On the Cost tab, you can add project costs, allocate amounts to each type of cost or load cost amounts in bulk from a Microsoft Excel file into Amplify using the Cost Ledger.
To learn more, see the following articles:
- Adding new costs
- Allocating budgets, actuals and projected (forecast) cost amount into each cost type
- Loading bulk cost data using the Cost Ledger
- Altering cost duration
Add a New Cost
To add a new cost:
- Click on the Cost tab and select the New Cost option.
- In the form that displays, enter the name of the cost.
- A cost category is a template that denotes a certain type of costs. The values that you see in this selection field are pre-configured by your program administrator.
- If the external identifier is enabled for the selected cost category, a field will display where you can specify the external ID.
- When you select the month and year in the Start Date and End Date fields, Amplify sets the first day of the month as the start date and the last day as the end date. If you do not select any value in these fields, the project’s start and end date will become the cost’s start and end dates. You can also update the cost duration. Read more about this here.
If your site uses the Program model, when the date entered is outside of the project start or end date, the project dates are automatically extended or moved forward to span the cost period. Read more about project dates here.
Note: Cost start and end dates are baselined.
- Click Save to add the cost record. If you want to add another cost, select the Create another checkbox.
Allocating Budgets, Actuals and Forecast Amount to the Cost
You will be able to see the data entry fields to enter amounts into each accounting period manually. You can complete this action using the steps described here.
Altering Cost Duration
You need to be cautious while changing the dates if time periods outside of the existing start and end dates have been valued as it may cause loss of data.
For example, suppose the cost start date is July 2020, and you have captured values for July and August. If you now change the start date to September 2020, the earlier months' values will be lost. A similar scenario might occur if the end date is brought forward. Amplify will show a warning in both cases.
Another situation is when you bring forward the start date. For example, if the cost value exists for July, but you change it to January 2020, you will notice the data entry field for the period from January to May is filled with zero. If no costs have been recorded, the field will be blank.
Zero value filling will not occur when the end date is extended.