2.3.1 Cost Codes
Cost codes (also referred to as phase codes) allow costs to be tracked for various types of project related costs. Normally, cost codes are determined and set up the in the company accounting system and duplicated in RADAR.
Things to Know About Cost Code management in RADAR:
- Users with admin level permissions to the Company Spec Manager can setup or change the Company Cost Codes.
- Project cost codes are created by importing the company cost codes to the project.
- Before setting up the company cost codes in RADAR, it is advisable to a have list of the cost codes set up in the accounting system.
Cost Types, Cost Categories & Cost Codes
Cost Types and Categories help define and categorize costs for defining and reporting costs throughout the project.
- Cost Types are a classifications of types of costs. There are 6 default cost types in RADAR: Labor, Material, Equipment, Subcontract, Expenses, Other Expenses
- Cost Categories are categories of cost types. For example, a company may want to categorize labor costs into categories such as, field labor.
- Cost Codes are specific costs within a part of phase of a project. Cost codes provide detailed information about where and how money is spent and helps to provide determine if the project is staying on or exceeding the budget.