Monetary Benefit Plan form

  • Release version: Xanadu
  • Updated August 1, 2024
  • 2 minutes to read
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    Summary of Monetary Benefit Plan form

    The Monetary Benefit Plan form is utilized to outline the estimated benefits accrued by a demand for a given fiscal period. This form helps ServiceNow customers manage and track financial aspects of their projects or demands effectively.

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    Key Features

    • Name: Identifies the benefit plan.
    • Work Demand: Links the benefit plan to a specific demand.
    • Sponsor: Indicates the sponsor for the demand.
    • Category: Differentiates between hard (revenue-measurable) and soft (value-measurable) benefits.
    • Subcategory: Defines subcategories based on the selected category.
    • Benefit Type: Specifies the type of benefit, focusing on monetary benefits.
    • Offset Type: Determines when benefits start realizing, adjusting the start date accordingly.
    • Work Dates: Allows entry of the demand's start and end dates based on offset types.
    • Duration in Periods: Sets the length of the benefit plan.
    • Fiscal Periods: Specifies starting and ending fiscal periods, affecting associated benefit breakdowns.
    • Associated Benefit: Links any non-monetary benefits to the plan.
    • Description: Provides detailed information about the monetary benefit plan.

    Key Outcomes

    • Entered Benefit: Users can estimate potential benefits, with updates reflecting changes in planned values.
    • Entered Currency: Allows selection of currency for the benefit plan, impacting financial calculations.
    • Functional Currency: Displays the default currency used for managing demands or projects.
    • Total Planned Benefit: Rolls up from the benefit breakdown, providing an overview of expected benefits.
    • Actual Benefit: Reflects the actual benefits realized from the project.
    • Recurring Option: Indicates if the benefit recurs for each fiscal period in the breakdown.

    Use the Monetary Benefit Plan form to specify the estimated benefit accrued by a demand for a fiscal period.

    Table 1. Monetary Benefit Plan form
    Field Description
    Name Descriptive name of the benefit plan.
    Work Demand number to which the benefit plan belongs.
    Sponsor Sponsor for the demand.
    Category Type of benefit:
    • Hard: Benefits that can be measured in terms of revenue.
    • Soft: Benefits that are measured in terms of value.
    Sub category Subcategories of hard and soft benefits.

    The selection in Category field determines the selections available in this field.
    Benefit type Type of benefit. Select Monetary benefits.
    Offset type Offset type field indicates when the benefits start realizing.

    If the value in the selected offset type changes, the benefit plan start date shifts accordingly. For example, if the offset type is set to End Date and the due date of the demand changes, the benefit plan start date shifts to align with the new due date of the demand.
    Work start date Start date of the demand. The field appears if you select Start Date in the Offset type field.
    Work end date End date of the demand. The field appears if you select End Date in the Offset type field.
    Offset Number of periods before or after the offset type when the benefit plan starts. For example, if the offset type is set to End Date and the offset is -2, the benefit plan is two periods before the demand end date. If the demand end date shifts, the benefit plan start date shifts to two periods before the new demand due date.
    Duration in periods The length, in periods, of the benefit plan.
    Start fiscal period Starting fiscal period. Populated based on values in the Offset field relative to the selected Project or Demand start date or Project or Demand end date, and the Duration in period values.

    The field is editable if you select None in the Offset type field.

    When you change the start fiscal period, the associated benefit breakdown values also change.
    End fiscal period Ending fiscal period.

    When you change the end fiscal period, the associated benefit breakdown values also change.
    Associated benefit Non-monetary benefit that is associated with this monetary benefit plan.
    Description Description of the monetary benefit plan.
    Table 2. Financials section of the Monetary Benefit Plan form
    Field Description
    Entered benefit Estimated amount of the potential benefit.

    Any change in the planned benefit on the benefit plan updates the associated benefit breakdown values for future fiscal periods.
    Entered currency Currency for the benefit plan.

    If the selected currency is different from the default currency configured in the Financial Management application, the budget reference rate is used to calculate the financial benefit of the demand.
    Functional currency The default currency configured in the Financial Management application and used for managing the demand or project.
    Total planned benefit Total benefit value that is rolled up from the benefit breakdown.
    Benefit in functional currency Benefit incurred from demand in functional currency. The value in this field changes if the Entered currency is different from the functional currency.
    Actual benefit Actual benefit value that is rolled up from the actual benefit in the benefit breakdown.
    Recurring Check box to indicate if the benefit is recurring for each fiscal period in the benefit breakdown.