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Financial Management › Costs and Payments › Define the Cost for an Asset or Legal Document

Define the Cost for an Asset or Legal Document

Defining asset costs helps you track and manage the financial information that is related to a specific asset or legal document. You can add multiple cost records for an asset or legal document. You can also add cost information to multiple assets or legal documents and update multiple payment records.

Follow these steps:

  1. Click Asset or Legal Document.
  2. Search to find the list of available items.
  3. Click the asset or legal document that you want to update.
  4. On the left, click Costs.
  5. Click New and enter the cost information.

    The following fields require explanation:

    Unit Amount

    Specifies the cost per unit.

    Total Amount

    Displays the total cost for the total quantity of the selected asset. This amount is calculated automatically by multiplying the Unit Amount on the Costs page by the Quantity on the Asset Details page.

    Recurring Period

    Specifies the number of Recurring Period Units (days, months, or years) after which the cost recurs. For example, if you enter 1 for the Recurring Period and select Month for the Recurring Period Units, the cost recurs every month.

    Note: If you specify a value other than zero, select the Recurring Period Units and Termination Date.

    Recurring Period Units

    Specifies the unit (days, months, or years) for the Recurring Period.

    Termination Date

    Specifies the last date for the recurring schedule.

  6. Click Save.

    Note: If you specify recurring period information for an asset cost, a payment schedule with multiple payments is automatically created. If you do not specify recurring period information, the payment schedule includes only one payment.

  7. (Optional) View the payment schedule for the cost that you defined using the following steps:
    1. Click the Edit Record icon for the cost record.
    2. Click Show Payments on the right.

      Note: You can record payments that you made for this cost.