Financial Management With the Financial Management application, you can allocate, track, and report on expenses in your organization. The application provides a workbench, which is a visual tool that you can use to extract expenses from your general ledger, process the expenses, and map them to the functions used by IT. You also have access to a variety of reports to help you know exactly how much of your expenditures are related to IT. The Financial Management application is available starting with the Fuji release. The modules in the Financial Management application prior to the Fuji release are now included with IT Cost Management. How Financial Management Works The Financial Management applications uses these components: The general ledger: a list of your organization's expenses. The fiscal period: the timeframe during which expenses were incurred. You can work with only one fiscal period at a time. Your cost model: the underlying records that tell the application how to allocate expenses to the accounts in the IT chart of accounts. The allocation engine: the core of the application that uses your cost model to calculate expenses and determine how to allocate expenses. Financial reports and dashboards: graphical representations of the expense allocations that show you where your expenses are coming from. With the workbench, you can manage your general ledger, choose the fiscal period, build your cost model, and run the allocation engine. Note: The Financial Management application appears as Financials in the application menu, starting with the Geneva release. Dependencies The following application plugins are activated with Financial Management: Fiscal Calendar Financial Management Data Mart Project Portfolio Suite, which includes: Project Management Demand Management Test Management Resource Management Software Development Lifecycle (SDLC) You cannot activate Financial Management without also activating all of these applications and their components, including tables, business rules, roles, and menus and modules.The PPS applications install several menus and modules to the application navigator, such as Project and SDLC (Scrum Process). Requirements The following are required to use Financial Management: For all financial overview and dashboard reports to function properly, Report Charting v2 must be activated on your instance. If you are using Internet Explorer, you must use version 11 or later. You can also use any of the other generally supported web browsers. Activate Financial ManagementThe Financial Management (com.snc.financial_management) plugin requires a separate subscription from the rest of the ServiceNow platform. This plugin includes demo data and activates related plugins if they are not already active.Installed with Financial ManagementSeveral components are installed with the Financial Management application.Financial Management application setupThere are several components of the Financial Management application that you must set up before you can use the workbench to allocation expenses.Financial Management workbenchThe Financial Management workbench provides financial administrators with a graphical interface to allocate expenses. AllocationsWhen the Financial Management application allocates an expense, it breaks down the expense into detailed amounts of money called allocations.BudgetsBudgets provide a way to plan for costs, make forecasts, and evaluate actual expenses versus planned expenses. Budgets take into consideration a wide range of items in your infrastructure, including assets, labor, and the configuration items in the CMDB. Financial Management reportsThe Financial Management application provides several financial reports in overview and dashboard modules.