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By: Peter Poletti


Cost Accounting Functions & Features

Cost accounting analyzes corporate costs related to overhead, products, and manufacturing orders. It provides a variety of costing approaches such as standard, FIFO, LIFO, average, target, and activity-based costing (ABC). The software should support the following functionality: cost data; cost allocation definitions; cost allocation process; cost management; cost and sales price calculation; activity based costing (ABC); and activity based cost tracing and tracking.. Cost Accounting Functions & Features are an important module of the comprehensive ERP RFP Template for Discrete Manufacturing.

The ERP RFP template with Cost Accounting Functions & Features for ERP is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 3761 decision criteria. The ERP RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to ERP software vendors. It ensures for:

  • complete response from each ERP software vendor
  • deep and accurate evaluation of submitted ERP proposals
  • impartial side-by-side comparison of ERP solutions evaluated
  • rational and documented selection of the best matching ERP system

The ERP software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the ERP solutions from scratch.

The Cost Accounting Functions & Features comprise the following elements:

  • Cost Allocation Processing

    Feature and functions covered Allocates actual or budgeted costs to appropriate ledgers;Allocates to expense, revenue, asset, asset reduction, liability, capital, and capital reduction accounts;Allocations to organizational segments determined by function, profits, etc.;Flexible ledger costing categories;Allocates cost by multiplier, quantity, or amount;Cost allocations driven by formulas using unlimited, statistical, fixed amount, and period-to-date factors, as well as unlimited nesting;. Cost Allocation Processing, Cost Accounting Functions & Features
  • Cost Allocations

    Cost allocations are the identification and distribution of cost in a multipurpose project. Cost Allocations, Cost Accounting Functions & Features
  • Cost Data

    Major modules include Maintains multiple calculation codes for various algorithms used in calculating different cost data.;Overhead rates;Uses parameters to determine whether a work center rate or task rate will be used in the calculation of operation rates;Surcharges can be applied as fixed amounts over the nominal cost, percent of total cost, etc;. Cost Data, Cost Accounting Functions & Features
  • Management of Costs

    Feature and functions covered Costs managed using both standard and average costing;Maintains or updates the current or average cost of an item or service;Plans production costs based on demand and forecasting;Assigns user-defined number of cost elements for each cost category;Vertically summarizes cost elements throughout product structures;. Management of Costs, Cost Accounting Functions & Features

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Functions and Features