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TTM Cost Tracking Columns

TTM Cost Tracking Columns

TTM Control Panel Cost Tracking Checklist

clip-6db7c8c0f2e03c55e3241c462f323e72b45a360bWhen you enable cost tracking, several cost calculations will be performed for each timesheet task.

When using Cost Tracking keep in mind:

  • The source of the Labor rate is determined by the selection made when configuring cost tracking options

    • If configured to use the Timesheet Resources list list the Labor rate will the defined Internal Rate from the Cost Tracking list for the cost code associated with the task.
    • If you are using PM Central to obtain billing rates, the Standard Rate for the resources from the Enterprise Resource Pool (ERP) is used

  • When you add cost tracking columns to the timesheet, timesheet managers can review the results of the selection calculation(s) (shown below) when approving time.

  • Calculations are also used to create cost-related reports in the TTM Report Center.

Column Name Description
Internal Cost Internal Cost multiples the number of hours entered for the task in the time period by the Internal Rate for the task’s associated cost code

Labor Rate source Calculation
(Source identified in green)
Time Tracking and Management Actual Work (Timesheet entry) * Internal Rate (Cost Tracking list)
Project Management Central Actual Work (Timesheet entry) * Standard Rate (PM Central’s ERP list)
Billable Administrative tasks – both data sources
(TTM & PMC) 		Actual Work (Timesheet entry) * Internal Rate (Cost Tracking list)

Billable Cost

Billable Cost multiples the number of hours entered for the task in the time period by the Billable Rate for the task’s associated cost code.

Labor Rate source Calculation
(Source identified in green)
Time Tracking and Management Actual Work (Timesheet entry) * Billable Rate (Cost Tracking list)
Project Management Central Actual Work (Timesheet entry) * Standard Rate (PM Central’s ERP list)
Billable Administrative tasks
(Both data sources)		 Actual Work (Timesheet entry) * Billable Rate (Cost Tracking list)

In the calculations below, Planned Work (Project Tracking) is equal to Planned Work (from the Timesheet Tasks list) or Work (from the PM Central Tasks list) less cumulative Actual Work (Time Entry) for all time periods before the current one.

  • It can be considered the remaining budget of hours available for the task at the start of the time period.

    For example: If the Planned Work value for a task from the Timesheet Tasks list is 40 hours and time entered for the task in all time periods before this one totals 10 hours, Planned Work (Project Tracking) is equal to 30 hours at the start of the current time period.
Planned Internal Cost

Planned Internal Cost calculates the internal budget remaining for the task at the start of the period.

  • It is based on the total planned work for the task less the time entered through the start of the time period multiplied by the internal labor rate

  • If this number is negative, the task was over budget at the start of the period.

Labor Rate source Calculation
(Source identified in green)
Time Tracking and Management Planned Work (Project Tracking) * Internal Rate (Cost Tracking list)
Project Management Central Planned Work (Project Tracking) * Standard Rate (PM Central’s ERP list)

Planned Billable Cost

Planned Billable Cost calculates the billable budget remaining for the task at the start of the period.

  • It is based on the total planned work for the task less the time entered for the task through the start of the time period multiplied by the billable labor rate.
  • If this number is negative, the task was over budget at the start of the period.

Labor Rate source Calculation
(Source identified in green)
Time Tracking and Management Planned Work (Project Tracking) * Billable Rate (Cost Tracking list)
Project Management Central Planned Work (Project Tracking) * Standard Rate (PM Central’s ERP list)

Work Variance

Work Variance is the number of hours left in the planned work budget at the end of the time period after subtracting all time entered for the task to date.

  • If this number is negative, it means that the amount of work entered for the task has exceeded the total number of hours that was budgeted for it.

Labor Rate source Calculation
(Source identified in green)
Both data sources
(TTM & PMC)		 Planned Work (Project Tracking) * Actual Work (Timesheet entry)

Internal Cost Variance

Internal Cost Variance calculates the internal budget remaining for the task at the end of the period by subtracting the Internal Cost for this period from the Planned Internal Cost at the start of the period.

  • If this number is negative, the task is over budget.

Labor Rate source Calculation
(Source identified in green)
Both data sources
(TTM & PMC)		 Planned Internal Cost – Internal Cost

Billable Cost Variance

Billable Cost Variance calculates the billable budget remaining for the task at the end of the period by subtracting the Billable Cost for this period from the Planned Billable Cost at the start of the period.

  • If this number is negative, the task is over budget.

Labor Rate source Calculation
(Source identified in green)
Both data sources
(TTM & PMC)		 Planned Billable Cost – Billable Cost

TTM Control Panel Cost Tracking Checklist