For either time based or fixed price projects, TekStack captures labor costs that are attached to a resource, or a resource’s role. Using information including Budgeted Gross Margin, Actual Gross Margin, and Estimated Gross Margin, you can track which projects are hitting a gross margin threshold, and which are not.
 
 
Create Unit Records
At least one time-based unit must be created in TekStack Configure prior to creating a cost record. For example, an hour. At least one currency must be set up as well. 
 
 
 
Create Cost Records
Adding a cost (ex: $100 USD) creates a cost record in TekStack. The cost record can be linked to two other record types; Project Resources (used for budgeting) and Project Roles (used for time entry invoicing). 
 
Follow These Steps to Create a Cost Record
  1. Select "Configure" in the area picker in TekStack.
  2. In the site map under Project Setup select Role/Resource Costs.
  3. Click the + button on the grid to add a new record. Fill in the required data and save. 

Link a Cost to a Role

Once a cost record has been saved it can be linked to a role record. For example, the role "consultant" has a cost of $50 per hour. 

Add a Role Cost to a Price List

Role costs are used for project time entry invoicing. Therefore, role costs must be linked to a price list just like a product ( for example, a subscription or piece of hardware). In the highlighted example, a customer would be invoiced $100 per hour for time entries logged by a consultant.

Link a Cost Record to a Project Resource

A project resource record establishes a link between a licensed system user and a TekStack project. Resources can have various costs linked to them - each role assigned to a resource has an associated cost and the resource (system user) can have a resource cost as well. Resource costs are optional and are only used for project budgeting. 

Example:

  1. John is set up as a project resource in TekStack. 
  2. John's project resource record is linked to a role called Consultant. The role cost for Consultant is $100 per hour. The customer will be billed $100 for every hour of time and material work that John logs on a project under the Consultant role.
  3. John's resource cost is $50 per hour. This is reflective of John's salary. If John logs a 4 hour time entry on a Time and Materials project, his time will cost the customer $400 and will cost his employer $200.
  4. The resource cost is not included on the customer invoice. 

Resource's linked roles - each has an associated cost for time entry invoicing.

Resource's cost - the resource's salary by the hour:

Keywords: project, project resources, costs, roles