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Trying to understand a bit more on transaction categories and expenses categories in PSA and how there are linked to the expenses categories and project categories in FinOps.
In FinOps if the expenses categories are used in project then, they will be In project management and accounting module as project categories, and additional sub categories can be added to break the expense further and give detailed tax code.
But in PSA not sure the use of transaction categories is that same as the project categories in FinOps and the expenses categories is more like sub categories ?
really appreciate if someone can provide some explanation on the above and how they are linked in CDS ?
Was thinking about to setup billable and unbillable transaction categories in PSA and then billable expenses categories and unbillable expenses categories. just wondering have any one set things up like that ?
thanks and regards
Transaction categories are like for eg.. Travel
Expense category is like you can ask what expense you did under travel Transaction category: So the answer can be: Flight, Train, Bus, etc.
Tried to keep it simple :)
also, each of the expense categories can be keep billable and unbillable.
Transaction Categories (= TC) have two main uses in PSA.
For setup they are mainly for controlling your pricing structure regarding Expenses as you can define the Sales Price for Expenses in the Price List. These TCs must be linked to a configured Expense Category (=EC) as the End-User is only allowed to enter the EC when submitting Expenses. In the created Actuals the TC (which is linked to the EC) will be populated. Also by utilizing the Billing Type in the TC, this allows the definition of several pricing and reporting scenarios for Expenses depending on Quote and Contract negotiations with the Client.
But if you create TCs without entering the Unit Group, the Default Unit and the Billing Type and without linking them to an EC you can use these Transaction Categories in the Schedule Tab in the Project by adding a new column Category. This allows the assignment of these TCs directly to a Project Task. If a user reports Time Entries back on such a task the assigned TC will be populated automatically in the created Actuals which are the result of the approved transaction. This provides also better capabilities when it comes to reporting as you can use the TC to provide more transparency depending on your business model. This can also be expanded by utilizing the pricing dimension feature. see here:
Hope this could help.
Feel free to mark this post as suggested answer if it was helpful.
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