Using Accounting Component › Budgets and Plans › Sets

Sets

Sets enable you to define related financial and quantitative values. For example, you can use sets to represent various types of budgets, especially when you are initially creating these budgets. Sets also provide the facility to link costs to services. Sets can be defined to represent a unit cost or total cost of a service. These types of sets are typically associated with a service during service definition when you employ a Cost Type of Allocate Cost or Standard Cost.

To create a new set

1. Click Accounting, Budget and Planning and click Sets.
2. Click the Add Set button.
3. Complete the following information:
   • Name – name used to identify the set.
   • Description – optional text area to provide a description.
   • Status – specifies whether the associated worksheet values can be modified. Choices include Locked or Unlocked. Once a set is locked, values are read-only in the worksheets until the Status is changed to Unlocked.
   • Source – provides for further classification of the associated values. Choices include:
     • Allocate Cost – used when defining the total cost of a chargeable service. Once this type of set is bound to a service, an associated Allocation Method can be selected to employ a means of distributing the cost.
     • Standard Cost – used when defining the total unit cost of a chargeable service. Once this type of set is bound to a service, a predetermined service cost can be set for each period.
     • Actual Units – used to attribute unit quantities to services.
4. Click Add New Set.

More information:

Creating and Updating Services