Definition
A Cost Code is part of a standardized classification system (like CSI MasterFormat) used to categorize and track project expenses at a granular level. It allows accountants and project managers to break down the massive total budget into manageable, monitorable buckets (e.g., concrete, structural steel, electrical fixtures).
Practical Example
A project might use the cost code `03-3000` for `Cast-in-Place Concrete` and `09-2000` for `Plaster and Gypsum Board`. When purchasing cement or paying a concrete subcontractor, the expense is tagged to `03-3000`, allowing PMs to instantly see if the concrete budget is overrunning.
Application in Superwise
Every BOQ item, Purchase Order, and RA Bill in Superwise is intrinsically linked to definable Cost Codes. The software aggregates this real-time financial data to generate instant Earned Value Management (EVM) reports, comparing planned budget vs. actual costs locked to specific cost codes.
Related Feature
Learn how Superwise handles this in our dedicated feature:
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