The Costs section in Finago PSA includes purchase orders and bills (=purchase invoices), expense invoices and travel expense invoices. It is designed for managing, tracking, approving, and potentially recharging project and business-related expenses to customers. It enables costs to be allocated to projects, making it possible to monitor project profitability. Through integrations, cost data can also be transferred between PSA and the company's financial management software.
Permissions: Expenses, Bills, Purchase orders
PSA plans:
Bills and purchase orders: Enterprise, Enterprise+
Expenses: all plans
Travel Expenses: Business, Enterprise, Enterprise+
Settings and Permissions
In the settings for expenses and travel invoices, you can define:
- Expense payment methods and expense types
- Values for mileage allowances, daily allowances, and currency exchange rates
In the settings for bills (purchase invoices), you can define:
- Default recipient, status and allowing editing of bills fetched from an integration
- Cost date selection
Permissions can be defined to suit the user's role. For example basic user can see only their own bills and expenses, but the financial team can see all.
- In multicompany version (Enterprise+) users can create expenses only for their own company.
- Freelancer users are not able to create expenses/travel expenses. Their expenses can be processed as bills (purchase invoices).
Cost types
- Purchase Orders: Used for creating purchases and forecasting upcoming costs.
- Bills: Used for receiving, processing, allocating, and approving supplier invoices.
- Travel Expenses: Used for allocating and reimbursing costs incurred during business travel, such as transportation, accommodation, and meal expenses.
- Expenses: Used for allocating and reimbursing other work-related expenses, such as business lunches, office supplies, and other minor purchases.
- You can also add extra cost rows manually in the project's actual costs view, if there is no invoice in PSA for the incurred cost.
Cost status
Expense and travel expense process:
- Draft - Visible only to the user > changed to waiting.
- Waiting - Visible to user and approvers > changed to approved or rejected.
- Approved - The invoice is ready for compensation to the employee and/or invoiced to the customer > changed to archived.
- (Rejected - The invoice will not be compensated or invoiced or needs to be edited.)
- Archived - The invoice has been compensated or transferred to the financial management program for compensation to the employee. The status can no longer be changed.
Bill process steps depend on whether the approval circulation will be done in PSA or your financial management software:
- Waiting: awaiting approval
- Pre-Approved: a voluntary approval step
- Approved: bill is valid, the project allocation and accounting information has been filled in
- (Rejected: bill is not valid, or needs editing)
- To Payment: ready for payment (must be transferred via financial management integration)
- Archived: all actions completed in PSA.
Notifications
You can receive notifications about the following events. Available notifications depend on your role and permissions. Define your notification settings in Settings > My Profile > Notifications.
- Purchase order added or allocated
- Bill added, allocated or due
- Expense or travel expense added, approved or rejected
Viewing and reporting
In addition to the costs section list views, you can review costs in many views, for example:
- New Reports > Costs. Here you can find default reports and create your own if needed.
- Dashboard > Profit & Loss or Invoicing.