Financial Management release notes

ServiceNow® Financial Management product enhancements and updates in the Istanbul release.

Use the Financial Management application to allocate, track, and report on expenses in your organization.

Geneva/Helsinki to Istanbul upgrade information

Important: If you are Geneva users with the financial_mgmt_admin, financial_analyst, or financial_mgmt_user roles, then you cannot access the Cost Transparency and Financial Planning application menus and modules after you upgrade to Helsinki. Reassign the new roles to your users.

Financial Management is no longer dependent on IT DataMart or uses IT DataMart. The DataMart Definitions have been upgraded to Financial Management Segments in Istanbul. New segments required for cost model or budget model must henceforth be created in Financial Management Segments.

Activation information

You can activate the Financial Management (com.snc.financial_management) plugin if you have the admin role.

Browser requirements

If you are using Internet Explorer, version 11 or later (including Edge) is required to use all aspects of the workbench.

New in the Istanbul release

Financial Management architectural changes
  • IT DataMart is decoupled from Financial Management.
  • Segment definitions can be done using financial segments.
Data source defines the staged table and its columns

Following are some of the key highlights of the data source:

  • Maps the columns of the staged table with the transaction table using datasource field map.
  • Aids cost transparency to tag any column for cleansing and splitting bucket.
  • Helps in financial planning to add any custom segment to a budget model.
Advanced cost transparency allocation and usability improvements
Allocation setup is functionally enhanced to help you during allocation:
  • Account rollup is not restricted to the immediate parent anymore. Additionally, amount can also be rolled up to any parent account in the segment hierarchy.
  • Allocation setup allows multi-bucket selection, which helps in assigning a bucket to an account easily.
  • One click search to view all unrolled accounts for a segment.
  • Cleansing and bucketing on custom fields of the staged table using data source field mapping are supported.
  • Visual indicator to indicate whether rollup is defined at a segment and an account level.
  • New Basic Allocation Setup is a lighter version of the allocation setup for customers with huge accounts and rollups.
Cost allocation debugging
  • Allocation Setup logs in the sidebar of the allocation workbench cautions you of any invalid allocation rule, invalid metric weights, and helps to troubleshoot if there are accounts with missing amount.
  • Metric weight maps exposed in the menu provide more visibility to metric weight maps. It shows how the amount gets split into various accounts when the metric is applied on weighted split allocation for each fiscal period. There is also a provision to force generate weight maps from metric definition.
  • Cost Lines Analysis shows how the account or a bucket amount is sliced and rolled up to parent accounts.
Cost analysis
Cost lines analysis is an intuitive interface that displays cost lines using the allocation setup user interface. It is a good reporting tool to view how the amount in an account or bucket is rolled up to accounts in the hierarchy using the allocation viewer. Also, it is an effective debugging tool to validate the amount allocation to match the allocated bucket amount based on allocation rules. There is also a provision to view the unrolled accounts.
Cost transparency performance
You have a new provision in the cost model to enable the engine to generate lesser cost lines, which helps in the performance of engine and reports rendering. These cost lines have only account level amount aggregates with bucket information that would suffice to plot single dimension charts along with the bucket information. You can define specific breakdowns to generate additional cost lines between segments as needed for business use case. The default behavior of generating multi-dimension cost lines in previous release is still supported by selecting the Generate Detailed Cost Lines check box in the cost model.
Financial planning changes
  • Forecasting support to perform forecast planning in a budget year.
  • Budget console enhanced to show forecast amounts once promoted.
  • Better control over the budget and forecast plan promoting process by opening the budget periods and forecast periods.

Changed in this release

  • Financial Management segments: Financial Management segments are used in the financial model or budget model hierarchy to capture the segments instead of DataMart dimension. The accounts in the cost transparency allocation setup are directly from the transaction table and not from the dimension snapshots.

Removed in this release

  • Financial Management dependency on IT DataMart.