What are Asset and Quantity Item Costs?
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Asset Costs: Charges assigned to equipment (like drills, rotary hammers, cranes, excavators, etc.) based on how long they are used at a jobsite.
- Quantity Item Costs: Costs for materials or consumables (like drill bits, scaffolding, etc.) used or consumed at a jobsite.
Why are they important?
- Helps track and allocate costs to specific projects or jobsites.
- Encourages efficient use of equipment and materials.
- Supports internal cost transparency and external invoicing (e.g., charging branch offices or sub-suppliers).
How does it work?
Asset Costs
- Calculated for each period an asset spends at a cost location (jobsite or warehouse).
Below is the formula to calculate the asset costs:
Asset cost = (Workdays on Site) x (Daily asset cost) x (Quantity of Assets)
Note: In the case of Unique Assets, Quantity is always 1.
- Key details tracked:
- Date arrived and left
- Days and workdays on site
- Current asset cost
- Asset cost is shown only if the asset stays at a location for at least 30 minutes.
- Asset costs are visible for the last 6 months by default.
- Reports can be generated for up to 1 year in the past.
Related articles on Asset Cost:
For the detailed information on asset cost, please refer to the below articles:
- Getting started with cost reporting
- How cost reporting is calculated
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Cost Reporting: How to extract the data
Quantity Item Costs
- Quantity cost is calculated per allocations.
Below is the formula to calculate the quantity items costs:
Quantity item cost = (Workdays on Site) x (Daily asset cost) x (Quantity at that allocation)
- Daily costs can be added when creating or cloning a quantity item.
- Separate tab available for viewing quantity item costs.
- If no costs are recorded, a message will indicate the list is empty.
Related article on Quantity Item Cost:
For the detailed information on quantity item cost, please refer to the below article:
User Access & Permissions
- Access to cost modules can be enabled or disabled by admins.
- Permissions control who can view or edit cost settings and reports.
- Settings can be managed at company, location, template, or individual asset/item level.
Benefits
- Saves time by automating cost calculations (no more manual notes).
- Increases accuracy and reliability of cost data.
- Makes it easy to charge projects for equipment and material use.
- Flexible reporting for better project management and profitability analysis.
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