This article will explain what Cost Codes are, a feature of Corfix Timekeeping.
Cost Codes are standardized numbers assigned to specific types of work performed, materials used, or expenses incurred on site on a given day. Cost Codes allow you to track work being done and tie into your payroll system for more accurate accounting and expense tracking.
Common categories include specific labour tasks, materials used, and equipment required. They also ensure that different crews, departments, and projects are using a consistent logging process and naming convention so it's much easier to accurately track costs.
In Corfix, Cost Codes can be assigned a fixed or rate cost, as depicted below, and explained in more depth in this article. When a worker completes a Time Card or punches out using Punch Clock, they can add costs to their hours using these codes.
