Setting the Allowable Costs
Use the Allowable Costs interface to choose which expense types can be submitted for your project, and what adjustments/markup should be applied for each. Any cost type that remains checked will appear on the Request interface:
- Equipment, Active: CostTrax exclusively integrates with the Rental Rate Blue Book from EquipmentWatch to provide industry-standard charge rates. By default, hourly rates are determined according to the Federal Highway Administration (FHWA) standard formula: (Monthly Ownership Rate)/176 Hours x Age Adjustments x Regional Adjustments plus Hourly Operating Cost).
Looking to use a different schedule of rates for your project? Contact us to discuss custom options.
- Equipment, Standby: Standby refers to a situation where equipment is on the job and available for work, but not put into operation until needed. Standby rates are meant to reimburse the contractor for fixed costs such as depreciation, cost of facilities capital, and indirect equipment costs. By default, CostTrax adopts the standard formula for standby as 50% of the Rental Rate Blue Book ownership cost.
Looking to use a different schedule of standby rates for your project? Contact us to discuss custom options.
- Equipment, Rental: Enabling rental equipment will allow Requestors to add equipment along with invoice and vendor information. Operating expenses can be included as a separate input. Receipts or invoices can be digitally attached for this cost type.
- Material: Material costs require the Requestor to include description, unit, cost per unit, vendor, and invoice number for the expense. Receipts or invoices can be digitally attached for this cost type.
- Labor: Hourly rates along with fringe benefits can be input into CostTrax to determine reimbursable labor costs. A time multiplier is used to account for any overtime. Name and trade fields are available for inclusion as well.
- Subcontractor: The subcontractor cost can be used to document lump sum, invoice-based expenses. However if the subcontractor is performing T&M work, they should be setup as an individual CostTrax Requestor on the project.
- Other: Use this cost to allow for any non-standard, miscellaneous reimbursable expenses. Receipts or invoices can be digitally attached for this cost type.