Multicurrency fields in demand-related forms
Summarize
Summary of Multicurrency Fields in Demand-Related Forms
Enabling the Demand Currency view in Demand, Cost Plan, and Cost Plan Breakdown forms allows users to manage multicurrency fields within the Financials section. This feature is crucial for organizations dealing with multiple currencies, as it streamlines financial management across different projects and demands.
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Key Features
- Demand Currency: Specify the currency to manage demand tracking. This field becomes read-only once a cost plan is created.
- Project Currency: The currency used when the demand is converted to a project, which is carried over from the demand form.
- Financial Metrics: Fields such as Capital Expense, Operating Expense, Total Planned Cost, and Financial Return provide a comprehensive financial overview in the selected demand currency.
- Demand Task and Cost Plan Forms: These forms reflect the demand currency and automatically update for costs incurred during task execution and cost plan breakdowns.
- Benefit Plans: Benefit-related fields in the Benefit Plan form capture benefits in the demand currency, ensuring accurate financial forecasting.
Key Outcomes
By utilizing multicurrency fields, ServiceNow customers can:
- Improve financial accuracy and reporting across demands and projects.
- Facilitate better budget management with clear visibility into capital and operating expenses in a chosen currency.
- Enhance decision-making through comprehensive financial metrics, including net present value and expected financial benefits.
When you enable the Demand Currency view in a Demand, Cost Plan, and Cost Plan Breakdown forms, you can observe the multicurrency fields in the Financials section of the forms.
Financials tab of the demand form
| Field | Description |
|---|---|
| Demand currency | Currency in which you want to manage and track the demand. Note: The ability to select a demand currency depends on the currency option you selected in Preferences-Project under Project Administration. For more information, see Select demand currency preference. 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. |
| Project currency | Currency in which you want to implement the project when this demand is
converted to a project. Note: The Project currency field in the Project form of Project Management is carried over from the demand when it is converted. |
| Capital expense in demand currency | Capital expenditure (Capex) for the demand. |
| Capital budget in demand currency | Total capital budget allocated to the demand across all fiscal years. The value is rolled up from the capital expenditure (Capex) budget of the demand. |
| Operating expense in demand currency | Operational expenditure (Opex) for the demand in the selected demand currency. |
| Operating budget in demand currency | Total operational budget allocated to the demand across all fiscal years in
the selected demand currency. The value is rolled up from the Opex budget of the demand. |
| Total planned cost in demand currency | Estimated cost of the demand in demand currency. |
| Financial return in demand currency | Estimate of the revenue based on the Total planned costs in demand currency and Financial benefit in demand currency fields. |
| Financial benefit in demand currency | Estimate of revenue if the demand is approved in the selected demand
currency. This value is rolled up from the benefit breakdown of the demand. |
| Net present value in demand currency | Present value of future cash based on the given annual interest rate in the
selected demand currency. It is a measure for comparing money spent today against future expected financial benefits. It helps when evaluating the overall investment performance. |
| Actual cost in demand currency | Total cost incurred while working on a demand and demand tasks in the selected demand currency. |
Multicurrency fields of the Demand Task form
| Field | Description |
|---|---|
| Demand currency | Currency that you specified in the Demand currency field of the Demand form. |
| Actual cost in demand currency | Total cost incurred while working on a demand tasks in the selected demand
currency. Actual cost comes after the assignee of the demand task creates and submits a time card. When the time card is approved, the resource rate, derived from the rate card, labor rate, or system properties, is used to populate this field. |
Financials section of the Cost Plan form
| Field | Description |
|---|---|
| Demand currency | Currency that you specified in the Demand currency field of the Demand form. |
| Cost in demand currency | Value that is rolled up from the Entered cost field of all cost plan breakdowns. |
Multicurrency fields in the Cost Plan Breakdown form
| Field | Description |
|---|---|
| Demand currency | Currency that you specified in the Demand currency field of the Demand form. |
| Cost in demand currency | Breakdown amount in demand currency. |
| Demand currency exchange rate | Rate in effect for the period corresponding to the cost plan breakdown in the demand currency. |
| Demand currency exchange rate date | The reference date on which the currency exchange rate is applied for conversion. |
Financials section of the Benefit Plan form
| Field | Description |
|---|---|
| Demand currency | Currency that you specified in the Demand currency field of the Demand form. |
| Benefit in demand currency | Benefit incurred from demand in demand currency. |
| Actual benefit in demand currency | Actual benefit value rolled up from the actual benefit in the benefit breakdown. |
Multicurrency fields in the Benefit Plan Breakdowns form
| Field | Description |
|---|---|
| Demand currency | Currency that you specified in the Demand currency field of the Demand form. |
| Benefit in demand currency | Benefit incurred from demand in demand currency. |
| Demand currency exchange rate | Rate in effect for the period corresponding to the benefit plan breakdown in demand currency. |
| Demand currency exchange rate date | The reference date on which the currency exchange rate is applied for conversion. |
Multicurrency fields in the Expense Line form
| Field | Description |
|---|---|
| Demand currency | Currency that you specified in the Demand currency field of the Demand form. |
| Amount in demand currency | Expense cost in demand currency. Amount entered in the Amount field is converted to demand currency. |
Multicurrency fields in the Demand Budget form
| Field | Description |
|---|---|
| Capex budget in Demand Currency | Planned expense amount allocated for capital expenditure in the selected currency. |
| Opex budget in Demand Currency | Operating expense amount in the selected currency in the selected currency. |
| Total Budget in Demand Currency | Sum of Capex and Opex amounts in the selected currency. |