To create a default list of cost types.
If your company's accounting team performs job costing, you can create a list of default cost types that can then be applied to line items in your Project level Financial tools (i.e., Budget, Change Events, Commitments, Direct Costs, Prime Contract).
If your company's job costing system is activity-based, you might create cost types named Direct Material (DM), Direct Labor (DL), and Overhead (OH).
Things to Consider
- Required User Permission:
- 'Admin' level permission on the company's Admin tool.
- Supported Procore Tools:
The cost types you create using the Steps below are available as selections in the following tools:
- Budget. When you create a budget line item, you can select a cost type from the 'Category' drop-down list. See Create a Budget Line Item.
- Change Events. When you create a Commitment Change Order (CCO) from a change event, you can select a cost type from the 'Type' list. See Create a CCO from a Change Event.
- Commitments. When creating a commitment (see Create a Commitment), you can select a cost type from the 'Type' list when adding a budget line item (see Create a Purchase Order) or when adding a line item (see Create a Subcontract).
- Direct Costs. You can select a cost type when adding a line item to a direct cost. See Create a Direct Cost.
- Prime Contract. You can select a cost type when adding a line item to a Schedule of Values from the Budget. See Create Schedule of Values (SOV) from the Budget.
- Timesheets. When you create a timesheet entry, you can select the cost types corresponding cost codes from the 'Cost Code' drop-down list. See Create a Timesheet.
- If your company has enabled the ERP Integrations tool:
- Dexter + Chaney Spectrum: Cost types are set up during the integration. Request to Import Custom Cost Types for Spectrum.
- Navigate to the company's Admin tool.
This reveals the Company Settings page.
- In the right side pane under 'Administrative Settings', click Cost Types Configuration.
Note: The Cost Types Configuration link is only visible when your company has enabled one of Procore's Financial tools (e.g., Budget, Change Events, Commitments, Direct Costs, and Prime Contract).
The 'Procore Cost Types' page appears.
Note: If your company has enabled the ERP Integrations tool (see Request to Enable the ERP Integrations Tool), the page title is different and you'll have additional options available. See ERP Integrations and What are Standard Categories in the Cost Types Configuration page?
- In the 'Procore Cost Types' list, choose from these options:
- Add a New Cost Type
- Enter the name for the new cost type in the Add a Cost Type box.
- Enter an abbreviation for the new cost type in the Add Abbreviation box.
- Click Add.
- Rename an Existing Cost Type
Note: A blue caret in the top-right corner of a cell indicates that the field can be edited.
- In the Label cell, type over any existing value.
- In the Abbreviation cell, type over the existing value.
- Timesheet Cost Types
Note: The Timesheets Cost Types column will only show if the Timesheets tool has been enabled.
- To hide a cost type's corresponding cost codes as a selection in the project's Timesheets tool, remove a checkmark in the desired cost type box(es).
- To show a cost type's corresponding cost codes as a selection in the project's Timesheets tool, place a checkmark in the desired cost type box(es). Procore's default setting is to show all cost types in the Timesheets tool.
- Add a New Cost Type
- Lock Schedule of Values and Contract Company when commitment contract is approved or completed: Mark this box if you want commitment's with the status of 'Approved' or 'Completed' to disallow users from editing the Schedule of Values subtab.