Cost Management The ServiceNow® Cost Management application tracks configuration item costs. The costs can be allocated to business units and used in reports. The previous name of this application was Financial Management. In this release, other financial management applications are available: see Financial Management and Finance Service Automation. Cost management enables these features: Using rate cards. Defining configuration item (CI) costs. Tracking one-time costs for CIs. Processing recurring CI costs to generate expense lines. Distributing bulk costs to multiple expense line sources. Tracking costs related to tasks and projects. Aggregating configuration item costs and charging the total cost to a business service or application. Allocating expense lines to business units with flexible allocation rules. Tracking planned and actual budget costs by cost center. Cost Management Options Use the following cost management options to plan and control business costs. Create rate cards to properly track configuration item, contract, task, and labor costs. Create expense lines and expense allocation rules. Aggregate configuration item costs and apply the total cost to a business service or application using relationship paths. Create distribution costs and distribution cost rules to divide costs between a group of records. Installed with Cost ManagementSeveral components are installed with Cost Management.Cost Management rolesCost Management uses roles that are also used by financial management.Activate Cost ManagementAdministrators can activate the Cost Management plugin.Cost overview moduleThe Cost Overview module displays various cost management reports.CI rate cardsA configuration item (CI) rate card is a group of recurring configuration item costs associated with multiple configuration items. Rate cards make it easier to enter and track costs that are the same across multiple configuration items. Task and labor rate cardsIn Cost Management, task rate cards and labor rate cards capture operating costs by generating expense lines representing the cost of performing a taskBudgets and cost centersBudgets allow tracking of planned and actual IT spending. Budgets are defined for a given time period for one or more cost centers.Using distribution costs and rulesDistribution Costs are costs which can be divided among a group of records.Use business services with expensesManage the relationships between business services and their expenses with allocation units and cost centers. Cost Management Demo DataThe demo data available with Cost Management provides samples of the data types to illustrate its use.Cost sourcesThere are a several ways to generate expense lines for objects in the system.CI relationshipsTo get reports that represent the total costs for a business service, there must be some association between the service and the CIs that make up the service. This is done with CI relationships.Allocating expensesExpenses can also be allocated to a business entity that is responsible for the expense.Budgets and cost centers exampleThe most common business entity to associate financial information to is the cost center.Budget related recordsIn addition to the Budget record, Budgets are related to additional records.