Cost Centers & Budgets

EmmaB2
Kilo Contributor

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

2 REPLIES 2

sachin_namjoshi
Kilo Patron
Kilo Patron

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

https://docs.servicenow.com/bundle/orlando-it-business-management/page/product/cost-management/conce...

- 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

Kevin Burck
ServiceNow Employee
ServiceNow Employee

This was super helpful!