Cost Categories

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A Cost Category is the type of cost associated with managing or leasing an asset. For example, a Cost Category can be a receivable for a lease payment from a lessee or a payable for utilities for the leased space. One asset can have multiple Cost Categories related to receivable and payables. One default Cost Category, Rent, is provided with Real Estate Manager.

Note: Cost Categories must be defined before a contract can be entered.

Learn more about Master Data and the Administration Console.

Cost Category Workspace

The Cost Categories workspace includes two tabs as described in the table below. The data fields for both tabs are identical.

Cost Categories Tab	Description
Payable	Costs that you pay.
Receivable	Costs for which you receive payment.

Adding a Cost Category and Custom Field Group

1. From the Top NavBar, select Administration. The Administration workspace opens.

2. Click the Cost Categories tile and the workspace opens. 

   
   

3. Select the appropriate tab:

   1. Payable – Cost Categories that you pay.

   2. Receivable – Cost Categories for which you receive payment.

   Note: Data for the Payable and Receivable tabs are identical.

   
   

4. In the Name field, enter the name of the Cost Category you are adding.

   
   

5. From the Group drop-down, select the type of Cost you are adding. Existing Groups display. 

   Note: You can begin to enter characters for the Group you want to add and the existing Groups that match display for selection.

   
   

6. To add a new Group, enter the name of the new Group and click the Add and select? link. A new Group is created for the Group name you entered.

   
   

7. In the Description field, enter information you want to display about the Cost Category.

8. Click the Is Gross checkbox to indicate that the costs associated with it are the total amounts and not net of any deductions.

9. In the Ledger Code field, enter an accounting code or enter N/A. 

   Note: Ledger Code is a required field and must have information entered.

10. In the Ordering field, enter a number that indicates the order in which the Cost Category will display in the list of Cost Categories. If you enter a 1, the Cost Category will display at the top of the list.

11. The Category is Lease Accounting Significant checkbox is used to indicate whether data associated with a lease is transferred to another system because it meets the accounting criteria for recording the associated asset on the balance sheet.

12. To indicate that the costs for this Cost Category are associated with an asset that must be accounted for under ASC 842 or IFRS 16, click the Category is Lease Accounting Significant checkbox.

    
    

13. Custom fields are organized into Custom Field Groups. 

14. To create the first Custom Field Group, click the link here.

    
    

15. In the Add New Custom Field Group pop-up, enter a label for the Custom Field Group in the New Group Caption field.

    
    

16. Click Okay.

17. After the first Custom Field Group has been added, Add New Group and Select Custom Fields in Groups display to allow you to add more Custom Field Groups or associated Custom Fields with each Custom Field Group.

    
    

18. Click Save Changes.

19. To create additional Groups, repeat steps 14-18.

20. After entering data in all relevant fields, click Save. The Group displays on the Cost Categories workspace.

Editing a Cost Category

After you create a Cost Category, you can edit any data field associated with it.

1. From the Top NavBar, select Administration. The Administration workspace opens.

2. Click the Cost Categories Tile. The Cost Categories workspace opens and displays the Cost Categories that you have defined. 

   
   

3. To edit a Cost Category, click the Edit link in the row for the Cost Category you want to edit. 

4. Update any fields as necessary.

5. Click Save. The updated data is saved.

   Note: If you don’t want to save your changes, click Back or navigate to another workspace.

Deleting a Cost Category

You can also delete a Cost Category except a Cost Category that is bound to contracts, contract reviews, or invoices.

1. From the Top NavBar, select Administration. The Administration workspace opens.

2. Click the Cost Categories Tile. The Cost Categories workspace opens and displays the Cost Categories that you have defined. 

   
   

3. To delete a Cost Category, click the Delete link. The Delete Cost Category pop-up opens. 

   Note: You cannot delete a Cost Category that is bound to contracts, contract reviews, or invoices.

   

4. Click Okay to delete the Cost Category. The Cost Category is removed.