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cost rate for employee

Oct 24, 2016 at 03:44 PM

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Hi expert!

What is it the best way for each employee has a cost rate?

We wanted to manage project costs by the rate cost of employees, in addition, our employees change salary every year.

Best regard.

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3 Answers

Harshal Vakil
Oct 25, 2016 at 09:56 AM
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Hi Carlos,

I understand that you are looking for an functionality to valuate internal time confirmations with actual employee compensation rates for the projects?

If this understanding correct, then there are some pre-requisites which you need to complete in order to activate this.

If not, Can you please provide me some more details on requirement and expectation.

Regards,

Harshal

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Lynni Lee May 10, 2017 at 05:53 AM
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Hi Harshal,

I have the same requirement.

What is the pre-requisites to evaluate internal time confirmations with actual employee compensation?

Thanks,

Lynni

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Harshal Vakil May 10, 2017 at 07:49 AM
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Hello Lynni,

Steps are as follows :

A) To activate the valuation with Compensation rate.

  • Business Configuration -> Implementation Projects
  • Go to “Edit Project Scope”
  • Go to the questions, (Step- 4)
  • Select “Financial and Management Accounting” from the hierarchy
  • Select Management Accounting -> Project Cost and Revenue Management.
  • It opens another pane on the right with questions.
  • Select the question : Do you want to valuate internal time confirmations with actual employee compensation rates?
  • and check the flag to enable same.
  • Review and Confirm.

Now Then set of books setting needs to be done; the feature only works once the Set of Books flag is also enabled. And valuation is limited to that particular Set of Book ONLY.

before you proceed with the next steps, make sure to post all the unposted time confirmation and other related documents.

B) Check for the unposted source document

  • Work center General Ledger -> Source Documents
  • Enter “Un posted Source documents” in Show.
  • Click on Advanced -> enter
  • Related Source Document type: 170(Employee Time Calendar)
  • Relevance Status: Relevant.
  • Click on GO
  • If there any documents found, please post them with the help of error message provided.

C) Enable flag in the set of books.

  • Work center Business Configuration -> Overview
  • Search for Set Of Books
  • Click on View
  • Select the set of book -> edit
  • Go to Company Settings tab
  • Select the company for which the indicator is to be switched on.
  • In the details section, turn on the indicator- “Valuation with Compensation rate”
  • Save .

Please note that :

  • It is not related to any other valuation strategy. So, once Actual based functionality is selected – others ( Resource cost rate and service product cost rate) would NOT work.
  • This ONLY works when hourly rates are maintained for the employees in Compensation management.
  • Valuation on Actuals is ONLY for Time Confirmations.
  • Once the above configurations and master data is maintained the functionality should work.

Let me know in case you need further details.

Regards,

Harshal

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Hi Harshal,

Thank you so much for your answer, it is very helpful.

One more question about "Valuation with Compensation rate", can we turn off later ?

Thanks and regards,

Lynni

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Hello Lynni,

Sorry I don't have the concrete answer for this as I have not tried that myself but looking at the procedure, only complication could the changes we do on the Set of books, i.e flag the option for the valuation with the compensation rate, but I don't think there is a restriction there which does not allow to turn it off .

So in my opinion should be possible. May be we will need to test this in test system and get the conclusive answer for that.

Cheers,

Harshal

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