Benefit plan updates and recalculation in demand currency

  • Release version: Xanadu
  • Updated August 1, 2024
  • 2 minutes to read
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    Summary of Benefit Plan Updates and Recalculation in Demand Currency

    This document outlines the process and implications of updating benefit plans in ServiceNow when using multicurrency features. Changes to various fields in the Benefit Plan form initiate automatic recalculations of related financial values, ensuring that all amounts remain accurate and consistent in demand currency.

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    Key Features

    • Updating Currency and Benefits: Modifying the Entered currency, Entered benefit, or Recurring check box prompts recalculation of total planned benefits and related values in demand currency.
    • Changing Offset Type: Adjusting the offset type, start or end date, and offset period recalculates the total planned benefit and may affect the Benefit Plan Breakdown records.
    • Fiscal Period Adjustments: Changing the fiscal period’s dates also triggers a recalculation of benefits and may result in adding or removing records in the Benefit Plan Breakdown.
    • Benefit Plan Breakdown Modifications: Altering the entered benefit in a specific breakdown recalculates the benefit values in demand currency, impacting the financial benefit of the associated demand.

    Key Outcomes

    By effectively managing updates to benefit plans, users can ensure that all financial data reflects current information in the correct currency. This functionality allows for accurate financial planning and reporting, improving overall decision-making processes within ServiceNow.

    Updating the entered currency, entered benefit, offset type, or the fiscal period of a benefit plan also updates all related amount fields in the benefit plan and its breakdowns. Also, the amounts in the related fields of the demand, to which the benefit plan is rolling up, are recalculated and reflected in demand currency.

    Changes in Entered currency, Entered benefit, and Recurring check box of a benefit plan
    When you change the values of any of these fields in the Benefit Plan form with multicurrency view enabled, the following values are recalculated:
    • When you modify the Entered currency field, Entered benefit field, or Recurring check box of the Benefit Plan form, the total planned benefit is recalculated in demand currency.
    • The Benefit in demand currency in the Benefit Plan Breakdown is recalculated.
    • The value in the Financial benefit in demand currency field of the demand is recalculated.
    Changes in the offset type of a benefit plan
    When you change the offset type for the benefit plan, either the start date or end date and specify the offset period and duration of such periods in the Benefit Plan form, the following values are recalculated:
    • The Total planned benefit and the Benefit in demand currency of the benefit plan are recalculated. Therefore, the Benefit Plan Breakdown records may be added or removed.
    • If the Recurring check box is not selected, then the Benefit in demand currency of each Benefit Plan Breakdown record is recalculated.
    • The value in the Financial benefit in demand currency field of the demand is recalculated.
    Changes in the fiscal period of a benefit plan
    When you change the fiscal period, either the start date or end date in the Benefit Plan form, the following values are recalculated:
    • The Benefit in demand currency and the Total planned benefit of the benefit plan are recalculated. Therefore, the Benefit Plan Breakdown records may be added or removed.
    • If the Recurring check box is not selected, then the Benefit in demand currency of each Benefit Plan Breakdown record is recalculated.
    • The value in the Financial benefit in demand currency field of the demand is recalculated.
    Changes in the entered benefit of a benefit plan breakdown
    When you change the entered benefit in an individual Benefit Plan Breakdown record, the following values are recalculated:
    • The Benefit in demand currency of the benefit plan is recalculated in demand currency.
    • The value in the Financial benefit in demand currency field of the demand is recalculated.