How to Create Cost Codes

Cost Codes are used to set up standard descriptions and charges for your costs. Once you have set up your standard cost codes, you will be able to use them as templates whenever you create New Costs.

Note  Costs are indirect expenses incurred against a matter, e.g. photocopies and facsimile costs. Cost codes are not used for Direct Costs (direct expenses occurred against a matter, e.g. Visa Application Charge)

1. Open the Cost Codes window

To create a new Cost Code you can either use the Accounts Setup Tool or launch from the main menu.

1.1. From the Accounts Setup Tool

If you haven't yet completed the Accounts Setup tool, you can create your Cost Codes from the Accounts Setup tool. To access this click the Accounts button in the main toolbar and then select 'Accounts Setup'. For instructions on how to use the Accounts Setup tool please see: How to use the Accounts Setup Guide.

When the Accounts Setup tool opens, click 'Create Cost Codes'.

1.2. From the Main Menu

To create a new Cost Code at any time, click Schedules on the main toolbar and then click Accounts, then Cost Codes.

2. Click the add button

Once the Cost Codes window opens, click the + button.

3. Enter Cost Code

The New Cost Code window will now appear. First enter the Cost Code that you wish to identify this Cost by. Your Cost Codes can be a mixture of letters and number but it is recommended that they not be longer than 6 characters.

4. Enter the Default Billing Status

The Default Billing Status will appear when a Cost charge is raised against a Matter.  This can be

  • Billable  Next Invoice
  • Billable  Later Invoice
  • Not Billable

This will determine if the charge will appear on the next invoice to be raised, or held for future Invoices.   The Billing Status can be also manually changed as the cost is entered against a Matter.

5. Enter the Description and Details

Next enter the full billing description, the amount of the Cost, the Tax Code and whether the amount includes tax.

6. Click 'Save & Close'

To finish setting up the Cost Code, click Save & Close.

7. Close

The Cost Code will now appear in the Cost Codes list. Once you have finished entering all of your relevant Cost Codes, click Close to finish.