|
Term Definition
Money charge refers to a special expense entry and allows an administrator to track changes in a project's billing. Money charges track billable amounts such as milestone billing, and payable amounts such as project overhead, bonuses, interest charges and discounts. Money charges may be tracked in a project timesheet. Money charges can help avoid errors, which result in under or overpayment of employees. Administrators may enforce minimum and maximum limits before allowing a user to report money charges.
Joe works as a technical engineer and is part of the Network Administration team. Joe has to carry a pager so that he can be reached in case of emergencies. However, how would Joe be compensated for carrying the pager since he will not really be working? A charge item called “Pager” can be created by the organization. If Joe was creating a money charge entry, then he could indicate a dollar figure (for example, Joe will earn $50 more for every week that he carries the pager). Of course, in this example the administrator could have enforced a maximum limit of $25 per week to carry the pager. Joe would then earn $25 every week to carry the pager.
Money charges can also be more generic. For example, an employee can win airline tickets or other non-monetary rewards. On the cost side, money charges can also be used to track bonuses and other salary charges. On the billing side, charges can be used to track billing charges. For example, an organization received a $50,000 bonus for completing the project ahead of schedule.
Area of Application
Cost Accounting
GAAP
|
|
Webinars |
Recording
See What's New in Tenrox “Summer Heat 2009”
Powerful On-Demand Project Management Software for Effective Project Accounting
See Complete
Recording Listing
|
Testimonials |
"Tenrox is the most robust
and forward -thinking project workforce management product I have seen for addressing our project workforce management, billing and cost accounting needs. We expect a full return on our investment in less than six months, just for the first phase of implementation."
Russ H.
EVP and Co-founder
Synteract |
|
