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