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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.<span>Information about project financials, actual expenses, and budgeting in financial management </span>

How Financial Management Works

The Financial Management application uses these components:

The general ledger: A list of your organizational expenses.
The fiscal period: The time frame during which expenses were incurred. You can work with only one fiscal period at a time.
The cost models: The underlying records that tell the application how to allocate expenses to the accounts in the hierarchy of segments.
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 choose the fiscal period, build your cost model, and run the allocation engine.

There are specific dashboards for Business Application Costing cost model that you can use to track key data relevant to your business applications.

Requirements

The following are required to use Financial Management:

For all financial overview and dashboard reports to function properly, activate Report Charting v2 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.

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Financial Management

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

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.

How Financial Management Works

The Financial Management application uses these components:

The general ledger: A list of your organizational expenses.
The fiscal period: The time frame during which expenses were incurred. You can work with only one fiscal period at a time.
The cost models: The underlying records that tell the application how to allocate expenses to the accounts in the hierarchy of segments.
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 choose the fiscal period, build your cost model, and run the allocation engine.

There are specific dashboards for Business Application Costing cost model that you can use to track key data relevant to your business applications.

Requirements

The following are required to use Financial Management:

For all financial overview and dashboard reports to function properly, activate Report Charting v2 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.

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