We are pleased to announce several enhancements to the way costs, revenues and expenses are calculated on projects:

  • You now have the option of defining task specific pay or cost rates and using these when determining labor costs for resources based on planned or actual task/resource hours
  • This works in addition to the overtime code or time item type costing ratios which can be applied to actual time booked in a timesheet. Cost or pay rates applicable to a specific overtime code can now be defined either as a ratio (in time item type set-up) or as a compensation element linked to a specific overtime code (in the employee compensation tab)
  • Planned expense cost can now be managed at a project level, for expense budgets
  • Actual expenses are now split into expenses revenue for project – aka the sum of billable expenses plus any project-specific mark-up %, and expenses cost (the sum of all expenses excluding mark-ups)
  • For companies who sell or resell materials or hardware we have also separated out material planned and actual cost from labor or expense
  • We will be added overhead costs, based on percentages defined at company or department level, in the near future