Successful performance and completion of construction projects highly depend on an adequate time scheduling of the project activities. On implementation of time scheduling, the execution modes of activities are most often required to be set in a manner that enables in achieving the minimum total project cost. This paper presents an approach to cost optimal time scheduling, which integrates a spreadsheet application and data transfer to project management software (PMS). At this point, the optimization problem of project time scheduling is modelled employing Microsoft Excel and solved to optimality using Solver while organization of data is dealt by macros. Thereupon, Microsoft Project software is utilized for further managing and presentation of optimized time scheduling solution. In this way, the data flow between programs is automated and possibilities of error occurrence during scheduling process are reduced to a minimum. Moreover, integration of spreadsheet and PMS for cost optimal time scheduling in construction is performed within well-known program environment that increases the possibilities of its wider use in practice. An application example is shown in this paper to demonstrate the advantages of proposed approach.