Basics of costing in Project
Now that we have understood the three types of resources in Project, we can construct an elaborate project costing framework. Remember that even though Project provides a variety of costing features, it cannot replace dedicated accounting software.
To make the best use of Project's costing features, it is critical that you understand certain guidelines and limitations of tracking the costs within Project, as we'll discuss in the upcoming sections.
Costing versus pricing
Project can help with the costing of a project, but not pricing. Cost is incurred by you to execute the project, while price is what the customer pays. Accordingly, you can expect to plan and track your costs with Project, but you cannot expect to build an invoicing framework with Project, as this is to do with pricing. Users who clearly understand this difference will be saved a lot of frustration while working with financials on Project.
