Direct Cost - Status
Updated
Direct Cost - Status
There are four different statuses that can be assigned to Direct Costs.
These statuses are used primarily to manage approvals and review within the organization, for example the company’s accountant or project manager.
Status | Definition |
Draft | It is known or anticipated that there is a direct cost, however not all the details are yet known. For example maybe some information is missing or needs to be validated or confirmed. |
Pending | A direct cost is created and entered but has not yet been approved. |
Revise | the Direct Cost is being Revised. This is sometimes referred to as Resubmit or Revise & Resubmit. This may be because the Direct Cost is being negotiated with the vendor etc. |
Approved | the Direct Cost is approved. Once approved, it will show as Committed Costs and as part of the Projected Costs on the budget. An Approved Direct Cost is not editable and can not be deleted (but can be changed back to draft, pending or revise and then edited). |
