Costs

Define and track project costs, such as outsourced tasks or vendor expenses, for accurate financial management.

Costs are not tied to time tracking but are essential for accurate project expense management.

1

Click the + New Cost button.

2

Enter a Cost Type Name that describes the expense.

3

Select the relevant Supplier. If no supplier exists, click + Add Supplier to create one.

See Suppliers for additional information.

4

Amend the Cost Currency, if this is different to the currency selected when adding a Supplier.

5

Select the Pricing Structure, this will be either Fixed Price or Rate Per Hour.

6

Enter the Cost Price.

7

Specify whether the cost is Billable or Non-Billable.

8

Select a Markup Method, this will be either Fixed Price or Percentage and add the relevant markup amount.

9

The Resell Amount will be calculated automatically based on your inputs.

10

Provide a detailed Default Description for the Cost.

11

Assign the Cost to a specific Department using the Assign to Specific Department dropdown.

See Departments for additional information.

12

Click the Save button to finalise the Cost.