How project costing works

Set up users for cost tracking

Administrators assign hourly cost rates to users in user profiles. These will be used to calculate project costs, once employees start entering time against projects.

If your organization needs to calculate normalized costs, administrators can set up normalization rules and assign them to users.

Set up projects and programs for cost tracking

Make cost estimates

If your organization wants to track actual costs versus estimates, project managers enter cost estimates for projects or tasks.

With select products, managers can allocate resources to projects and tasks. Allocated hours serve as another kind of estimate and, once multipled by hourly rates, can be compared to actual costs in reports.

Track costs by cost type

If you need to track costs by cost type, you’ll need to choose a cost type for each project and task. You can also assign budgets by cost types when you create program budgets.

Submit time and expenses

Project resources submit time and expenses against projects. Hours worked are multiplied by hourly cost rates to arrive at cost data.

Ensure hours are ready for use in costing

Cost managers check the approval status of time and expense sheets, to see if items are available for use in cost calculations.

If items they want included aren’t approved, they can override the regular approval process to make them available.

Use cost data

Cost, project, and program managers can track raw costs, or actual costs versus estimates, using reports and graphs in the interface.

If you use third party software, you can transfer data to those applications using Replicon’s project integrations or report data exports. Or you can create custom columns to perform additional calculations within Replicon itself.

In Replicon, expenses are not included in cost graphs or in cost columns in reports, but you can report on expense costs independently, and include expense data in cost calculations.

Related links

Using Replicon for project costing
Using Replicon for project costing
Setting up a project for costing
Running cost reports
Setting and tracking project costs by cost type (CapEx or OpEx)