Financial Management Use the ServiceNow® Financial Management application to 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. You can also use it to process the expenses, and map them to the functions used by IT. Various reports are also available 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 included with IT Cost Management. Watch this five-minute video to learn more about project financials, actual expenses, and budgeting.Information about project financials, actual expenses, and budgeting in financial management How Financial Management Works The Financial Management application uses these components: The general ledger: A list of your organizational 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 Project Portfolio Suite, which includes: Project Management Demand Management Test Management Resource Management Agile Development You cannot activate Financial Management without also activating all 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. If you do not intend to use any of these applications, or if you want to hide any of the modules from your users, see Enable or disable an application menu or module. 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, use version 11 or later. You can also use any of the other generally supported web browsers. Activate Financial ManagementThe Financial Management Core (com.snc.financial_management) plugin requires a separate subscription from the rest of the Now Platform. This plugin activates related plugins if they are not already active.Installed with Financial ManagementSeveral components are installed with the Financial Management application.Domain separation and Financial ManagementThis is an overview of domain separation and Financial Management. Domain separation allows you to separate data, processes, and administrative tasks into logical groupings called domains. You can then control several aspects of this separation, including which users can see and access data.Financial ModelingWith financial modeling, you can determine the allocation rules and run them automatically for all data in the future. There are several other components that you must set up before you can use the workbench to allocate expenses.Financial PlanningUse financial planning to plan budgets in your organization, manage your budget owners, and perform the budget process in a task-based system. IT finance uses the Financial Workbench to streamline the budgeting and forecasting processes with budget owners. The Financial Workbench gives you complete visibility right from opening of the budget period until it is approved by IT finance.Financial ChargingFinancial charging is an integral part of financial management that helps in reporting the financial aspects of a business service to the various stakeholders in the organization that consume this service such as the business unit heads, department heads, or account heads.Out-of-the-box Financial Management Performance Analytics SolutionsPerformance Analytics Solutions contain preconfigured best practice dashboards. These dashboards contain actionable data visualizations that help you improve your business processes and practices.