Multicurrency in Demand Management
Summarize
Summary of Multicurrency in Demand Management
The Multicurrency feature in Demand Management enables ServiceNow customers to manage and track financials of demands using multiple currencies. This is particularly useful for global or multinational organizations where demands are managed and executed across different geographic locations with varying currencies. The feature allows financial tracking in a corporate, regional, functional, or any preferred currency, simplifying budget management across diverse financial environments.
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Key Features
- Multicurrency Plugin Activation: Enabling the PPM Standard Multicurrency (com.snc.ppmmulticurrency) plugin activates multicurrency support in demand forms, cost plans, and benefit plans. This also activates the PPM Standard plugin for financial planning, allowing users to toggle between default and demand currency views.
- Currency Preferences: Customers can set their demand currency preference to functional, regional, or local currency, aligning financial tracking with corporate policies or project management needs.
- Demand Currency View: This view, accessible from the Demand form context menu, displays multicurrency fields and allows selecting an active currency for each demand. The demand currency field becomes read-only once cost or benefit plans are created to maintain consistency.
- Multicurrency in Demand Tasks: Expenses for demand tasks are tracked in the demand currency. Actual costs are calculated upon time card submission based on defined rate models or system properties, and displayed in the Demand Task form.
- Multicurrency in Demand Baseline: Financial baselines can be compared over time in the selected demand currency. This helps in monitoring financial changes throughout the demand lifecycle. Baseline views can be customized to include additional fields.
- Upgrade and Testing: Scheduled jobs are provided to upgrade existing demands after plugin activation. Quick start tests are available to validate multicurrency functionality post configuration changes or upgrades.
Practical Benefits for ServiceNow Customers
- Enables consistent financial tracking and reporting across global locations despite currency differences.
- Facilitates budget management in the preferred currency for project execution and financial oversight.
- Improves visibility into demand costs and benefits by allowing currency-specific views and baseline comparisons.
- Simplifies administrative overhead with automated upgrade jobs and built-in testing to maintain multicurrency functionality.
Manage and track the financials of your demands in the corporate currency, regional currency, or the same currency that you want to use for managing the project using the multicurrency feature. The corporate policy typically governs the choice of this preference.
In a global or multinational organizations, demands are often managed and tracked at one geographic location and executed at a different geographic location. As each location might use a different currency to spend the budget, this difference in geographic location makes it difficult to monitor and track financials for such demands.
The multicurrency feature in Demand Management makes it easier for you to manage and track your demands from any geographical location in any currency. You can monitor and track the financials of your demands in one currency and spend the budget in a different currency such as functional currency, regional currency, or a currency that you want to later use to manage your projects. You can also choose to manage your demands in one currency and specify a different currency for managing your future projects.
Activation information
Activate the PPM Standard Multicurrency (com.snc.ppm_multicurrency) plugin to enable the multicurrency features in Demand Management. Activating the plugin enables the demand currency view in demand, cost plans, and benefit plans forms. With the demand currency view, you can manage your simple demand financials, cost plans, benefit plans, and budgets in the demand currency.
Currency Preferences
After activating the multicurrency plugin, specify your currency preference for managing your demand financials. You can select your functional currency, a regional currency, or a local currency. For more information, see Select demand currency preference.
Demand currency view
In addition to the default view in the Demand form, the Demand Currency view enables you to view the multicurrency fields. You can enable this view from the form context menu.
You can designate a currency other than the functional currency as the processing Demand Currency for a demand. The Financials tab of the Demand form has the Demand currency field. You can select an active currency from the Currencies [fx_currency] table.
The Demand currency field of a demand becomes read-only once you create a cost plan, cost plan breakdown, benefit plan, or benefit plan breakdown for the demand.
Multicurrency in Demand Tasks
Track the expenses incurred while performing the demand tasks in demand currency. When the time card for a demand task is submitted and processed, the actual cost is calculated based on the rate model, the default labor rate, or the rate defined in the system property. You can view this actual cost in the Demand Task form in the Demand currency and Actual cost in demand currency fields. For more information, see Demand tasks.
Multicurrency in Demand Baseline
Compare the financial baselines of your demands to track the performance of a demand over time. Baseline comparison enables you to identify and review the financial changes made to the demand at various stages of the demand life cycle. With the multicurrency feature, you can view the financial information in the demand currency when you compare the baselines. You can also configure the baseline view to add additional fields and view details in demand currency. For more information, see Compare financial baselines of a demand.