How to set up cost tracking

[steveb1307]

I have only used MS project to track time in the past but now wish to create a budget and then after the project starts be able to enter the invoices(possibly many for each task) and keep track of my actual versus budget estimates. IS This possible? can any one throw some light on this for me?
thanks

 

[PDQBach]

Start with View > Resource sheet and put in a standard rate for each resource.

In order for this to work, though, you MUST accurately track Actual Work. It's no longer enough to simply ask if the task is done (obviously) and it's vital to know if duration is changing since moving a task from one month (so that it is now partly in one month and partly in the next month) will skew your budget numbers (equally obviously).

This is a non-trivial exercise. It is also EXTREMELY WORTHWHILE. (Later on you'll learn about Earned Value.)