Cost Rate Setup

The Cost Rate module allows you to set up a cost code to indicate the driving components of a cost rate and the actual cost rates by Project for timesheets.  The cost codes can be set with a different priority sequence, to determine the level of priority in case more than one type of a cost code is being used.

NOTE: Employee cost rate is already available in the employee setup, but in some cases you might have different cost rates by activity/WBS and in that case WBS Cost Rates would be used.

For example if you have the following rates:

If anybody charged the timesheet hours to Project ABC the cost rate will be $100 per hour for all employees, except one Employee (Employee A) whose rate would be $150 for project ABC. The default rate for all users for all other projects is $200 per hour.

So the sequence would look like the following:

The Cost code consists of 5 digits as in the following order, each digit in the code represents a an attribute based on which the cost rates are set up, the digits are set in the following order

1. Time Code (1 if the bill rate is set based on the time code and 0 if Off)

2. Employee (1 if the bill rate is set based on the employee and 0 if Off)

3. WBS Level (0 if Off ,  1 if the bill rate is based on Level 1, 2 if based on Level 2, 3 if based on Level 3, 4 if based on Level 4)

4. OBS (0  if off, 1 if the bill rate is based on Operating Unit, 2 if the rate is based on the Department)

5. Function (0 if Off and 1 if the rate is based on the employee function )

To setup the following:

• Cost Code Sequence

• Cost Rates 

• Setup Only Cost Rate by Employee

Note: This is only available since version 8 and higher.