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It is almost Christmas, and this month we have some awesome new features included in the Sage Financials (previously Sage Live) December Upgrade. This includes the long-awaited brand new Bank Reconciliation. Available to install from December, this months upgrade is a pull upgrade*.
Before we get into the exciting new Sage Financials features it is worth noting that the upgrade includes new mandatory fields on Sales Contracts. This means that as soon as the upgrade is installed, your existing contracts will be affected by these changes and any automatic integrations that create contracts will no longer work. Please ensure that you amend your integration configurations to include the new mandatory fields.
Pro rata on Contracts
You can now bill customers for the partial periods at the start and end of a contract due to the inclusion of pro rata periods on your contracts. Concept of billing periods has also been included in this upgrade, allowing you to set a billing date different to the contract date and set period that the invoice is covering.
Bank Reconciliation in Sage Financials
Sage is introducing a brand new process for handling bank reconciliation in Sage Financials. The upgrade does not automatically enable the new Bank Reconciliation and you can continue using the old one if you wish. If you do want to change the Bank Reconciliation process over, there is a certain level of configuration required; reach out to the support team who can advise you on getting this moving. We will also be running some webinars, training and providing one on one coaching on this new feature – keep an eye on your emails for more information on this.
You can now do the following when you bring bank transactions into Sage Financials via an import file or bank feed:
- The Bank Takings journal type is no longer used. Create or match the required journal type directly
- Handle discounts, rounding differences and bank charges easily
- Without duplicating any postings, you can match to an existing journal recorded already in Sage Financials
- Transactions can be reconciled with a different currency to the invoice or account they’re paying
- From the same screen you can now match or create journals seamlessly
Making Tax Digital – UK Only
Making Tax Digital starts in April 2019, affecting businesses with a turnover above the VAT threshold of £85,000. It will become essential for your business to submit digital records using MTD enabled software. In the December upgrade, Sage Financials is introducing a new Tax Submission type: UK MTD. From this release, you will be able to submit your VAT Return using an MTD compliant submission. This feature is currently in a beta phase due to it not being mandatory until April 2019. If you would like to be an early adopter, you can contact your Sage business partner to register and take part in the beta.
Improved Year End Process in Sage Financials
A new Year End process will be introduced allowing you to complete your Year End in one place. The process includes the ability to:
- Check your Year End figures
- Check, view and edit a list of unposted transactions and journals in the financial year you are closing
- Check your Year End reports before making it final, provisionally closing your financial year
- Finalise the Year End, closing the adjustment periods, posts the closing ledger entries for the financial year and opens the new financial year
BACS Payments Improvements – UK Only
When creating the BACS file, you can now consolidate your BACS payments. Within the BACS file, select to Group by Payee on the feed to consolidate all invoices for each supplier into a single payment line. The Group by Payee option is also on the feed for BACS Credit Transfer.
Dimension Tags – Permissions and Sharing Rules
The default behaviour around the Dimension Tag Object has been changed due to the majority of dimension tags needing to be shared by all users. The Dimension Tag Object will be set by default to Public. This means that dimension tags will be visible by default, to all users.
- The Dimension Tag Object will remain set to Private by default. This means that dimension tags are only visible to the person who created the dimension unless you set up sharing rules or set a Is public on the dimension to make it visible to all users
- To help prevent the creation of duplicate tags, the UID for all new tags created after installing v89 will be updated. For each new tag, the UID for the tag will contain the UID of the Dimension and name of the tag
Other Improvements in Sage Financials
- The Sage logo within the Financials platform will now be shown in the top left corner. The highlight colour on the tabs will be in line with Sage’s product branding. It will not be possible on individual orgs to override this
- The PayPal integration now needs to be set up using Sage Bank Feeds, the direct PayPal integration will no longer be available for new orgs and you will no longer be able to install the PayPal template
Fixes in Sage Financials
- Transactions – When removing a product from a transaction after unposting there was an error
- Transactions – Error occurs when editing an item line on a transaction
- Customer List – When opening the customer list a component error occurs
- Sage Invoice Payments – An error when configuring Sage Invoice Payments
- Retrospective Reports – The retrospective date changed back to the default date after a refresh
- Ledger Entry – On ledger item rows, the drop-down menu wasn’t appearing correctly
- Company Consolidation – When running the company consolidation there was an error
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