Creating Product Cost Details

In Aptify, each Product records includes a Cost Details tab that lets an organization track the various expenses incurred with getting a product to market. Follow the steps below to create Product Costs Details records that can be used to track expenses for a product:

1. Open the Products records of the product you want to track costs. 
   • Alternatively, you can create Product Cost Types records directly from the Product Cost Types service.
     
     
2. Select to the Accounting > Cost Details tab.
   
   
3. Open a new Product Costs Details record.
   • You can also create Cost Planning records to forecast product costs. See Creating Cost Planning Records for Products for details.
     
     
4. Enter a brief description of the cost in the Summary field.
5. If the cost is a child of an existing Product Cost Details record, enter the name of the parent in the Parent field.
   
   
6. Enter the name of the product associated with the cost in the Product field.
   • This field links to the Products service.
   • If the cost details record is opened from a Product's Accounting > Cost Details tab, this field is automatically populated with the product's name.
     
     
7. Enter the cost type in the Product Cost Type field.
   • This field links to the Product Cost Types service. See Creating Product Cost Types for more information.
     
     
8. Enter the name of the vendor associated with the cost in the Vendor field.
   • This field links to the Companies service.
     
     
9. Enter the name of the vendor contact in the Vendor Contact field.
   • This field links to the Persons service.
     
     
10. Enter the date in which the cost is to be delivered and paid in the Date Estimated field.
11. Enter the estimated amount of the cost in the Amount Estimated field.
12. If a finalized amount has been determined, enter the dollar amount in the Final Amount field.
    
    
13. If a finalized amount has been entered, enter the date received in the Date Finalized field.
    • Note that if a date is not specified when a cost is approved, today's date is populated in the Date Finalized field.
      
      
      
      
14. Enter the Status of the product cost. Options are as follows:
    • Pending: Selected by default. The product cost is pending approval.
    • In Review: The product cost is being reviewed by accounting or a qualified product manager.
    • Approved: The product cost has been approved. A Scheduled Transactions record is automatically created for the expense accrued.
    1. • You can view the associated Scheduled Transactions record by selecting the Scheduled Transaction link on the AP Integration tab as shown in the figure below.
          
    • Note that when a Product Cost Details record is saved as approved, the fields on the General tab and the Original Product Cost Detail and Scheduled Transaction fields on the AP Integration tab become disabled for financial integrity purposes.
      
      
      
      
15. If this product cost is an adjustment of another product cost, you can enter the original product cost details record in the Original Product Cost Detail field on the AP Integration tab.
    • Note that this field is for tracking purposes only.
      
      
16. Save and close the Product Cost Details record.