IT Contact for suppliers, Access a job based on its office assignment, separate AR/AP FX accounts, automated AR/AP interoffice reconciliation and elimination.
🎉 ENHANCEMENTS
New Supplier Contact Designation: IT Contact
What is it?
A new IT Contact designation has been added to supplier contact records, joining the existing PO Contact and Payment Contact options. This allows you to specify dedicated technical personnel at vendor organizations.
Why it matters
Agencies can now route security assessments, technical evaluations, and risk management requests to the appropriate IT personnel at vendors, rather than sending them to purchasing or payment contacts who handle day-to-day business transactions.
How it works
- When creating the first contact for a supplier, all three designations (PO, Payment, and IT Contact) are automatically selected
- You can assign different contacts for each designation at any time
- IT contacts typically handle security questionnaires, technical integration discussions, security incident reporting, and vulnerability assessments
Process Bolt Integration Note: For agencies using the Process Bolt integration, the IT Contact serves as the designated contact for vendor security assessments. When this contact is updated, the system automatically syncs the changes to Process Bolt.
📘 See the step-by-step guide for creating or editing supplier contacts.
Office-Based Job Visibility Restrictions Updated
What is it?
Job access is now determined by the office assigned to the job itself, rather than the client's office. This affects all job lists, reports, and summaries.
Why it matters
Users can now access jobs assigned to their permitted offices, even if the client belongs to a different office. This eliminates the frustrating scenario where users could log time to a job but couldn't see it in reports or access its details.
How it works
- If you have access to the job's office, you'll see the job in all job-related screens and reports
- Client filters now show clients linked to jobs in your permitted offices
- Client record editing remains restricted by the client's assigned office
📣 NEW FEATURES
Separate FX Gain/Loss Accounts for AR and AP Transactions
What is it?
You can now define separate GL accounts for foreign exchange gains/losses on client (AR) versus vendor (AP) transactions. Previously, all FX adjustments used a single shared account.
Why it matters
Finance teams can now track currency fluctuations separately for foreign currency client bills and supplier invoices, enabling clearer financial reporting and easier reconciliation.
How it works
Two new fields are available in Default GL Posting Accounts setup:
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Client FX Gains/Losses Account (for AR transactions). With this release, this has been populated with the default value from the "FX Gain/Losses Account" field. Update this new field, if needed.
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Client FX Revaluation Account (for AR revaluations). If left blank, the system will continue to use the default "FX Revaluation Account" to revalue your Receivables.
Here’s how the system applies these:
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When a client payment (receipt) is processed and there’s an FX rate difference, the system posts the gain/loss to the Client FX Gains/Losses Account.
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When a vendor payment is made, the gain/loss continues to be posted to the existing FX Gains/Losses Account, unless the job is configured to pass FX differences to the client in which case, it posts to WIP (Work in Progress).
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Revaluations of AR balances now also use the Client FX Revaluation Account, ensuring all FX impacts on receivables are isolated from payables.
📘 See step-by-step guide for setting your Default GL Posting Accounts.
Interoffice Billing Reconciliation
Bulk processing and elimination of interoffice AR/AP transactions
What's New
A comprehensive tool to handle interoffice billing transactions through Accounting > General Ledger > Interoffice Billing Reconciliation. Two processing options are available:
- Create Payments & Receipts - Permanently clear intercompany AR/AP using your Interoffice Cost Sharing Account
- Eliminate - Create traditional elimination journal entries with automatic reversals
Why it matters
Interoffice billing AR and AP balances need to be eliminated because they represent transactions between offices within the same organization. For consolidated financial reporting, these balances artificially inflate both assets (AR) and liabilities (AP) since the organization doesn't truly owe money to itself. Eliminating these balances provides an accurate view of the organization's financial position and is required for proper consolidated financial statements. This feature eliminates the tedious monthly work of manually creating individual receipts and payments for interoffice billing transactions where no cash changes hands, saving significant time during month-end close.
How it works
- View and filter all outstanding interoffice billing transactions
- Select transactions for bulk processing
- Choose permanent settlement (receipts/payments) or traditional elimination (journal entries)
- Built-in validations ensure accurate processing
📘 See step-by-step guide for Interoffice AR/AP Reconciliation & Elimination.