Recording a Cost
Recording a Cost
Costs are indirect expenses incurred against a matter, e.g. photocopies and facsimile costs. Cost are not used for charging Disbursements (direct expenses occurred against a matter, e.g. Visa Application Charge), nor are they used for charging your professional fees.
Cost Codes can be setup using the Create Cost Codes function
1. Open the Matter you wish to add the Cost charge to
2. Go to the Accounts => Fees Disbursements tab
3. Click the New Cost button
4. Completing the Cost Details
Complete the following details:
1. Matter. Select the Matter. This will default to the Matter you are currently working in.
2. Cost Code. Select the Cost Code you are charging.
3. Billing. Select when you would like this Cost to be Invoiced:
- Billable Next Invoice. Will appear on the next Invoice you create.
- Billable Later Invoice. Will not appear on an Invoice until you change its Billing status at a later stage.
- Not Billable. Not to appear on Invoices (unless you change its Billing status).
4. Description. Enter the description of the Cost. This will default from the Cost Code’s description.
5. Quantity. Enter the Quantity.
6. Amount Each. Enter the amount for each item.
7. Amount Included Tax. Select if the amount Includes or does not include Tax.
8. Tax Code. Select the Tax Code for this cost. This will default from the Cost Code’s Tax Code.
5. Save the Cost Transaction
- Once you have completed entering the Cost, click Save & Close to create the Cost charge and return to the Account tab, or Save & New to create the Cost charge and enter a new Cost.
When you are ready to Invoice the Cost, you can do so by raising an Invoice.