Cost Data – An Overview

The cost data feature allows you to update records of the payments made and expenses that occurred during the progress of each task or a deliverable you execute on a project. The details are used to identify the progress of your project with respect to the overall budget and the schedule. 

The metrics, statistics, and key performance indicators (KPIs) are dynamically updated in the project dashboard using the updated cost data values. You can track the financial performance, progress with respect to the schedule, and the overall health of your project tasks from the dashboard and make timely decisions to steer the project to be on track.

The cost data is also used to generate various reports.

The cost incurred is accounted for under the following accounting heads:

• Materials - The payments made for the procurement of materials to the respective vendors at different stages. The amount paid at each instance is deducted from the estimated material cost allocated for the task/deliverable so that you can see the amount remaining at each stage. 
• Subcontractor – The payments made to any external subcontractors who were not included as collaborators in Linarc. This includes skilled artisans, workers, etc., specially hired for particular work. 
• Overheads – The indirect expenses occurred, for example, office expenses, maintenance expenses, etc., related to the task. 
• Others –Any other miscellaneous expenses occurred, which could not be covered under the heads above, for example, payments made to drivers and machine operators hired on an ad-hoc basis.
• Equipment - The cost incurred due to the deployment of equipment and heavy machinery for the tasks. The data is fetched from the field updates given by the foremen through their mobile app.
• Labor - The wages paid to the field crew. The data is calculated from the attendance of workers, fetched from their time card entries, and their salaries.

The cost data tool deducts the amount entered each time on a particular head from the estimate of that task.

See the following sections to know more:

• Material cost
  • Add a material cost entry
  • View details of a material expense item
• Subcontractor cost
  • Add a subcontractor cost
  • View details of a subcontractor expense item
• Overhead and other expenses
  • Add overhead and other expenses
  • View details of a miscellaneous expense item 
• Equipment Cost
• Labor Cost