The resource cost of a project is calculated by multiplying the effort spent on each task with the billing code associated with the task. To associate a billing code with a task,
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define a billing code as described here (if you already have billing codes defined, skip this step)
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associate the billing code with the task in the schedule editing dialog (below). To do this,
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double-click on the Billing code column of the resources table, and select the desired billing code from the drop-down list.
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now the Estimated resource cost column will equal the effort times the rate of the billing code.
