Benefit plan updates and recalculation in demand currency

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

    This guide covers the process of updating benefit plans within ServiceNow, specifically focusing on how changes to currency, benefits, offset types, and fiscal periods impact recalculations in demand currency.

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    Key Features

    • Currency and Benefit Changes: Modifying the entered currency, entered benefit, or selecting the recurring checkbox updates the total planned benefit and recalculates the benefit in demand currency.
    • Offset Type Adjustments: Changing the offset type, along with start or end dates and duration, recalculates the total planned benefit and may modify related Benefit Plan Breakdown records.
    • Fiscal Period Modifications: Altering the fiscal period results in recalculations of the benefit in demand currency and may lead to the addition or removal of Benefit Plan Breakdown records.
    • Individual Breakdown Changes: Adjusting the entered benefit in a Benefit Plan Breakdown record recalculates the benefit in demand currency for both the benefit plan and the financial benefit field in demand.

    Key Outcomes

    Implementing these updates ensures that all financial calculations are accurate and reflect real-time changes, enhancing the integrity of financial reporting and planning in ServiceNow. Customers can expect streamlined benefit management and accurate demand currency reporting following these updates.

    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.