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Cost Centers

Learn how to create and define Cost Centers, assign employees, and analyze relevant information.

Where can I find the Cost Center tab?

How to create a cost center?

Delete or rename cost centers

How to assign cost centers to employees?

How to edit and manage cost centers?

 

💰 Most companies use Cost Centers to keep track of the costs in a segmented, company specific, way. The Cost Center enables companies to control total costs, decide resource allocation and calculate profitability by product or department.

❗️ You can work with the Cost Center structure that your company uses, in Factorial.

 

 

Where can I find the Cost Center tab?

  • Head to Apps
  • Install the Finance App
  • Once installed, click on it
  • Head to the Cost Centers tab

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How to create a cost center?

  • Get to the Finance tab
  • Click on Cost Centers
  • Add Cost Centers (top right button)
  • Fill in the information requested

👇 There are two mandatory fields you need to fill in, in order to add a cost center.

  • Name
  • Legal Entity

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Delete or rename cost centers

  • Get to the cost center row you want to edit
  • Click on the 3 dots button
  • Select Delete or Rename

❌ The Delete option will only appear if the cost center can be deleted. Keep in mind that a cost center can only be deleted if it has never been assigned to an employee.

🙌 Users will always be able to edit the name of a cost center.


How to assign cost centers to employees?

🧐 You can assign cost centers to employees in two ways: by assigning employees in bulk, or by assigning employees manually.

📤 Assign employees in bulk

  • Get into the Employees Tab
  • Click on the 3 dots (top right)
  • Select Import cost center assignation

Screenshot 2022-08-30 at 17.46.28

✋ Assign employees manually

  • Get into the Employees Tab
  • Select the employee you want to assign the cost center
  • A new Cost Center block will appear in their profile

‼️ Make sure you have installed the Finance app.


How to edit and manage cost centers?

👤 Admins can edit the assignment of cost centers to a specific employee in %, as dedication can be 100% or it can be distributed among different cost centers.

Cost center assignation

Every time a user changes employee’s information that is susceptible to demanding a change of Cost Center assignment, like change of manager, change of workplace, or change of team, admins will be alerted to review the assignment 👇

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