Company Settings - Cost Codes

In Corecon, Cost Codes should represent the type of work (eg. Concrete, Framing, Electrical, Painting etc.) and do not need to incorporate any resource identifier such as Materials (M), Labor (L), Equipment (E), Sub (S) or Other (O) since the system inherently tracks expenses by this method. For example, Labor Timecards will always be categorized as 'L' and Subcontracts as 'S'.

Cost Code Formatting

Recommended
- Code: 03 11 00
- Description: Concrete Forming
Not Recommended
- Code: 03 11 00 - M
- Description: Concrete Forming - Materials
- Code: 03 11 00 - S
- Description: Concrete Forming - Subcontractor

Cost Code Terminology Based on Department

In the construction industry, code terminology can vary depending on the department as described below.

Estimating Staff

Estimates are organized and comprehended easier by breaking them down into smaller sections. These sections are called Cost Codes but are sometimes referred to as the Work Breakdown Structure (WBS). In Corecon, Cost Codes can have optional internal grouping codes similar to the Job Cost Code table in the Contract Admin module. This provides a lot of flexibility and options on how items can be grouped or summarized.

Project Management Staff

Corecon uses Job Cost Codes to track financial details (ex. PO Items, CO Items, Timecards, Progress Invoice Items). These codes are project specific and can be established in the Contract Administration module. Like in Estimates, Job Cost Codes can have optional internal grouping codes which can come into play on summarizing financial details in Project Analytics.

Accounting Staff

For most construction firms, Service Items are setup in their accounting system to mimic job cost codes. Each of these items would then be linked to a GL Expense and Income Chart of Account so that they can be referenced on both AP and AR transactions.

As mentioned above, Job Cost Codes in Corecon are used to categorize the type of work and are project specific. When Corecon is integrated with an accounting system such as Intuit QuickBooks, these codes are either linked one-to-one with the accounting system's Service Items list or multiple cost codes are linked to a single Service Item.

Master Cost Code Structure in Settings

Importing Cost Codes and Budgets For An Awarded Project

If the estimating module is not being used in Corecon, the following technique can be used for importing cost codes and budgets for a particular awarded job using a spreadsheet.

Importing Job Cost Codes and Original Contract Budgets Via Microsoft Excel