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Financial Management release notes

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Financial Management release notes

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

The Financial Management application provides a streamlined approach to allocate, track, and report on expenses in your organization. Use the Financial Modeling module to identify, aggregate, and allocate costs to various business segments. Apply the Financial Charging module to report the cost of your business services to your stakeholders.

New in the Madrid release

Prescriptive cost models
Use the prescribed preconfigured Level 2 Costing – Business Services and Level 3 Costing – Business Capabilities cost models along with their default metrics to weight the allocation of various business costs.
ITFM prescribed weighted metrics
Choose from a library of ITFM-prescribed metrics that support weighted rollup. This library of metrics sources data directly from other applications within the Now Platform®.
ITFM prescribed scripted metric to allocate to business capabilities
Track the relationship between business applications and business capabilities in Application Portfolio Management (APM) for purposes of cost allocation. APM integrates with ITFM using a scripted metric logic, so that you can allocate cost between applications and business capabilities at whatever levels the applications are related to the business capabilities.
ITFM prescriptive dashboards
View all your expenses on a consolidated and easy-to-read dashboard based on a specific cost model that you select. There are a number of preconfigured dashboard layouts to choose from. In dashboards, you can drill down to get details of spending for each segment in the hierarchy. The following dashboards are available in Madrid:
Total weight support in allocation metrics
Use the total weight metric to allocate cost based on total consumption capacity. The weighted metric allocates cost based on the total number of available units of consumption instead of allocating cost based on the sum of all values that were actually consumed in the weight table. The Enforce total weight option helps when the total allocation is greater than the sum of the consumed values.
Financial Charging guided setup
Follow the Financial Charging guided setup steps to set up the reporting aspect of Financial Management. Understand the tasks and configure statement items, statement item drilldowns, and showback statement definitions to generate a showback statement of the cost items. Show back the IT costs associated with each department to the head of the business unit, providing visibility on the reasons behind the cost.
Quick start tests for Financial Management
Validate the continued functionality of Financial Management after any configuration change such as an upgrade or after developing an application. All test suites and tests should pass on a default implementation. To validate a custom implementation, copy the automated tests and configure them for your customizations.

Changed in this release

Changes in UI label
The IT Chart of Accounts has been changed to Hierarchy of Segments in Financial Modeling.

Removed in this release

  • The Chart of Accounts stage has been removed from the Financial Management Workbench tab.

Activation information

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

Localization information

Right-to-left languages in custom UI pages are not supported. Alternatively, you can use platform lists and forms.