Finance Close Automation release notes

  • Release version: Store
  • Updated June 18, 2020
  • 2 minutes to read
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    Summary of Finance Close Automation Release Notes

    The Finance Close Automation application on ServiceNow streamlines finance operations by leveraging workflows and automation to minimize risks and expedite the finance close process. This application includes features such as task management, automated journal entries, and real-time ERP integrations, enhancing overall efficiency and accuracy in finance operations.

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    Key Features

    • Global Search Capability: Users can easily locate finance close records within the Finance Workspace, including close tasks and journal entries.
    • Service Level Agreements (SLAs): Define and monitor SLAs for tasks, visible on the Finance Close Dashboard.
    • Finance Workspace: An intuitive multi-tab interface for managing finance tasks and analytics.
    • NetSuite ERP Integration: Automate journal entry postings to the NetSuite ERP system and import entries via CSV files.
    • Task Dependencies: Create dependencies between tasks even while in the Planning state and mass update close tasks.
    • Journal Entry Management: Automatic handling of journal entries including validation and workflow management.

    Key Outcomes

    With the Finance Close Automation application, customers can expect improved efficiency in finance close processes, reduced manual errors, and enhanced visibility into task progress and compliance. The integration capabilities with ERP systems like SAP and Oracle further facilitate seamless financial operations, enabling organizations to manage their finance close cycles more effectively.

    Version history for the Finance Close Automation application on the ServiceNow Store.

    Important:
    For details on system requirements and family compatibility, view the application listing on the ServiceNow Store website.

    Version history

    Version 6.7.1 - June 2020
    • New:
      • Global search capability in Finance Workspace, enabling users to easily search for finance close records, such as close tasks, journal entries, or follow-up tasks
      • Create dependencies from within workspace between close tasks when the workbook is in the Planning state
      • Mass update of close tasks
      • Added Weighted Progress field to allow calculating close progress by Entity and Region in future
    • Changed:
      • Modified configuration to prevent changing the planned date of the successor task after creating a dependency between tasks
      • Create follow-up tasks even after a close task is complete
    • Fixed: Close Assist logic now displays prior period journal entries
    Version 6.6.0 - May 2020
    • New:
      • Define and track service level agreements (SLAs) on tasks.
      • View and monitor task SLAs in the Finance Close Dashboard using SLA reports.
      • Configure the property to set when the business rule is to be triggered synchronously for rolling up task state upon state change.
    • Fixed: Performance latency fixes
    Version 6.1.0 - March 2020
    • New:
      • Use Finance Workspace, an intuitive multi-tab interface, to manage your work.
      • Use the Finance Close dashboard for reporting and analytics.
      • Select whether a task with JE workflow should be completed manually or automatically.
    • Fixed: Journal entry validation performance fixes
    Version 5.2.4 - January 2020
    • New:
      • Use the NetSuite ERP integration for the automated posting of journal entries to your NetSuite ERP system.
      • Configure the sheet name that will be used when uploading the Excel file to create journal entries.
      • Upload a CSV file to import journal entries.
    • Fixed:
      • Journal entry workflow issue on changing the task type.
      • Error handling during journal entry import.
    Version 5.2.3 - November 2019
    • New:
      • Group assignment for close tasks.
      • Mass approval and rejection of close tasks and journal entries.
      • Extension point to configure edit permissions for close tasks.
      • Auto-push journal entries for the reversal in case of reversal failure.
    • Changed:
      • Posted journal entries now shown by JE type.
      • Modification to Groups feature in the application: Changed module name from JE Approval Groups to Groups. Changed group type from Journal Approver to Finance Close. Groups of type Finance Close have finance close roles also associated with them.
    • Fixed:
      • Reversal issue fixes for synch and error handling.
      • Date formats supported in reversals.
      • Modifications to journal entry reversal field validations for JE type.
      • Minor fixes to close task owner validations so they can't be both JE preparer and approver.
      • Changes to entity code logic for multiple ERP scenarios.
    Version 5.2.0 - September 2019
    • The ServiceNow Finance Close Automation application enables you to use workflows and automation to reduce your finance close risk and accelerate your finance close.
      • Task management and automated journal entries
      • Easy and intuitive portal for managing Finance Close
      • Integrated Policy and Compliance
      • Real-time ERP integration (SAP and Oracle Connectors)
      • Easy configuration with Guided Setup