Global Product Release. November 2018

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1 Global Product Release November 2018

2 New General Ledger (GL) Journals Upgrade Delivering more Advanced Functions for Our Users We ve completely redesigned the General Ledger Journals functions in AccountsIQ and are releasing the first part of this upgrade globally. These specialised Journaling functions will help create efficiencies and improve accuracy in month end processes. General Ledger Journal Manager: New tab that enables the management of General Ledger Journals, Revenue Accruals, Cost Accruals and Prepayments in one place Options to Import Monthly Trial Balance Movements and Journals via simple to use Excel templates Grid customisation, filtering and export capabilities to view previously posted journals all provided in line with other grids General Ledger Journal Entry: New GL Journal Entry screen to post Opening Balances, to make adjustments to specific GL Accounts in a specified period, or to re-assign Expense and Revenue postings. New feature: Copy an existing journal (replacing the old Templates functionality) and also export a Journal to Excel if you require to save a copy to file. Ability to set up multiple Accrual & Prepayment system accounts

3 Prepayments Spreading: You can now spread a prepaid invoice (or credit) over multiple financial periods to recognise the expense across those periods in the P&L e.g., if you receive an insurance invoice for December that relates to insurance expense for the following year, you can spread the cost of that expense across multiple periods as Prepayment Journals. A handy new feature enables you to view the Prepayment Journals linked to a particular Purchase Invoice/Credit. Accrual Journals: Accrual journals are generally used to recognise revenues or expenses that have been earned or incurred but have not yet been invoiced. They are posted to ensure accounts reflect revenue in that period and expenses incurred in generating that revenue and will automatically create a reversing journal on the first day of the next period. We ve now added the capability to process both Cost and Revenue Accruals using specific system accounts, which means you can create multiple accounts for accrued overheads, sales etc and report on them separately.

4 Import of Trial Balance Movements: We re in the process of making the uploading of data into AccountsIQ easier and more efficient. The first of these enhancements is a new facility to import Monthly Trial Balance Movements and standard GL Journals using two simple Excel Templates. We ve also improved the level of data validation and error reporting to make it easier to identify any issues during the import process. Journals Upgrade: What's Coming Next Revenue Recognition Journals (Nov): the next major phase will provide the ability to spread invoiced revenue over multiple periods to recognise this revenue in the periods to which it should belong. Advanced Accrual Journals (Dec): You ll be able to spread accrual journals (cost or revenue) over multiple periods and to control when and how they are reversed. You ll have the facility to link an accrual journal to a supplier/customer account and then to watch that account for invoices that might be used to match against the accrual and reverse some or all of it e.g., you could link an accrual journal for auditing expenses to your accountant and the system will then flag the accrual for reversal when a potential matching invoice has been received for this expense.

5 Consolidation Data Validation Upgrade To ensure month ends are closed on time and with the maximum efficiency, we ve enhanced AccountsIQ s consolidation engine. We ve introduced deeper data consistency checks and have improved the error reporting to make it easier to identify data inconsistencies that might impact consolidated reporting. One-click Consolidation with Improved Data Validation & Reporting: When consolidating financial information from multiple entities it s vital that data is carefully checked for inconsistencies such as inconsistent Business Intelligence tagging before the data is consolidated. If there are inconsistencies, they will be presented like this: There are 4 BI-Code inconsistencies in this Consolidation. The BI-Code Description is slightly different in a few instances. Normally these inconsistencies will only occur the first time you run the verification process as, once corrected, they shouldn t re-occur. If there are a large number of anomalies, you can use the Print Errors to produce a hard copy report which you can then use to find and correct the inconsistencies.

6 Report Viewer Upgrade The Report Viewer which is embedded in AccountsIQ s Report Manager has been upgraded. Faster Report Rendering: There s a new toolbar within the Report Manager as shown below. The following enhancements are now available: 1. Zoom, now you can fit the whole page into the browser 2. Find, you can search for a word/value across the entire report 3. All drill downs are now appearing in blue which makes easier to identify 4. Reports now render faster than before

7 TransferMate Partnership & Integration AccountsIQ now partners with TransferMate Global Payments, the market-leading foreign payments platform supporting 117 currencies in 145 countries worldwide. Save Time and Money with TransferMate Global Payments: If you already use AccountsIQ Batch Payments to make payments in several currencies to foreign suppliers/vendors then this new facility is a must. You can now generate foreign payments for hundreds of invoices saving your AP team a huge amount of time. The integration will provide your business you with significant cost-savings on your international payments than by going direct to the bank. The first version of this integration is now included as standard in the Supplier Batch Payments function. It operates on the basis of generating a payment request file containing a list of foreign currency suppliers awaiting payment, along with their bank details (IBAN & BIC). This file is uploaded into TransferMate s payments portal for authorisation and processing (you will be required to hold separate TransferMate credentials for this). After the payments batch is processed in TransferMate, a payments authorisation file can be downloaded. This file contains the authorised foreign exchange rates per supplier, which can then be imported into AccountsIQ to complete the payment run by generating the payments and allocating them against the outstanding invoices along with calculating realised currency gains/losses. Later we will be adding support for direct upload to TransferMate using their own APIs. Using this technology enables our client companies to benefit from better exchange rates, lower bank charges and improved reconciliation via direct integration into AccountsIQ.

8 To take advantage of this integration, simply sign up to TransferMate to create an account for your organisation and then create a new Bank Account in AccountsIQ that s linked to the TransferMate online bank type. When you create a new Supplier Payments Batch, it will be possible to choose whether to Pay with TransferMate (see above). For assistance in setting up and using this integration please contact your local support team.

9 Currency Codes and Exchange Rates Upgrade The Currency Code and Exchange Rate Maintenance functions in AccountsIQ have also been recently upgraded and includes: ISO Currency Code Standardisation: We ve introduced standardisation of Currency codes to follow ISO 4217 currency code standards such as GBP instead of STG. When adding a new currency code to your company, rather than typing the code you can now choose from a list of existing ISO currency codes and this will set the currency code and default the currency name, currency symbol and units of the new rate. This will ensure that a consistent currency code, name and symbol is displayed on all screens and printed outputs from the system. Access to Up-To-Date Exchange Rates: In partnership with Transfermate, AccountsIQ now provides new facilities to synchronise your transactional currency code exchange rates with the previous day s downloaded rates. These facilities are provided at an individual company level and also at group level, so it will be possible to update your transactional exchange rates across all the entities in a consolidation group with one click, thus saving you time. Get in Touch To add on additional modules such as the Consolidation module and the Fixed Asset Register, contact Sales or call (UK) or +353 (1) Follow Us