---
title: Create a project cost plan
description: Create a cost plan to specify the unit cost of a cost type for a fiscal period. Project cost plans capture the costs of projects.
locale: en-US
canonical_url: https://www.servicenow.com/docs/r/australia/it-business-management/project-management/t\_CreateAProjectCostPlan.html
release: australia
product: Project Management
classification: project-management
topic_type: task
last_updated: "2026-03-12"
reading_time_minutes: 6
breadcrumb: [Starting a project, Using Project Management, Project Management, Project Portfolio Management, Strategic Portfolio Management]
---

# Create a project cost plan

Create a cost plan to specify the unit cost of a cost type for a fiscal period. Project cost plans capture the costs of projects.

## Before you begin

Role required: it\_project\_manager

Application required: Project Portfolio Management with Financials

## About this task

The application automatically creates [cost plan breakdown records](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/cost-plan-breakdown.md) when you save the cost plan. Cost plans can also have associated [expense lines](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/t_CreateAExpenseLine.md).

**Note:** Cost plans are automatically created for resource plans that are associated to projects and project tasks.

To use multiple currencies, create a new cost plan for another currency.

## Procedure

1.  Open the project form.

2.  From the related links, select **Cost Plans**.

3.  Select **New**.

    **Note:** To create a cost plan from the **Financials** tab in Project Workspace, select **Manage**.

4.  On the form, fill in the fields.

    For field information, see [Cost Plan form](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/cost-plan-form-project-management.md).

    **Note:** When you [change the planned start date of a project](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/change-planned-start-date-of-project.md), the associated cost plans and resource plan also change. The [project property](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/r_InstalledWithProjectManagement.md) **Change Resource Plan and Cost Plan Start Date with Demand or Project Start Date Change** controls the behavior for project start date change.

5.  Select **Submit**.


## What to do next

To recalculate the values in the **Estimate at Completion** field, use the **Calculate Estimate at Completion** related link. To view the cost plan breakdowns, select the **Cost Plan Breakdowns** related list.

-   **[Update a cost plan breakdown](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/update-cost-plan-breakdown.md)**  
Update a cost plan breakdown record that specifies the estimated and actual cost, at a granular level, for specific fiscal periods.
-   **[Enable cost rollup calculations](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/t_EnablingCostRollupCalculations.md)**  
Enable rollup calculations from the project properties.
-   **[View actual project costs](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/t_ViewActualProjectCosts.md)**  
When you are using Project Portfolio Management with Financials, you can view actual project costs on cost plans and projects.

**Parent Topic:**[Starting a project](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/t_CreateAProject.md)

**Related topics**  


[Create a project task from a project]()

[Create a parent-child relationship on the Project Task form]()

[Create a monetary benefit plan for a project]()

[Create a non-monetary benefit plan for a project]()

[Associate monetary and non-monetary benefit plans]()

[Recalculating costs of all resource plans in a project]()

[Create an expense line]()

[Create and manage waterfall projects]()

[Update a project]()

[Copy a project]()

[Assign a project schedule]()

[Create baseline of a project]()

[Create a milestone]()

[Activate project task email notifications]()

[Change the planned start date of a project]()

[Create a cost type definition]()

[Costing add-on in Project Management]()

[Generate labor costs]()

[Create a project status report]()

[Allocate budget to a project]()

[Migrate budget of active projects to Next Experience]()

[Migrate financial baselines of projects to Next Experience]()

[Cost plan breakdown](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/cost-plan-breakdown.md)

[Update a cost plan breakdown](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/update-cost-plan-breakdown.md)

[System-generated cost plans](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-management/cost-plan-breakdown.md)