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

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

This was super helpful!