News: Improvements to Financial Reports

We’re excited to share updates from our latest software release, bringing significant enhancements to your Financial Reports, particularly the General Ledger, Balance Sheet, and Income Statement reports. These updates are designed to provide greater accuracy, smarter automation, and an overall improved reporting experience.

Here’s a quick overview of what’s new:

• Smarter Association Tagging: When a bank deposit covers multiple individuals from the same association (Bulk Bank Deposit), it will now automatically be tagged to that association.
  
  
  • Why This Matters: Grouping checks by association during deposits has always been a best practice for keeping reports aligned. With this enhancement, the system is now better equipped to handle this process behind the scenes, making your reports more reliable—especially when filtered by association.
    
    
• Enhanced Reporting for Balance Sheet and General Ledger: We’ve upgraded the underlying data source for these reports, addressing previous inconsistencies in how data was attributed. While there are no visible changes, the logic improvements ensure that results are more precise and reliable.
  
  
  • Why This Matters: Accurate financial reports are critical for decision-making and maintaining trust in your data. This update eliminates prior inconsistencies, ensuring your Balance Sheet and General Ledger reflect the most accurate and actionable information, regardless of filter criteria.
    
    
• Improved Classification in Income Statement Reports: The Income Statement now groups transactions based on their Chart of Accounts (COA) classification. For example, reimbursements are now properly categorized as expenses rather than income, ensuring a clearer and more accurate representation of your financial data.
  
  
  • Why This Matters: This change prevents confusion caused by previous misclassifications. By grouping transactions correctly, such as categorizing negative expenses and reimbursements under expenses, the Income Statement now provides a more accurate and intuitive understanding of your financial performance.

These updates are part of our ongoing efforts to enhance the reliability, accuracy, and usability of your financial reports. By addressing key areas such as association tagging, data accuracy, and transaction classification, we aim to provide you with tools that streamline your workflows and give you confidence in your financial data.

We’re grateful for your feedback, which helps us improve every step of the way. If you have any questions or need further assistance, don’t hesitate to reach out to our Support Team.