Where will I find them?
Cost Centres (Centers) and Departments can be set up in Configuration > Finances, which is also where you’ll find the Chart of Accounts with your Nominal (General Ledger) codes.
They are optional and can be applied to Rooms, Resources and Price Codes.
What are they good for?
Nominal (General) Ledger codes are used for categorising income into types such as room hire, ticket sales, bar sales, and equipment rental..
Typically, Cost Centres (Centers) are used for grouping income and expenditure by area. An area could be a geographical region (North, South, East West) or an income stream (commercial, educational, non-profit).
Typically, Departments are used for teams such as catering, marketing and facilities.
In setting up Nominal (General) Ledger codes, Cost Centres (Centers) and Departments, the key is to establish at the outset how you want to slice and dice your data. For example, you might want to see how your total room hire income is broken down into commercial, educational and non-profit activities or how much you spend on marketing across the organisation as whole without breaking it down into its constituent parts.
In setting up your Cost Centres (Centers) and Departments, don’t forget that you can already analyse income by Locale, Venue and Room as well as by Entity Group.