Delivering More Advanced Functions for Our Users
AccountsIQ are delighted to announce their latest product release is now live.
We’ve completely redesigned the General Ledger Journals functions in AccountsIQ and are releasing the first part of this upgrade globally. These specialised Journalling functions will help create efficiencies and improve accuracy in month end processes.
Watch Product Release Video
New to use now:
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
Prepayments spreading functionality
- 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 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. Now you have 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
Import of GL Journals & 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 regular GL Journals & Monthly Trial Balance Movements as 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 (November)
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 (December)
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.
TransferMate Partnership & Integration
AccountsIQ now partners with TransferMate Global Payments, the market-leading foreign payments platform supporting 117 currencies in 145 countries worldwide
Clients can now generate foreign payments for hundreds of invoices saving Accounts Payable teams a huge amount of time. The integration will provide businesses with significant cost-savings on their international payments than by going direct to the bank. Using this technology enables clients to benefit from better exchange rates, lower bank charges and improved reconciliation via direct integration into AccountsIQ.
Exchange Rates Upgrade
In partnership with Transfermate, AccountsIQ now provides new facilities to clients to synchronise their 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 is possible to update transactional exchange rates across all the entities in a consolidation group with one click, thus saving clients’ time.
November 2018 Release Note
Read the full Product Release Note which provides a high-level overview of these improvements, how the system screens will change and what you need to do if you are an existing user or are interested in using this functionality.
Other Product Enhancements You May Have Missed:
Our Fixed Asset Register which allows you to record, manage and report on your company’s fixed assets in a time-efficient and orderly way and new Mobile Workflow App which makes approving POs, and invoices much easier.