--- sourceDocument: Xanadu Strategic Portfolio Management sourceDocumentLink: https://www.servicenow.com/docs/r/xanadu/it-business-management Release : - xanadu ft:locale : - en-US ft:publication_title : - Xanadu Strategic Portfolio Management ft:clusterId : - itbm bundleId : - itbm workflow : - Technology --- # Configure financials for Project Workspace # Configure financials for Project Workspace {#ariaid-title1} * Release version: Xanadu * * Updated August 1, 2024 * * ![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read Customize financials view, planning attributes, and activate scheduled jobs to work on the financial planning for your projects. ## Before you begin Role required: admin ## Procedure 1. Configure the attributes to generate labor costs in financials based on the resource assignments on the work items. For more information, see [Planning attributes](https://www.servicenow.com/docs/lKKxgvSfP1Zclna8LSXQ~g "Planning attributes are designed to define and work on attribute-based resource mapping in Resource Management and to generate labor costs for these resources in financials.") and [Create or edit planning attributes](https://www.servicenow.com/docs/CWzhU76fPG0jD33AJJ69eA#configure-planning-attributes "Create or edit planning attributes to plan and forecast your resources and financials for a project."). 2. Generate default mapping configurations to create table maps. For more information, see [Generate default mapping configurations](https://www.servicenow.com/docs/O78zdMgWRh08EZx2qS_tng "Generate default mapping configurations to create table maps for the available applications."). 3. Enable the budget allocation for projects. For more information, see [Enable financial budget allocation for projects in Project Workspace](https://www.servicenow.com/docs/bhM0S_z2~kU0mkXvtJ1j_g "Enable allocation property after migrating to Next Experience to work on budget allocation for your projects using Project Workspace."). 4. Define the budget allocation attribute to allocate budget by cost type or expense type. For more information, see [Configure budget attribute at instance-level to allocate budget](https://www.servicenow.com/docs/3WzkkPrSwZ2Cr6fwmOZ6UA "Configure the budget attribute by expense type or cost type as an instance-level to work on budget allocations for your projects using Project Workspace."). 5. Enable the expense type attribute for resource assignments to capture relevant expenses for the work. For more information, see [Enable expense type on resource assignments](https://www.servicenow.com/docs/cn3gXMMIVgmq330K8AnfcA "Resource assignments have the same expense type as the project or demand for which they’re created. Enabling expense type on resource assignments helps you to accurately expense different type of expenses for your work."). 6. Create new widgets to view the rolled up financial data at planning item level. For more information, see [Configure a widget and associate it with project](https://www.servicenow.com/docs/0Gjz5bK2rDx9GIFaY7rFwg "Enable and associate a widget to view financial summary of work items at a high-level."). 7. **Optional:** Customize the left pane in the financials screen to match the requirements of your organization. For more information, see [Customize the left pane view for financials](https://www.servicenow.com/docs/VMjjA~C1aOJ9c3Fhgf1Pyw "Customize the left pane for financials to view custom field information."). 8. Customize the Create cost plan form fields to match the requirements of your organization. For more information, see [Customise cost plan form](https://www.servicenow.com/docs/ooXHJCnWvZDumqruRepwAg "Manage the fields required on the new cost plan form as per your organization needs."). 9. Customize the default expense types to manage cost plans for your projects and demands. For more information, see [Change the default expense type for projects](https://www.servicenow.com/docs/8tABIWMJKLpCFBI~NgamAA "Configure the default expense type to create or edit cost plans for your planning items."). 10. Activate and define scheduled job to create financial baselines for your planning items. For more information, see [Activate a scheduled job to create financial baselines for your projects](https://www.servicenow.com/docs/0NbGMWyd77k8q3i7Z34faQ "Define a scheduled job to automatically create financial baselines for your planning items at a required cadence."). 11. Activate and define a scheduled job to generate labor costs for your projects based on the attribute-based resource assignments. For more information, see [Activate a scheduled job to generate labor costs for your projects](https://www.servicenow.com/docs/E~KJdYZj8srvcp6ftyIUiQ "Activate a scheduler job to automatically create labor costs for attribute-based resource assignments."). * **[Enable monetary benefit plans for projects](https://www.servicenow.com/docs/REhJEgMzYrPlMWpLOhfBrA)** Enable the benefit plans property to create and manage benefit plans for planning items. * **[Enable financial budget allocation for projects in Project Workspace](https://www.servicenow.com/docs/bhM0S_z2~kU0mkXvtJ1j_g)** Enable allocation property after migrating to Next Experience to work on budget allocation for your projects using Project Workspace. * **[Enable expense type on resource assignments](https://www.servicenow.com/docs/cn3gXMMIVgmq330K8AnfcA)** Resource assignments have the same expense type as the project or demand for which they're created. Enabling expense type on resource assignments helps you to accurately expense different type of expenses for your work. * **[Customize the left pane view for financials](https://www.servicenow.com/docs/VMjjA~C1aOJ9c3Fhgf1Pyw)** Customize the left pane for financials to view custom field information. * **[Customise cost plan form](https://www.servicenow.com/docs/ooXHJCnWvZDumqruRepwAg)** Manage the fields required on the new cost plan form as per your organization needs. * **[Activate a scheduled job to migrate budget of your projects](https://www.servicenow.com/docs/vZGbVsD8cZOdEEcFZ7kBgA)** Activate the Migrate budget for active demands and projects scheduled job to migrate budget of active projects from Classic UI to Next Experience.