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Cost 1 field to hold income amounts? RRS feed

  • Question

  • Hi, I want to use eg Cost 1 to hold Income payment amounts from the Customer ie this will be my invoiced income.  I want to use the standard Cost column for my labor costs.   From both these data sets I want to produce a cash flow report which is timephased. I can see that Cost is accrued across the assignment time but how do i accrue Cost 1 values across time?

    Thanks in advance

    Steve

    Thursday, August 4, 2016 9:32 AM

Answers

  • Hi,

    Instead of Cost1 (which cannot be timephased, sorry) better use one of the Baseline Cost fields - they can be.

    Greetings,

    Thursday, August 4, 2016 10:01 AM
    Moderator
  • Hi Jan, so I could eg create a milestone and save the "income" value into say Baseline Cost 1 and then I could report income timephased using the milestone dates?

    Steve

    • Marked as answer by Stev Scott42 Thursday, August 4, 2016 12:31 PM
    Thursday, August 4, 2016 10:39 AM
  • Hi Steve,

    Actually there could be several solutions. You have to keep in my that you cannot enter negative costs against cost resources. So for your income payments, the solutions are either fixed costs or cost custom fields. Also baseline cost as suggested by Jan should work.

    I would personnaly go fo the fixed cost (negative) for income payments and a standard cost resource for captila expenditure. The advantage is that it will be deduced from the project cost so you'll get the right picture of your project in the cost field, on the contrary to cost 1 which is not included.

    Regarding the timephased part, I would say that either you can use the task usage view to spread the amount along the periods, or you can simply assign the cost (fixed cost or cost resource) on a milestone so you can place it exactly at the right time.

    Then in terms of reporting, you could extract the income (fixed cost), the expenditure (dedicated cost resource) and the total cost (cost field) quite easily.


    Hope this helps,


    Guillaume Rouyre, MBA, MVP, P-Seller

    • Marked as answer by Stev Scott42 Thursday, August 4, 2016 12:31 PM
    Thursday, August 4, 2016 11:04 AM
    Moderator
  • Income such as progress payments is just easily represented as negative fixed cost, and the "task" which represents the payment "event" is a milestone with zero duration.

    Then use a spare text field, as a lookup, to make categories.

    • Marked as answer by Stev Scott42 Thursday, August 4, 2016 12:31 PM
    Thursday, August 4, 2016 11:10 AM

All replies

  • Hi Steve,

    Why wouldn't you use the fixed cost column? Fixed cost is actually aimed (among other possibilities) to enter contract cost, incomes etc... It can be accrued (fixed cost accrual field). Moreover the fixed cost are included in the standard costs (labor) so it will be rolled up at project level.

    See 2 references below:


    Hope this helps,


    Guillaume Rouyre, MBA, MVP, P-Seller

    Thursday, August 4, 2016 9:48 AM
    Moderator
  • Hi,

    Instead of Cost1 (which cannot be timephased, sorry) better use one of the Baseline Cost fields - they can be.

    Greetings,

    Thursday, August 4, 2016 10:01 AM
    Moderator
  • Hi Guillaume,  we are going to be using the Fixed Cost column for fixed capital expenditure costs so I assumed I would need a different column?  Or do I use that column but for income payments just use negative amounts?

    I am hoping somehow to produce off the back of this a simple report with Income/Expenditure Categories down the left; months across the top and the figures in the cells, is this possible and if so should I use a Visual Report, Excel BI Report or now Power BI?

    thanks

    Steve

    Thursday, August 4, 2016 10:31 AM
  • Hi Jan, so I could eg create a milestone and save the "income" value into say Baseline Cost 1 and then I could report income timephased using the milestone dates?

    Steve

    • Marked as answer by Stev Scott42 Thursday, August 4, 2016 12:31 PM
    Thursday, August 4, 2016 10:39 AM
  • Hi Steve,

    Actually there could be several solutions. You have to keep in my that you cannot enter negative costs against cost resources. So for your income payments, the solutions are either fixed costs or cost custom fields. Also baseline cost as suggested by Jan should work.

    I would personnaly go fo the fixed cost (negative) for income payments and a standard cost resource for captila expenditure. The advantage is that it will be deduced from the project cost so you'll get the right picture of your project in the cost field, on the contrary to cost 1 which is not included.

    Regarding the timephased part, I would say that either you can use the task usage view to spread the amount along the periods, or you can simply assign the cost (fixed cost or cost resource) on a milestone so you can place it exactly at the right time.

    Then in terms of reporting, you could extract the income (fixed cost), the expenditure (dedicated cost resource) and the total cost (cost field) quite easily.


    Hope this helps,


    Guillaume Rouyre, MBA, MVP, P-Seller

    • Marked as answer by Stev Scott42 Thursday, August 4, 2016 12:31 PM
    Thursday, August 4, 2016 11:04 AM
    Moderator
  • Income such as progress payments is just easily represented as negative fixed cost, and the "task" which represents the payment "event" is a milestone with zero duration.

    Then use a spare text field, as a lookup, to make categories.

    • Marked as answer by Stev Scott42 Thursday, August 4, 2016 12:31 PM
    Thursday, August 4, 2016 11:10 AM