---
sourceDocument: Australia Strategic Portfolio Management
sourceDocumentLink: https://servicenow-prod.fluidtopics.net/r/it-business-management

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Strategic Portfolio Management

ft:clusterId :

    - itbm

bundleId :

    - itbm

workflow :

    - Technology


---

# Recalculate planned costs for projects

# Recalculate planned costs for projects {#ariaid-title1}

Release version: Australia  
Updated August 26, 2026  
![](https://www.servicenow.com/docs/portal-asset/ico-clock) 1 minute to read  
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://servicenow-prod.fluidtopics.net/tlFkuviQAxmp~iEzygdVPQ "Create and compare financial baselines to get a snapshot of the project expenses and compare the planned costs with the actual expenses.") 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
{#fin-recalculate-costs-pws__ul_hyy_ttg_jkc}

## Procedure

1. Navigate to WorkspacesProject 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://servicenow-prod.fluidtopics.net/tlFkuviQAxmp~iEzygdVPQ "Create and compare financial baselines to get a snapshot of the project expenses and compare the planned costs with the actual expenses.") to capture the new values and compare them with the planned costs before recalculation.

*[\>]: and then