Entering a new cost center

Cost centers are defined as a purpose for which costs are incurred in a business process. Most commonly, they include products or services.

Here is an example of how to enter a cost center in PANTHEON.

CASE SUMMARY The person responsible at Tecta wants to enter a new cost center for the product LARA31 in PANTHEON. The main objective is to monitor the costs and calculate the price of the product. This is done as follows: Creating a new record Entering data in window header Entering general information

1. Creating a new record

To facilitate the tracking of costs, orders and sales, the person responsible wants to create a cost center for the product LARA31.

The person responsible opens the menu Settings | Accounting | Cost centers.

In the toolbar, a new record is created using the navigation buttons.

The person responsible clicks the button (Insert record).

A blank data entry window opens.

HINT For more information on setting up cost centers and the mandatory fields, see the chapter Set cost centers.

2. Entering data in window header

The person responsible enters the ID of the cost carrier in the field Cost carrier.

The ID can be the same as the item code (for manufacturing companies) or item name or the contract code (project operations). It can also be any alphanumeric code.

In this case, the person responsible enters the product ID: LARA31.

Then, the STATUS of the cost center is selected:

• I – in progress
• N – inactive

In this case, the status I – in progress is selected.

HINT The statuses of cost centers can be managed in the Cost center status register.

Then, one of the following groups is selected in the field Group:

• OWN PRODUCT
• PROJECT
• TRADE

In this case, it is a product that the company manufactures, so the group OWN PRODUCT is selected.

HINT The groups of cost centers can be managed in the Cost center groups register.

The product name LARA3 is manually entered in the field Name.

The record is saved by clicking the toolbar button (Post edit).

3. Entering general information

In the next step, the person responsible fills in the bottom part of the panel General.

In the field From, the date on which the cost center will start to be used is entered.

In this case, the start date is 1. 04. 2022.

The department responsible for the cost center is selected in the field Department, as shown in the image below.

HINT The department is selected from the table in the Subjects (Department) register.

The field Person responsible is automatically populated with the details of the logged-in user.

Warning The other subpanels of the cost center register include all documents or document lines with correctly entered information on the cost center to which they are assigned. You can find instructions for each document type in the chapter Set cost centers.