With the first wave release of 2025, updates are focused on bank payments and reconciliations, fixed assets, and the new journal framework.
Bank Payments and Reconciliations
The Preview of Matching Results allows users to manage exceptions during an automatic bank reconciliation matching process. The matching simulations and reviews before posting will help the Finance team be more efficient.
The Cancel customer payment journals from the bank reconciliation worksheet feature allows users to reverse posted customer payments directly. This feature minimizes errors and streamlines the process, saving time and effort for financial teams.
Generate one journal for multiple vendor payment lines. Bank reconciliation is crucial for the business and can be time-consuming, managing errors and missing data, and is there for labor-intensive. The functionality will allow users to determine the posting for the journal:
– A single payment journal per reconciliation worksheet
– A single payment journal per bank reconciliation rule
– A single payment journal for the selected line
Fixed Assets
The enhanced Fixed asset split functionality key improvements include the ability to identify the source (from) asset and destination (to) asset and exchange rate options, from historical to reporting rates, across legal entities. The preview fields display asset values before and after the split and the users can split assets by amount or percentage.
The Fixed asset inter-company transfer allows users to transfer assets between legal entities by selecting the source asset and its book, previewing key financial details such as acquisition cost, accumulated depreciation, and net book value (NBV). With disposal to the creation of a new asset in the receiving entity, the data will be copied, and the correct posting will be managed.
New Journal Framework
This release wave will introduce A New Journal Framework, which aims to improve performance during imports, validation, and postings of large journals. Implement a truly global multi-company journal, one single journal with multiple entries in several companies. The first released part is the General Journal with support of ledger adjustments, later releases will give support for other account types.
The existing financial journals will not change.
Copilot for Finance
A new Workspace for Accounts Payables will help the user focus on important tasks with the assistance of Copilot. The new capabilities will give summary insights into daily tasks.
Fixed Asset book summaries with Copilot will give the user a quick overview of the important information related to an asset book without drilling through all reports.
Rename Item Number
Although the rename item number functionality is still in preview, we want to highlight it . This functionality is easy to use and gives you the ability to rename items even if they already have transactional recordings. This new function gives you the flexibility to create a new item number with some kind of test name and rename it to match your hierarchy once you are sure of the internal approvals. Who haven’t been waiting for that? If you rename the item number, this will change all records that are not plain text and store them in serialized or encoded formats. Please be aware, the product numbers will not sync with the item number.