Cost Codes

A cost code identifies a specific type of expense charged to the business. You can use the cost code information during the cost calculation processes to identify the type of the cost.

Required?: Yes. You need to create appropriate cost codes to clearly identify different costs associated with running the business.

Prerequisites: Charge Group. The charge group assigned to the charge code is used to organize the charge information for reporting purposes.

Fields

Cost Code/Description: The name and description used to identify this cost code
Cost Type: The type of cost associated with this cost code. The majority of your cost codes are the Cost type. You can, though, also identify costs as non-expense and Labor types. The cost type is used for filtering the drop-down controls in the user interface, the cost calculation process and reporting.
Cost Group: The cost group to which costs of this type belong. This association helps group costs by the general type of service they represent and is used for reporting.
Default Corporation/ Department/Account: The corporation, department, and account number associated with this cost code. By default, any expense for that code is attributed to that account and department.