Managing Projects › Define Project Properties › Financially Enable Projects › How to Set Up Projects for Tracking Costs › Associate the Cost/Rate Matrix to Projects

Associate the Cost/Rate Matrix to Projects

Use this procedure to associate the financial cost matrix to a project resource type. The financial cost matrix is used to calculate project rates.

Important! Before you can associate the financial cost matrix to your project, create the matrix. See How to Set Up a Cost/Rate Matrix.

Follow these steps:

1. Open the project.
2. Open the Properties menu, and from Properties, click Financial.

   The financial properties page appears.

3. In the Labor Transaction Rates, Material Transaction Rates, Equipment Transaction Rates, and Expense Transaction Rates sections, enter the following cost information:

   Rate Source

   Defines the cost or rate matrix used for calculating the benefit amount of the transaction entry.

   Cost Source

   Defines the cost or rate matrix used for calculating the cost amount of the transaction entry.

   Exchange Rate Type

   Displayed only when multiple currencies are available. Defines the exchange rate type that is used for transactions entered against the project. When the project is approved, you cannot modify the exchange rate type.

   Values:

   • Average. The blended derived rate over time, typically weekly or monthly.
   • Fixed. The fixed rate that does not change over a defined period.
   • Spot. The variable rate that changes over the course of a day.

4. Save the changes.