Creating Product Cost Types

Product Cost Types records store information about cost types for an event, publication or other products that accrue expenses. By default, Aptify includes Product Cost Types records for Design, Product Planning, Content Development, Tooling and Other. A member of accounting can create additional cost types using the following steps.

1. Open a new Product Cost Types record.
2. Enter the Name of the cost type.
3. Enter a Description for the cost type.
4. If the product cost type is a child of an existing Product Cost Types record, enter the name of the parent in the Parent field.
5. Enter the name of the organization in which the cost type is associated in the Organization ID field. 
   • If you are planning on using the approval process for cost details, an organization is required to create the appropriate scheduled transactions.
   • This setting has an impact for systems that have multiple functional currencies (assigned on a per organization basis) as it will associate a product with a particular functional currency when creating schedule transactions for approved product cost detail records.
     
     
6. Enter the name of the expense account associated with the cost type from the Expense GL Account drop-down list.
   • Note that you must specify a expense account if you are planning to transfer cost data to an external accounts payable (AP) system.
     
     
7. Enter the name of the liability account associated with the cost type from the Liability GL Account drop-down list.
   • Note that you must specify a expense account if you are planning to transfer cost data to an external AP system.
     
     
8. Save and Close the record.