figures are illustrative, chosen to show the mechanics rather than to quote market rates.
Where you'll see it
The actuals column of the cost report, fed by coded invoices, processed payroll, and reconciled petty cash envelopes.
Common mistake
Leaving estimates in place because the invoice has not arrived. A line carrying an estimate looks on budget right up to wrap, when several actualize at once.
Related questions
- What does it mean to actualize a cost?
- Replacing a budgeted estimate with the real invoiced or paid figure, so the line shows what was actually spent rather than what was expected.
- How do actuals differ from commitments?
- Actuals are costs already incurred and documented. Commitments are approved orders not yet invoiced. Added to the estimate to complete, the two produce estimated final cost.