Formula

The Formula field is used to define the rules for calculating a particular Project Costing Indirect Cost pool value.  For example your Overhead may be calculated as:

[Direct Labor] + [Fringe]

When constructing the formula, the available field values displayed in the drop-down list will include:

• Labor Cost elements -- as defined on the Admin >> Setup >> Cost Elements screen

• ODC Cost elements -- as defined on the Admin >> Setup >> Cost Elements screen

• Indirect Cost pools -- as defined on the Admin >> Setup >> Cost Elements screen -- with the exception of the Indirect Cost element for which  you are currently defining the formula

Using the +, -, *, / operators and the "Insert Item" button, you can construct your custom formula.  Note that in addition to inserting specific fields, you may also construct formulas that include constant numeric values and support for precedence through the use of parenthesis.

The results of each formula will be multiplied by the appropriate Indirect Cost Rates (Target, Provisional or Actuals -- for the appropriate Fiscal Year) as defined on the Admin >> Setup >> Cost Structure >> Indirect Cost Rates tab.