TTM Control Panel | Cost Tracking Checklist |
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When you enable cost tracking, several cost calculations will be performed for each timesheet task.
When using Cost Tracking keep in mind:
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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
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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.
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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
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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.
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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.
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Planned Internal Cost |
Planned Internal Cost calculates the internal budget remaining for the task at the start of the period.
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Planned Billable Cost |
Planned Billable Cost calculates the billable budget remaining for the task at the start of the period.
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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.
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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.
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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.
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TTM Control Panel | Cost Tracking Checklist |
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