Recalculate planned costs for projects

task australia Updated Sep 10, 2026 1 min read fin-recalculate-costs-pws.md

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 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

Navigate to Workspaces > Project Workspace and open a project.
Select Financials from the left menu.
Select More options menu and select the Recalculate costs option.
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 to capture the new values and compare them with the planned costs before recalculation.

Parent Topic:Managing financials for your projects

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---
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: "2026-09-10"
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** &gt; **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)