Overview

In the construction industry, cost codes are used for cataloging, tracking, reporting, and managing expenses for a construction project. With cost codes, you can achieve full budgeting visibility for your project. Among other things, cost codes can be helpful when communicating expense data between different organizations or different parts of the same organization.

Cost codes are mostly used by accounting teams to track work hours and monitor expenses consistently across the organization. To sum up, cost codes provide a link between your projects, jobs, or tasks on one side and their related accounts on the other. Therefore, a cost code usually consists of a numeric identifier along with an account title (for example, "00-03-6587 Excavation and Foundation"). The exact format and categorization of cost codes depend on the cost code structure used by your organization.

In MobiClocks, cost codes are defined for each job site and are then applied to the timelogs recorded at that job site. The documentation on cost codes consists of two parts. In the first part named Define cost codes, you'll learn about the different methods you can use to add cost codes to your environment. The second part named Apply cost codes discusses how the specified cost codes can be applied to timelogs.

As a next step, cost-coded timelogs can be used to generate payroll reports and export them to third-party accounting software to be processed. See Payroll.