Final answer:
In setting up a layout set for Project Costing, the required fields are Expenditure Type, Task, and Project Name or Project Number to ensure accurate tracking and management of project costs.
Step-by-step explanation:
When setting up a Layout set for use with Project Costing, it is essential to include certain fields to ensure the system can accurately track and manage project costs. The required fields are:
- Expenditure Type: This identifies the nature of the costs, helping in categorizing and applying cost rates.
- Task: This field represents the specific segment of the project to which the costs are assigned, aiding in detailed project tracking.
- Project Name or Project Number: This is critical as it uniquely identifies the project within the system, allowing for project-specific reporting and analysis.
The fields 'Billable' and 'Payroll Time Type' may be important in certain contexts but are not universally required for setting up a layout set in project costing.