Use Project Expenses to set up expense categories used during expense report creation. Project Expenses lets you establish the default posting type, the cost type, the Tax Group Code, the default cost and profit calculation method for the expense category. To create a new project expense code:
- Navigate to the Role Center > Setup > Items & Expenses Setup > Expenses.
General fast tab
Select New from the ribbon.
Complete the following fields:
Code - create a unique code for the new expense type.
Description - enter a description for the expense code.
Type - Select the Type for this expense as a posting or total type. It is only possible to post on the type Posting, whereas the others can be regarded as headings and summations. Options include:
Blocked- Select this item if the Expense code is not allowed to be used.
Base Unit of Measure- Select the base unit of measure for the expense (Note - to access the Expense Unit of Measure list, click the down arrow on the Base Unit of Measure and choose "Advanced")
Cost Type- This Cost type is information data that is assigned to each timesheet line for the resource. This cost type can be used for additional reporting.]
Mileage - Select this option if this expense will reflect mileage.
-Mileage Margin Allowed - Enter the amount allowed per mile.
Invoicing fast tab
Standard Cost - enter the standard cost of the item.
Profit Calculation - Specifies how profit calculation should be performed. Options are:
None: no profit
Price = Cost - the price of the item is equal to the cost of the item.
Percentage: profit is cost plus a percentage.
Amount: profit is cost plus an amount.
-Fixed price: there is a fixed price.
Profit % - Enter the profit % for the expense (Only available if you select Percentage or None).
Profit Amount- Enter the profit amount for the expense (Only available if you select Amount or None).
Fixed Price- Enter the price for the expense (Only Available if you select Fixed Price or None).
Cost Amount Includes Tax - Select this option to indicate the cost includes Tax.
Only Payroll Expense - If this option is selected it limits the use of this project expense type. It cannot be used in a project journal or Purchase invoice. The expense will only be available for use in the timesheets.
Gen. Prod Posting Group - select the posting group for the expense used to determine accounts at posting from the General Product Posting Group List.
Tax Group Code - Select the Tax Group code if needed.
Tax group code Emp. Exp - Specifies tax group code for employee expense used to calculate and post the sales tax.
Total Cost (LCY) - Displays the total invoiced in local currency. Click the number displayed in blue font to see details.
Total Price ((LCY) - Displays the total invoiced in local currency. Click the number displayed in blue font to see details.
Picture - Displays Picture for this item... To upload a picture, click the + icon or navigate to Process > Take Picture from the Ribbon.