Enable and configure Cost Tracking Options in TTM

TTM Configuration Overview	Cost Tracking Checklist

Icon Time Tracking and Management (TTM) can be configured to track the cost of work entered in timesheets based on labor rates that you provide. When costs are tracked, additional cost-related information is provided to timesheet managers when approving timesheets, and included in the reports accessed from the Report Center.

Keep in mind:

Cost tracking is disabled by default
All items in the Cost Tracking configuration checklist must be completed before costs will be calculated

To configure cost tracking:

Links from the TTM Control Panel Access the Cost Tracking Options page from the link in the Cost Tracking configuration checklist. The Cost Configuration checklist can be accessed directly from the TTM Control Panel

from the Configure Cost Tracking link in the Time Tracking configuration checklist

NOTE:
Accessing the checklist requires you to have Full Control or Design permissions on the TTM site.

#	Function

1.	Currency Symbol Select the currency symbol that should be displayed in reports
2.	Select the Enable cost tracking checkbox to display additional settings.

3.	To force users to enter the cost code for each task prior to save or submit the timesheet, select the Enable cost code validation option. This will prevent users from saving or submitting the timesheet until the cost code is entered for each task assignment. NOTE: If Enable cost tracking or Enable cost code validation is selected, users cannot hide the cost column in the Columns Display Settings.
4.	Select where to obtain labor rates to use in cost calculations. Time Tracking and Management: When this option is selected, costs will be calculated using the rates configured for each cost code in the Cost Tracking list. You can still use TTM for labor rates if you get tasks from PM Central. Project Management Central: With this option, costs for all tasks except administrative tasks will be calculated using the Standard Rate configured for each resource in the PM Central Enterprise Resource Pool. For more information about tracking costs for administrative tasks (tasks in the Administrative Time list), see Entering Labor Rates.
5.	When you select the option to obtain labor rates from PM Central, you can copy the calculated Actual Cost value back into to the PM Central Tasks list. The cumulative cost for each task will be copied to the Actual Cost (Time Entry) column in the Tasks list when a timesheet is approved. Project managers can display this column in the Task Master Web Part in the Tasks tab for each project. For more information, see Configuring Cost Tracking for PM Central.
6.	To allow timesheet managers to review cost data when approving timesheets, select the cost columns to display in the Pending My Approval timesheet view. For a definition of each column,see TTM Cost Tracking Columns. If you want costs to be tracked for reporting purposes only or if you do not want timesheet managers to see cost data, you do not have to display the columns.
Click Save to save your changes or Cancel to exit without saving. To mark this item as complete in the Cost Configuration Checklist, click More information on using the checklist is available here NOTE: If you upgraded Time Tracking and Management from version 1.0 and are enabling cost tracking for the first time, click the Update Timesheets button to add cost tracking features to timesheets. You only have to do this once, and the button will be disabled after the upgrade is complete.

TTM Configuration Overview	Cost Tracking Checklist