Cost Center

Created on Aug 17, 2023 | By Kalpesh Patel
Last Updated on Apr 01, 2024
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Cost Center

Introduction/Purpose:

The Cost Centre Master module provides a centralised platform for defining and maintaining cost centres. Each cost centre is assigned a unique code and name, and additional information such as the date it was added and the administrator who added it is recorded. 

The purpose of the Cost Centre Master module is to streamline financial and budgetary processes by effectively tracking and allocating expenses. By categorising expenses into different cost centres, organisations can gain a better understanding of where funds are being utilised and make informed decisions regarding resource allocation.

Dependency:

  • Data Integration: The Cost Centre Master module depends on the integration with other modules or systems within the organization. For instance, it relies on the integration with the financial system to access expenditure data and perform accurate cost accounting. 
  • Organizational Structure: The module’s effectiveness is influenced by the organization’s structure and hierarchy. Cost centers are typically aligned with departments, teams, or divisions within the organization. 
  • User Input and Maintenance: The Cost Centre Master module relies on accurate and up-to-date information provided by users. It depends on users to add new cost centers, update existing ones, and maintain the associated data such as names, codes, and administrators.

How To Navigate: 

The navigation to a Cost Center master in a HRMS typically involves the following steps:

  • Click on the main navigation icon: The main navigation icon located in the top right corner of the screen. Clicking on this icon will open the navigation menu, which typically includes links to various sections of the HRMS system.
  • Click on the core master section: The Cost Center is located under the accounts and document section. By clicking on the cost center will display a name, code, added date, added by and status.

Listing: 

  • Quick Search: This feature allows users to quickly search for specific records or information within a listing. It enables users to enter keywords or criteria to find relevant data efficiently.
  • Export: The Export feature allows users to extract data from a system or application and save it in a format that can be used in other programs. It provides options to export data in formats such as Excel, CSV, and PDF in landscape or portable formats.
  • Hide and Show Column: This feature allows users to customize the display of columns in a table or listing. Users can choose to hide or show specific columns based on their preferences or the information they need to view, providing a more personalized and streamlined user experience.
  • Show all listing records: This feature allows users to display all records or entries in a listing or database at once. It eliminates any pagination limits and shows a comprehensive view of all available data, making it easier to browse through and analyze large datasets.
  • Advanced Search: Advanced Search provides users with additional search options and filters to refine their queries and find specific records or information within a system or application. It typically offers more advanced search criteria, such as date ranges, multiple keyboard inputs, or specific field searches.
  • Delete Row: This feature allows users to remove a specific row or record from a table or listing. It provides a means to remove unwanted or outdated data, enabling data cleanup and maintenance within the system.
  • Pagination: It typically includes navigation links or buttons to move between pages, making it easier to browse and navigate through large datasets without overwhelming the user with all the records at once.

Recording & Update:

The cost center in a core master module is typically includes:

  • Name*: This field is used to enter the name or title of the cost centre. 
  • Parent Centre: The Parent Centre field allows you to associate the cost centre being added with its higher-level or parent cost centre.
  • Reference ID: The Reference ID field is an optional field that can be used to assign a unique identifier to a cost centre.
  • Status*: The Status field indicates the current state of the cost centre, such as active, inactive, or pending.

The user can perform the following actions in this section:

  • Discard: This option allows the user to discard the changes before saving it.
  • Submit: This option allows the user to add the cost center in the system.
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