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What are Procore's default cost types?

Answer

cost type is a set of uniquely identified costs represented by an abbreviation and label. They are used as a classification to identify job costs and can later be used to generate reports (see View Job Cost Summary Report). In Procore, several cost types are predefined for you: L=Labor, E=Equipment, M=Materials, C=Commitment, OC=Owner Cost, SVC=Professional Services, and O=Other. You can also define and customize an unlimited number of additional cost types. See Set Default Cost Types. You can also assign those cost types to your project's cost codes. See Assign Default Cost Types To Cost Codes.

In the construction industry, grouping individual cost codes into one or more cost types is a common practice for subcontractors and other construction businesses whose expenses are primarily internal (e.g., L=Labor or DE=Direct Expenses). For general contractors, who might need to track a large number of subcontractors, it might be less common to group codes into cost types. 

Note: If your company has enabled the ERP Integrations tool to work with an integrated ERP system that supports the 'Cost Type' concept, your accounting team might classify their cost codes into different cost types or classes (i.e., The term 'Classes' in Sage 300 CRE is equivalent to 'Cost Types' in Procore).

Default Cost Type List

The following table details the default cost types in Procore. 

Abbreviation Label
L Labor
E Equipment
 M Materials
S Commitment
OC Owner Cost
SVC Professional Services
O Other

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