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Finance Close Automation release notes

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Finance Close Automation release notes

ServiceNow® Finance Close Automation (FCA) is a new application in the New York release.

With Finance Close Automation, use workflows and automation to accelerate your finance close processes and reduce your finance close risks. The application simplifies the accounting and finance close process for your organization. You can post journal entries, manage timelines for close tasks, and perform end-to-end accounting procedures in a centralized location.

Finance Close Automation features

Close Task management
Create a workbook for an accounting period, add close tasks in it, and define dependencies between tasks. Because the finance close is a repetitive process, you only need to create the workbook once for the first period. From then on, you can just duplicate the workbook from the prior period.
Close Management Portal for managing Finance Close
Track and manage your tasks for an accounting period at a single location, from the Close Management Portal. From this portal, you can view the close progress at the user level, function level, or finance organization level and see and address bottlenecks and overdue activities. The data that you see in the portal depends on your role.
Integration with GRC Policy and Compliance
Reduce your finance close risks by integrating with the GRC Policy and Compliance application. With this integration, you can manage and monitor whether SOX policies, SOPs, and Controls are in compliance and you can sign off on control attestations. This integration also expedites the audit cycle by automating the evidence collection process.
Automated Journal Entries with real-time ERP integration (SAP and Oracle)
Configure FCA to integrate with your Enterprise Resource Planning (ERP) system to automate journal entries in real time. For example, you can:
  • Post journal entries into your ERP system
  • Reverse journal entries in the ERP system
  • Automatically reverse accruals in the ERP system
  • Assign recurring close tasks to be automatically accrued each period

FCA supports multi-ERP integrations in a single instance. In the New York release, integration with SAP and Oracle ERP systems is available.

FCA provides a generic way to define header and line templates. With this, FCA supports different journal entry templates for different ERPs or it can support a different template for each function within an ERP.

Customizations using FCA extension points
Implement customizations without altering the base code when you use FCA extension points.
Easy configuration with Guided Setup
Configure FCA on your instance by using the Finance Close Automation Guided Setup. The Guided Setup provides a sequence of tasks that help you with the configuration.
Application-specific admin role
FCA uses application administration and Finance close admin (sn_fcms.finance_close_admin) as the application-specific admin role. For more information, see Application administration.
Quick start tests for FCA
Validate the continued functionality of FCA 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.

Activation information

Install the Finance Close Automation application and its dependent applications from ServiceNow Store applications. Visit the ServiceNow Store website to view all the available apps and for information about submitting requests to the store.

Additional requirements

The integration of FCA with your ERP system requires an installed and configured MID Server in your ServiceNow instance. This MID Server integration is required only for an ERP integration that uses SOAP services.

Related ServiceNow applications and features

See Finance Close Automation for more information.