How does project accounting work?
PowerSteering can calculate your projectâs estimated cost by multiplying the duration of the project by the hourly rate(s) of the needed resources. Estimated costs can be determined by the projectâs activities and/or resource categories even when people have not been assigned to the project.
In order for PowerSteering to estimate a projectâs costs, there are several things that need to be in place:
- The project must have Control Cost set to Yes. This option is available on the Edit Work page. See the article How do I edit work details? for more information about this setting.
- The rate source must be set for the project. A project can be configured to use Personal Rates or a Rate Table on the Edit Work page. See the article How do I edit work details? for more information about these settings.
- If using one or more Rate Tables, at least one must be configured with rates added. Users can also have their own individual rate tables. See the chapter Managing Rate Tables for more information. Optionally, you can define Rate Codes to manage a comprehensive set of rates and easily apply them to multiple skill groups. See the chapter Managing Rate Codes for more information.