To assign default cost types to Viewpoint® Vista™ standard cost codes for the Integration by Ryvit.
In the construction industry, cost codes are used to account for the various cost types on a project and to identify the specific work being done on a construction project. Many construction accounting teams base their cost code structure on the CSI Master Format. Other teams might design a unique cost code structure to suit their company's specific business requirements.
If your company has enabled the ERP Integrations tool to work with an integrated ERP system where the 'Cost Type' concept is supported, your accounting team might classify their cost codes into different classes (i.e., 'Classes' are equivalent to 'Cost Types' in Procore). Some common examples of 'Cost Types' that might be used to group cost codes include: E=Equipment, L=Labor, M=Materials, O=Overtime, and so on.
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., DE=Direct Expenses and L=Labor). For general contractors, who might need to track a large number of subcontractors, it might be less common to group codes into cost types.
The Integration by Ryvit is the product of a partnership between Procore and Ryvit, a third-party developer. Viewpoint, Inc. is not affiliated with this connector. All Viewpoint® Vista™ marks and logos are owned by Viewpoint, Inc.