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Actual Cost

Actual Cost

Authorized users can control a work item’s Actual Cost in the Budget or Extended Budget views in either the Work Items page or the Current Project page or work item Properties card.   

The Actual Cost is recalculated each time the actual effort, invested into the work item, is updated.  

Actual effort can change as a result of the hourly reports in the timesheet or direct reporting of %Completed or Actual and Remaining effort at the work item level.

Note:

To allow automatic update of the Reportable work item’s Actual effort from the timesheet be sure to set an Enable calculation of Actual Effort & Progress based on timesheet reporting option in the Time Tracking section of the system settings.

 The system automatically calculates the Actual Cost of the ‘Non timesheet  Reportable work item having sub-items as a sum of:

  • Accumulative Actual Cost of the sub-items or the* Fixed Cost* , if defined for the work item
  • Actual  Expenses accrued on the work item (see section  Work Item Financial Data to learn about Actual Expenses)

 The Actual Cost of a specific “leaf” work item, or a work item that is timesheet Reportable, is calculated as a sum of:

  • Actual Regular and Overtime Efforts of the resources assigned to the task and their respective hourly Cost Rates or Fixed Cost, if defined for the work item.
  • Actual Expenses accrued on the work item

Note:

1. Fixed Cost is calculated into the Actual Cost only upon 100% completion of the work item.

2. The Actual Cost takes into account the effort already invested in the tasks that were canceled during the Active phase of the projects, but does not take into account the effort that was invested into tasks that were deleted.

User can:

  • See the actual costs of the selected work item. 
  • Manually enter the actual cost. In this case, the cell is marked by a blue triangle. This value overrides the system calculated value and it will be used to calculate the cost of work items higher in its hierarchy.
  • Clear the Manually-set indicator (blue triangle), thereby letting the system automatically recalculate the costs.
Clarizen Answered

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