Glossary ยท C
Cost Code
A numbered code that tags each expense to a budget category, so spend on concrete, steel or electrical work can be tracked separately.
What is Cost Code?
A cost code is a number in a standard classification system, such as CSI MasterFormat, that tags each project expense to a category. Cost codes split the total budget into buckets that accountants and project managers can monitor, for example concrete, structural steel or electrical fixtures.
Practical example
A project uses cost code 03-3000 for cast-in-place concrete and 09-2000 for plaster and gypsum board. When the team buys cement or pays a concrete subcontractor, the expense is tagged to 03-3000, so the project manager can see at once whether the concrete budget is overrunning.
In SuperWise
In SuperWise, cost is tracked against the BOQ item. Each Project BOQ item has a code, such as C-001 or S-234, and sits in a category and a construction package. The BOQ-wise cash outflow report shows, for each item, what has been committed through POs and work orders and what has been certified through RA bills and bill inward.
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