Creating Project Expense Types
For information on the availability of Job Costing and Project Budgeting, please contact your account representative.
With Job Costing, each new and existing project must have a project expense type selected on the project record. The selected project expense type tells NetSuite which account to debit when posting time transactions for job costing. When you enable job costing, two default project expense types are created – Regular and Overhead:
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The Regular expense type is mapped to the Direct Labor account by default.
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The Overhead expense type is mapped to the Indirect Labor account.
You can update these project expense types or create new project expense types to reflect your company’s current business processes.
After you enable Job Costing, each existing project must have a project expense type selected. The Regular project expense type is automatically assigned to all existing projects. You can update this setting on the Financial subtab of individual project records.
To create a project expense type:
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Go to Setup > Accounting > Project Expense Types > New.
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Enter a name for this project expense type.
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In the Description field, you can enter a description for the type of project this expense type should be used for.
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In the Account field, select the account you want NetSuite to debit when users post time transactions with this project expense type.
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When you have finished, click Save.
All new and existing project records must have a project expense type selected on the Financial tab under Costing. You can also choose to select a project expense type on service items.
Adding Project Expense Types to Service Items
You can choose to add a project expense type to your services items. When a time transaction is posted with a service item, the expense type on the service item overrides the expense type on the project, unless the Apply to All Time Entries box is checked on the project record.
To add project expense types to service items:
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Go to Lists > Accounting > Items.
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In the Type field at the bottom of the list, select Service.
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Click Edit next to the item you want to update.
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Click the Accounting subtab.
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In the Project Expense Type field, select an expense type.
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Click Save.