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      Costs Guide

      Cost Management

       

      In terms of Asset Insider, Cost Management functionality lets you track all of your costs during the asset lifecycle.

       

      Where to find the Cost Management functionality?

      Cost Management functionality is located in the Left Side Bar Menu.


       

      Overview

      Costs Dashboard Overview

       

      Right after you click on the “Costs” button a predefined dashboard will appear. The dashboard is split into sections and each section gives you different types of information about your costs.

      Dashboard sections overview:

      1. List of all costs
      2. Summary chart for all the costs (based on selected period, point 6) by their type
      3. Summary chart for all the costs (based on selected period, point 6) by their cost center
      4. Summary chart for all the costs (based on selected period, point 6) by their origin
      5. Summary chart for all the costs (based on selected period, point 6) by month
      6. Period selector

       

      Costs Classification

       

      In Asset Insider costs are classified as follows:

      • By Creation type:
        • Automatically created - costs created when a specific order is complete if there are some (Purchase Order, Transfer Order, Work Order, etc.)
          • Allocated costs – allocated amount split between several assets (For example when you are shipping some assets by a Transfer Order you can enter “Cost For Allocation” for the whole order and therefore after the order completion the amount will be splitted equally between the assets)
          • Dedicated costs – dedicated costs for a specific asset present in an order
        • Manually created costs – manually created (entered) costs about specific asset
      • By Cost Status:
        • Forecasted – costs with an estimated value
        • Actual – costs with the actual amount that has been spent

       

      How to create a Cost?

      Costs Types and Cost Centers Setup

       

      If your costs are split into different types and centers, first you need to set up them.

      Important Note: Asset Insider will automatically create one “Default” cost type and cost center at the moment of your first cost creation.

      1. To set up them, first go to the “Settings” menu located in the bottom left corner of your screen
      2. Click on Cost Centers or Cost Types (no matter which one you will create first. They are independent in terms of creation)
      3. Click on the “New” button

       

      1. Fill in the desired Cost Center/Type name and click on the “Save” button. (the procedure is valid for both Cost Center and Cost Type)

       

      Create a manual cost

       

      There are three possible ways to create a manual cost:

      • Through a specific order
        • You can add manual cost through:
          • Purchase Order
          • Transfer Order
          • Work Order
          • Inventory Checks
          • Service Order
          • Warranty Management
          • Disposals
        • To create a cost via specific order follow the steps below:

       

      1. Go to one of the mentioned above functionalities and select the “Costs” tab and click on the “New cost” button

       

      1. Fill in the mandatory fields about the cost that you want to add and click on the “Save and Close” button

      Note: Asset lookup field is prefiltered to show only assets which are present in the selected order.

       

      1. After its creation, the cost will be set to “Forecasted”. After the end of the order, it will be converted automatically to “Actual”

      Note: If you add a cost through a specific order there is automatic relation created between the cost and the order.


       

      • Through Costs menu:

       

      1. Click on the small “ticks” icon right above the list of costs

       

      1. Click on the “New” button

       

      1. Fill in the mandatory information and click on the “Save and Close” button

      Note: When you add a manual cost you can choose between “Forecasted” and “Actual” costs.

       

      • Through the Asset itself:

       

      1. Open the asset for which you want to create a manual cost and click on the “New Cost” button

       

      1. The process is equal as creating a cost through the “Costs” menu described above with the only difference that the asset is auto-populated

       

      Result

      Costs created through orders:

      • All costs created through specific order are “Forecasted” at the moment of their creation and become “Actual” when the order is Completed

       

      Manually created costs (not through an order):

      • The only thing that can’t be set for this type of costs is the “ALM Stage”