The Cost Carrier is used to categorise company expenses in detail in order to better analyse expenses by advanced reporting.
The most common use case for cost carriers are project related expenses to track project costs, but they can be used for any other purpose.
Features
Structure: Cost carriers are usually used to assign expenses to projects - allowing a clear categorization of company expenses .
Assign cost carriers to transactions and invoices: Set Cost Carriers to default, so all future invoices with the specific supplier will have a default Cost Carrier.
Benefits
Better Segmentation: Expense segmentation into cost carriers allows for greater control and analysis of total costs, especially cost tracking for projects.
Quick reaction time: The improved structural representation of expenses allows accountants to react faster if the budget of a specific project is exceeded.
Notes: Cost Carriers categories are not obligatory for accounting; however, larger organisations use them for advanced analytics accounting data.
How to sync, upload, or create cost carriers in Moss
To set up Cost Carriers, click “Sync now” on the ”Accounting Integration” tab.
After the list of tracking categories is loaded from Xero, choose what category to use as “Cost Carrier”.
As a next step, you can get values from the selected tracking categories. Go to the “Cost Carriers” tab and click “Sync now” on each category to get values available from Xero.