Cost accounts are used to track the activity cost and earned value throughout the project life-cycle. Cost accounts are often established in a hierarchy available to all projects within the enterprise project structure (EPS). You will be able to create cost accounts that you simply can assign to activities in any project. Cost accounts are arranged in a hierarchy.
CREATE A COST ACCOUNTS
STEPS: ENTERPRISE----->COST ACCOUNTS
PROJECT EXPENSES
Expenses are nonresource costs related to a project and allotted to a project’s activities. They’re usually one-time expenditures for nonreusable things. Samples of expenses include facilities, travel, consulting, and training.
ADD PROJECT EXPENSES
STEP: PROJECT----->EXPENSES
GENERAL INFO
Use the General tab to outline general information for the chosen expense item like the item name and category. You will additionally specify the item’s vendor,
document number.
ACTIVITY
Use the Activity tab to change the chosen expense item’s activity assignment and specify the expense item’s accrual type. You will additionally view the item’s activity assignment according to WBS component, activity status and activity start and finish dates, and primary resource.
CODE
Use the Costs tab to specify cost amounts for the chosen expense item, as well as price/unit, budgeted or planned cost, actual cost, and remaining cost.
DESCRIPTION
Use the Description tab to enter a description of the chosen expense item. You will type a new description. You’ll use HTML editing options, which include formatting text, inserting pictures, copying and pasting information from other document files (while retaining formatting), and adding hyperlinks.
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