---
title: Recalculate planned costs for projects
description: Recalculate cost plans, benefit plans, and their rolled-up investment-level values when labor rates or budget reference rates change.
locale: en-US
canonical_url: https://www.servicenow.com/docs/r/australia/it-business-management/project-workspace/fin-recalculate-costs-pws.html
release: australia
product: Project Workspace
classification: project-workspace
topic_type: task
last_updated: "2026-08-26"
reading_time_minutes: 1
breadcrumb: [Manage financials, Project Workspace, Project Portfolio Management, Strategic Portfolio Management]
---

# Recalculate planned costs for projects

Recalculate cost plans, benefit plans, and their rolled-up investment-level values when labor rates or budget reference rates change.

## Before you begin

-   Planned costs for the previous fiscal periods are also updated with this action. [Create a financial baseline](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-workspace/create-compare-baselines-pws.md) for your projects to capture the planned costs before recalculating the costs. Give it a unique name to identify such as `Planned costs before new rates` to identify easily while comparing.
-   Role required: it\_project\_manager

## Procedure

1.  Navigate to **Workspaces** > **Project Workspace** and open a project.

2.  Select **Financials** from the left menu.

3.  Select **More options** menu and select the **Recalculate costs** option.

4.  In the Recalculate costs modal, select **Recalculate**.

    A loader message is displayed until the calculation is completed based on the amount of data.


## Result

Planned cost values on labor and non-labor cost plans, planned benefit values on benefit plans are updated to reflect the latest budget reference rates and labor rate lines.

## What to do next

[Create a financial baseline](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-workspace/create-compare-baselines-pws.md) to capture the new values and compare them with the planned costs before recalculation.

**Parent Topic:**[Managing financials for your projects](https://raw.githubusercontent.com/ServiceNow/ServiceNowDocs/australia/markdown/australia/it-business-management/project-workspace/using-financials-prj-wrkspc.md)