New Expense Type in ServiceNow

[Kannan Nair]

Hello,

We have a requirement to create new expense type. Understand that it is not the best practice to create a new expense type field, however the requirement is to manage the 3rd expense type together with Capex and Opex. Since the Capex and Opex are referenced extensively from project budget, cost plan, portfolio planning, investment portal is there any solution in adding a new expense type.

[Community Alums]

Hi @Kannan Nair ,

I would keep Expense Type as CapEx and OpEx, and add new Cost Types to support each cost type you describe.   I would not suggest adding new Expense Types.

Eg: Expense Type

CapEx

  GIS Software — CapEx

  GIS Hardware - CapEx

  Facilities — CapEx

OpEx

  GIS Software — OpEx

  GIS Hardware - OpEx

  Facilities - OpEx

Create a cost type definition to associate a cost type, operating, or capital, to an account in the General Ledger from the Financial Management application. Create a cost type definition if you are using Project Portfolio Management with Financials.

Before you begin

Role required: it_pps_admin

Procedure

1. Navigate to All > Project Administration > Settings > Cost Type Definitions.
2. Click New.
3. Fill out the form fields.

   Field	Description
   Name	Enter a descriptive name.
   Gl account	Select an account from the General Ledger Account [itfm_gl_accounts] table.
   Expense type	Select Capex if a capital expense or Opex if an operating expense.

4. Click Submit.

[Kannan Nair]

Hello Sandeep

Thanks for the reply. We explored the option of adding a new cost type. However, the requirement is to add a third expense type everywhere where we have a reference to Capex and Popex. If we add it as new cost type, we are unable to add this new expense type as project budget. 

Similarly for every applications like the scenario planning, we need to add a third attribute and manage it separately from Capex and Opex.