Create project cost codes and cost types

 NOTE: The Projects module is only available in Sage 50 Accounts Professional. If you're interested in upgrading, leave your details and we'll be in touch. 

Projects use cost codes and cost types to track costs incurred, helping you analyse the costs and charges easily.

Cost Codes

When you enter transactions such as supplier invoices, for a project, you must associate a Cost Code.

Use Cost Codes to identify the costs that a project incurs, for example, the materials to create a product or the labour for a job.

For example, to summarise overheads, use the default OHD1 Cost Code to group them. If you want more detailed analysis, set up separate Cost Codes for each overhead type. For example, electricity, water, and gas. Assigning cost types to these codes lets you break down overheads accurately while still analysing them in total.

By default, the following four cost codes are available:

• LAB1 (Labour Charges)
• MAT 1 (Material Charges)
• OHD 1 (Overheads)
• MIX 1 (Mixed)

A Cost Code can belong to one Cost Type only. You can create up to 99 different Cost Codes.

Cost Types

Each Cost Code has a Cost Type, making it easy to track and analyse project expenses. This helps group similar costs together for better reporting.

For example, you could categorise cost codes for electricity, water, gas, and rent under OVERHEADS.

By default the following cost type are available:

• LABOUR
• MATERIALS
• OVERHEADS
• MIXED
• OTHER

When you enter a project transaction, you need to enter a Cost Code to affect a Cost Type. 

You can create up to 99 different Cost Types.

Next steps

Use our Project cost codes and cost types reports article to print a list of Cost Codes or run other reports.

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• Edit project cost codes or cost types
• Delete project cost codes or cost types