Costs

You need the master table for Costs in VOGSY to create a standardized list of all non-labor expenses that can be tracked on projects. This is crucial for consistent and accurate financial reporting.

The main reasons for using the Costs master table are:

• Consistent Reporting: It ensures everyone in your organization uses the same terminology for the same expenses. For example, instead of having variations like "Flight," "Airfare," and "Plane Ticket," you can standardize it as "Air Travel." This allows you to run accurate reports on total spending by category across all projects.

• Streamlined Expense Tracking: When employees submit expenses, they select from this predefined list. This is faster and less error-prone than manually typing in an expense type, which prevents inconsistencies.

• Accurate Budgeting and Quoting: When creating a project budget or a sales quote, you can accurately plan for non-labor costs by including items directly from your master list.

In short, the master table for Costs is the foundation for managing all non-billable and billable project-related expenses other than direct labor.

Costs have the following attributes:

• Name: The name of the costs which will appear in the dropdowns

• Description: Here you can leave a more detailed description of the cost. This is just a reference for other back office users and will not appear in the front office.

• Contra ledger account: This is the ledger account which will be used for booking the costs. When costs are booked on a project, a financial transaction is created which relates to this ledger account. This way the costs are related to the project itself and to the ledger account which allows you to report these costs in financial KPIs.

You can change the order of the dropdown, with the little arrows in the left panel of the screen.

Also, it’s possible to archive costs, even if they are already used. Archived costs will not appear as selectable costs in the dropdowns.