Creating cost centres

Cost centres are organizational units (OUs) that add costs to your financial calculations and thereby indirectly increase the overall profit of your company. Cost centres play an important role in employee management, accounting, payroll, expense reimbursement, and other aspects of managing an organization's finances.

As a payroll or platform admin, you can create cost centers in Yomly based on the cost centres in your organization. Depending on your organization's structure, you can create multiple cost centres.

To create a cost centre, do the following:

1. In the sidebar, in the Business section, click Settings.

   

2. Go to Payroll > Cost centers.

3. Click + Add cost center.

   

4. Enter the following details:

   1. Enter a Cost center name.

   2. (Optional) Enter a Cost center code.

   3. Select one of the following statuses in the Cost center status drop-down menu:

      • ACTIVE

      • INACTIVE

   

5. Click + Save cost center.

The cost centre is added to the list and available for assignment in different features of the platform.