Sage Financials: What’s New in Sage Financials October Upgrade?

In Sage Financials, Sage Live by Tamara

Reading Time: 5 minutes

October brings us brand new features, improvements and bug fixes for Sage Financials (previously known as Sage Live). This month the Sage Financials upgrade is a push upgrade*, available to install at the end of October. 

Balance Enquiry Improvements

The balance enquiry has now been improved to group your ledger entries by your Chart of Accounts, enabling drill down to the details and including opening and closing balances. Expanding all the sections and exporting to Excel is the equivalent of a General Ledger Report.

Some additional features include being able to see the opening and closing balances, the ability to expand and collapse all sections, run reports filtered by the period and the ability to see the individual ledger entries that make up the balance.

Accruals and Prepayments in Sage Financials

One of the new improvements in this month’s Sage Financials upgrade allows you to avoid spikes in your profit and loss, being able to accurately account for just how profitable your business is. Two new transaction types have been introduced, income and expenses which will allow you to process prepayments and accruals. In order to track when the accrual or deferral is balanced with the income or expense, there are two new document numbers. There is also Prepayment/Accrual adjustments which will reduce the income or expenses that are due to be deferred or accrued and therefore recognising in a different month.

You need to install the Prepayment & Accruals template if you have an existing org to see the new transaction types. 

Customise Tab order

This part of the upgrade is on for Admin users of Sage Financials. You now have the ability to customise other peoples sub-tabs, ordering them in any way to suits your organisation. In order to customise the tabs, navigate to Setup > Custom Code > Custom Settings and find Area Definition > Manage, select the area you want to change and click Edit. You can then choose what appears where for your users.

Tax Treatment groups

Tax Treatments can be applied to specific transactions using Tax Treatments Groups to give you control around the Tax Treatments the end users can choose from. There is now a new Tax Treatment type called Deposits which enables you to set the specific Tax Treatments when entering Deposit Invoices. This should take away the hassle of seeing a long list of Tax Treatments that may be irrelevant to you and your business. 

Manual Ledger Entry improvements

You can now see when the Ledger Entry balances! A running total of debits and credits now displays when creating manual ledger entries. Additionally in the past, if you wanted to save a draft ledger entry you had to post it and then change the status back to Draft. In the new upgrade, you can save a ledger entry as a draft without the need to post it. Which means you can finally enter a journal and leave halfway through without losing your progress.

Ledger items and tag balances 

Previous to this release, just the ledger entries linked to tag balances were shown. Now, you can see the details of the ledger items that make up the balance for an individual Tag record including Supplier, Bank Account, Customer or posted transactions such as a Sales Invoices.

Contracts improvements

When contracts are saved, you can now see the scheduled recognition journals and recurring transactions. This helps because before any recurring transactions are generated you can check you entered the schedules correctly. Another new feature, when the Recurrence or Recognition details are changed the schedule updates.

Drill down from your Financial Reports

Lately, there have been lots of changes to the reporting in Sage Financials. This release sees another set of improvements. For top-level totals, individual accounts and grouped totals you can now drill down to see the ledger items that make up each balance on your financial reports. This information is then displayed as another report. On top of that, you can also now drill down from the Ledger Analysis! 

Specify a date when converting documents

When converting documents in Sage Financials, you can now specify a date. Previously, the converted transaction date was based on the date the conversion was done. On the Conversion page, there is now a Transaction Date field for you fill in so you have control over this.

Select the Record Type when creating a new account

This part of the upgrade is for Salesforce users. When creating an account in Sage Financials, you can now choose the Record Type. The behaviours set on the Record Type are respected when creating a new account so users can enter the required information. This means you can see different views for Suppliers, Customers, Prospects, etc.

Other improvements in Sage Financials

  • Sage Financials upgrade release notes are now displayed in the web browser the first time a user logs on after the upgrade has been installed, previously this only applied to the Sage Admin
  • Expressions can now be used in the Ledger Account field to define how postings are made
  • When you have a filter applied to a list, and leave the list to create a transaction, you can now keep the list view you were using previously
  • The primary tab for the Purchases area is now the Suppliers tab, it will appear to the left of the other Purchases tabs
  • From the ledger account page, you can now see the current balance in the new Base Period Balance field
  • In a custom PDF document, you can now add the name of the tax code in the tax breakdown section

Sage Financials Fixes

The October Sage Financials upgrade fixes the following issues:

  • On the Related list for Customer dimension tag, the customer receipts were not displaying
  • The date displayed incorrectly when entering a date filer on a list view
  • After running a year end in a consolidated company, figures on the Balance sheet were doubled
  • When a line item was edited, the subscription schedule did not update
  • After a period is closed when cloning a manual ledger entry, a component error message was incorrectly displayed
  • Sales invoices generated from a contract could not be deleted
  • When an org had more than 1000 customer objects, an object map could not be created
  • When including different dimensions, a manual ledger entry could not be cloned
  • A transaction could not be cloned with an inactive user as the record owner
  • Only the System Administrator could see the payment history, Payment history was not displayed for all users
  • A transaction with an inactive user as the record user could not be cloned
  • When an org has more than 50,000 sales invoices the pay button was not available
  • The minus sign was not imported when importing journals with negative values
  • The Tax Breakdown section on transactions did not show updated tax values on item lines after the tax was overridden
  • The incorrect balance was shown on the transaction when a transaction, such as a sale invoice, was paid using a receipt created from Bank Takings
  • After cloning a transaction, the following error was incorrectly generated: A product has not been entered. Select a product and try again or click Cancel
  • When editing the item lines in the grid view there were various errors
  • A journal could not be posted and generated the following error: s2cor: Too many SOQL queries: 101


If you have any feedback on how Sage Financials could be improved, you can log them on the Sage Ideas Hub. If you have any questions around the upgrade or would like the upgrade applied to your system get in touch with one of the team.

*Correct at time of publishing – subject to change.