You can create your own chart of cost types or do so by transferring the general ledger income statement accounts.Ĭost centres are departments and profit centres responsible for costs and income. You define cost types, cost centres, and cost objects to analyse what the costs are, where the costs come from, and who should bear the costs.įirst, you define a chart of cost types with a structure and functionality that resembles the general ledger chart of accounts. The following diagram shows the workflow in cost accounting.Ĭost types, cost centres, and cost objects Cost types, cost centres, and cost objects. Workflow in cost accountingĬost accounting has the following main components: In cost accounting, you allocate actual and budgeted costs of operations, departments, products, and projects to analyse the profitability of your company.
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