Expense Tracking

In this article you'll learn how to track monetary expenses, and tie them to a specific project to calculate profitability

If you're the admin or Owner of the workspace you can activate the expense tracking feature form Management>Workspace Settings>Features

Turning on the feature will activate:

-  A new Expenses section in the Main Menu of the workspace;

- A new Expense categories in Management section.

How to set up the expenses

There are two types of expenses you can in Timeneye:

• unit prices: you can use this type of expenses to track multiple expenses of the same object. One unit will have a price, that will multiply per all the pieces;
• simple expenses: fixed amount expenses that you can use for travel expenses, training courses, material etc.

To decide which one of these expenses mode you want to use, you have to create an adequate category.

Expenses can be associated with projects, team member, or have a billable status. To add and manage expenses, go in the Expenses section of the workspace.

Expense categories

Expense categories help you organize your expenses in a way that keeps them in order and make it easier to identify in the workspace.

You can add a new Expense category in the Expense categories section. Alternatively, when you create a new expense, you can add a category quickly in the category dropdown menu.

1. Set a name for your category, and a clor to make it easier to identify it;
2. Then decide whether this is a unit price (an amount that has to be multiplied for each item) or a simple expense;
3. Save the category.

Expenses VS labour costs: when to use what

You shouldn't use the expenses feature if you have to track labor costs (e.g. your employees wages). Use expenses for travel costs, training costs, materials and purchases related to projects, and so on.

For labour costs, there's a dedicated feature that lets you set an hourly cost of employee's work.

How to add and manage your expenses

1. Click on the green button on the top right, in the Expenses section.
2. You'll be asked to add information such as a description, a date for the expense, the amount the project it's related to, and the person who is associated with the expense. Of course, you can also pick the Category it belongs to.
3. If this expense should be billed to the client, set the status as billable.

Monitoring project expenses

Once you've logged an expense and linked it to a project, it will automatically appear in the corresponding project. From there, you can easily track all expenses and earnings on the project's page, giving you a comprehensive view of your overall project costs and profitability.

• Billed Amount: shows the expenses and the billed time;
• Internal Costs: shows labour costs and expenses.

Permissions: who can see expenses and totals?

• Admins and Owners can create, monitor and edit everyone's expenses and expense categories;
• Users with the permission level of Project Manager (PM) can monitor the expenses of the project that they manage, but they cannot edit them;
• Simple Memebrs can only add and see their own expenses.