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Administrator Guide
Last Updated: 2023-06-23
Steps: Create Project Standard Cost Rate Sheets

Steps: Create Project Standard Cost Rate Sheets

Create project standard cost rates to cost labor without accessing worker sensitive information. Define standard cost rates for:
  • Individual workers by name.
  • Workers based on worker attributes.
  • Workers or unnamed resources based on project roles.
You can override standard cost rates and currency on the project resource plan line.
  2. Access the
    Create Project Standard Cost Rate Sheet
     task.
    Security:
    Set Up: Project
     domain in the Projects functional area.
  3. As you complete the header, consider:
    Option Description
    Currency
    Defines the currency for worker costing. This currency can differ from the company currency.
    Company
    You can create only 1 rate sheet per company. You can assign multiple companies to a rate sheet.
    Workday determines the cost rate sheet to use for:
    • Workers using the company from the worker primary position.
    • Unnamed resources using the project company.
    Default Hourly Rate
    The hourly rate populates the cost rate when either:
    • The worker doesn't meet any criteria.
    • The project role doesn't define an unnamed resource.
    Effective Date
    You can post-date the effective date when you create or edit a standard cost rate sheet. Workday calculates and persists time entry costs upon time entry approval.
    The standard cost amount for approved project time entries doesn't change when:
    • The standard cost rate sheet doesn't change.
    • The override to a cost rate on the resource plan line doesn't change.
    Use the
    History
     tab to view effective date changes to the standard cost rate sheet. From the related actions menu of the standard cost rate sheet, select
    Audits
    View Audit Trail
     to view change activity.
    Inactive
    Retires the rate sheet permanently. Selecting this check box isn't reversible.
    Order of Execution
    Defines the order of processing for the rate sheet tabs.
    If a worker qualifies for more than 1 rule, Workday applies the rate for the first rule that the worker qualifies for. The
    Order of Execution
     option doesn't apply to unnamed resources.
  4. As you complete the rate sheet tabs, consider:
    Option Description
    Project Rate Rule
    Defines a group of workers based on a set of attributes, such as worker location, job profile, or company.
    Worker
    Define a rate for a worker included in your list of companies for this rate sheet.
    Project Role
    The project role for a worker or unnamed resource.
    When a worker replaces the unnamed resource, Workday uses the
    Order of Execution
     to define the cost rate with the:
    • Project cost rate rule.
    • Worker.
    • Project role associated with the worker.
Standard cost rates are now available for:
  • Capturing actual labor costs.
  • Forecasting and budgeting project labor costs.
Define your project advanced labor costing.
To view the workers in your resource plan, go to the project composite view and select
Resources
Project Resources
.
Select
View Resource Rates
 to view and compare project resource cost rates including:
  • Fully burdened cost rate definition.
  • Standard cost rate.
  • Standard cost rate override.