Actual project costs

Actual project costs come after you create expense lines for cost plans or after human resources use time cards to create expense lines.

The system captures actual project costs from expense lines:
  • Expense lines from cost plans: You can create expense lines from a cost plan. Allows you to specify the amount and date when the expense was incurred. The actual amount incurred is included in the cost plan after the expense line is processed. The actual amount spent is recorded in the project Cost Plan Breakdown related list and the project Cost Breakdown related list, where is it classified as an operating or capital expense. If a cost plan reference is not provided with an expense line, the actual cost is recorded at the project level in the Cost Breakdown related list.
  • Expense lines from timecards: Human resources can record time for project work by using time cards. When time cards are approved, the system generates expense lines. After the expense lines are processed, the actual costs are recorded for the project. If you provide a resource plan when creating time cards, the cost plan name is derived from resource plan and cost is captured against the resource plan. If you do not provide a resource plan, the cost is captured against the project.