Cost Centers & Budgets
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‎05-01-2020 03:54 AM
Hi all,
Can anyone help me understand how Cost Centres and Budgets work in ITBM please?
- Is there any automation involved between the two records?
- Is there any automation when a project is related to a Cost Centre?
- How do Budgets relating to Cost Centres relate to Projects, if at all?
- Is there any automation when an expense line is related (ie; are costs calculated automatically)?
Any help would be much appreciated.
Thanks,
Emma
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Cost Management

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‎05-01-2020 11:45 AM
Please see answers below
- Is there any automation involved between the two records?
--> This is available OOB with budget related list on cost center form.
Budgets allow tracking of planned and actual IT spending. Budgets are defined for a given time period for one or more cost centers.
Cost Centers are used to represents a business entity. All expense allocations assigned to the budget's cost center during the budget period will used to calculate the budget's actual expense allocations. It is also possible to assign a cost center to a budget from the cost center record. T
- Is there any automation when a project is related to a Cost Centre?
--> Budgets and cost centers are related with expense lines. Expense lines are related to project for cost plan breakdowns.
- How do Budgets relating to Cost Centres relate to Projects, if at all?
--> You can use below example
- Is there any automation when an expense line is related (ie; are costs calculated automatically)?
--> This is available OOB with expense lines. Expense lines are related to actual cost of project across different cost plans.
Regards,
Sachin

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‎12-04-2020 09:21 AM
This was super helpful!