A cost center is a department within a company.

The manager and employees of a cost center are responsible for its costs but are not responsible for its revenues or investment decisions.

Cost centers are usually associated with the topic of decentralization, responsible accounting, planning and control.

Vanguard Financials makes it easy for the institution to set up and manage cost centers effectively and efficiently without the involvement of system developers.

To set up a cost center or view existing cost centers follow the illustration below;

From the Accounts Management click on Setup -> G/L Accounts - > Cost Centers.

The following screen will open up:

Creating A Cost Center

To add a new cost center, Click on the ADD NEW button to open the following screen:

On the above screen, provide an appropriate name in the text box provided

Click on the Create button to save the new cost center into the system.

On successful completion you will get a pop up message confirming that the operation was successful.

NOTE: To view a newly added cost center, click on the Refresh button. The list will be updated to display the new cost center.

REMEMBER: When a cost center is locked, it will not be possible to post anything into that cost center.

To lock a cost center, simply put a tick mark on the check box as shown in the following figure.

To unlock a cost center, undo the tick in the check box:

Update or Create accordingly, depending on the context of the operation being carried out.

Editing A Cost Center

To modify a cost center, first identify the cost center:

Then click on the edit icon against it to open the following screen:

Modify the cost center name accordingly then click on the update button to save the changes into the system.

On successful completion you will get a pop up message confirming that the operation was successful.

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