Enhancements Included in the Wisdom Accounting Suite Software Version

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1 Enhancements Included in the Wisdom Accounting Suite Software Version This document lists the enhancements and program corrections in this new release of the accounting software. Listed below are the main sections in this document and their beginning page number. User Maintenance & Transaction Processing Control 1 General Ledger 3 Accounts Payable 6 Check Reconciliation 8 Fixed Assets & Prepaid Expenses 8 User Maintenance and Transaction Processing Controls There is now a Find button at the bottom of the User Maintenance screen to easily locate a specific user. The following check boxes have been added to the General Ledger Function Access tab to give additional control over the functions that a non-administrative user can have in the general ledger. Default private journal batches See the GL enhancements section for further information on this item Import batches Maintain journal templates Maintain recurring transactions Maintain sub-ledger transactions Post imported batches Post sub-ledger transactions Transfer journal templates View imported batches View journal templates View recurring transactions View sub-ledger transactions An administrator can log into User Maintenance and give a non-administrative user any of the above functionality by selecting the user name and then the Function Access tab. Locate the General Ledger tab and click in the box beside the desired function to place a check mark in the box. Then choose the Save button. This newly assigned functionality will be available to the user the next time that they log into general ledger. 1

2 Use of restricted general ledger accounts has been enhanced in the general ledger posting screens. Restricted accounts are designated in User Maintenance on the Account Access tab. If a batch contains a restricted GL, then the batch cannot be modified by a user who does not have access to the restricted account. If the user has the flag that restricted GLs will be hidden, then none of the transactions in the batch will be visible to the user. Manual Journal Security settings: Access to the Manual Journal screen under the Actions menu is controlled by the "Create Accounting Entries" security flag. Access to Post Manual Journal batches is controlled by the "Post Accounting Entries" security flag. Individual batch access is controlled by the user being given GL access and the private/public batch status or if the user is an administrator. Data Processor Security settings: Access to this screen under the Actions menu, requires the user to have access to one of the following security flags: "View Imported Transactions", "Post Imported Transactions" or "Maintain Imported Transactions". Access to maintain transactions is controlled by "Maintain Imported Transactions" and the user being given GL access. This includes modifying existing transactions, batch fields, and adding/deleting transactions from the batch. Access to view the transactions in the batch is controlled by the "View Imported Transactions" flag and by GL access. If you have the "View Imported Transactions" flag set, but one of the GLs in the batch is restricted, you will not be able to view any of the batch s transactions. Access to post the transactions in the batch is controlled by the "Post Imported Transactions". If the user is given authority to post a batch but they are not authorized to view the batch because of restricted accounts, then you will not see the individual transactions and an audit report will not be created when the batch is posted. Sub-Ledger Batch Security settings: Access to this function under the Actions menu, requires the user to have access to one of the following security flags: "View Sub-ledger Transactions", "Post Sub-ledger Transactions", or "Maintain Sub-ledger transactions". Access to maintain transactions is controlled by "Maintain Sub-ledger Transactions" and by the user being given GL access. This includes modifying existing transactions, batch fields, and adding/deleting transactions from the batch. Access to view the transactions in the batch is controlled by the "View Sub-ledger Transactions" flag and by GL access. If you have the "View Sub-ledger Transactions" flag set, but one of the GLs in the batch is restricted, you will not be able to view any of the batches transactions. Access to post the transactions in the batch is controlled by the "Post Sub-ledger Transactions". If the user is given authority to post a batch but they are not authorized 2

3 to view the batch because of restricted accounts, then you will not see the individual transactions and an audit report will not be created when the batch is posted. Recurring Batch Security settings: Access to this screen under the Actions menu requires the "View recurring transactions" security flag. Access to modify transactions is controlled by the "Maintain recurring transactions" security flag. Journal Template security settings: Access to this screen under the Actions menu is controlled by the "View Journal Templates" security flag. Access to maintain a journal templates is controlled by the "Maintain journal templates" security flag. Access to transfer batches to manual journals is controlled by the "Transfer journal templates" security flag. Import host batch settings: Access to import a batch is controlled by the "Import Batches" security flag. General Ledger Enhancements The manual journal entry function has been changed to allow a user to add batches as public or private. Private batches will not be visible to other users until they are posted, except for administrative users. These batches are indicated by an icon displaying a single user. If the Private flag is not on, then batches created by the user will default to a Public status. This is indicated by an icon displaying multiple users. Public batches are visible to other users before they are posted. However, access to the batch will be controlled by additional security settings. In addition, batch locking has been enhanced to prevent two users from manipulating the same batch at the same time. A message will display identifying which user has the batch locked. Private and Public batches only apply to manual journal batches and journal templates that have been transferred to the Unposted Manual Journal Entries screen. The batch locking applies to all batch categories. As part of this enhancement, a new field has been added to User Maintenance on the General Ledger Function Access tab: Default private journal batches. When this option is checked, batches added by the user will be added as private. If the user is not an administrative user and the option is left unchecked, then batches added by the user will default to public batches. Batches added by an administrative teller are always added as private. On the Unposted Manual Journal Entries screen, a Private check box has been added to the Edit button. Private batches can be made public by removing the check mark from the Private Option so that other users can view, maintain, or post the batch. A public batch can also be made private by selecting the Private check box. A batch added as a public batch can only be made private by the user that added the batch or an administrative user. 3

4 Various reports have been updated to show teller IDs and additional header information. The teller ID that added the transaction to the batch or who last maintained the entry is now displayed on the following reports: Detail Trial Balance report, Manual Journal Entries Audit Trail, Detailed Transaction Report, Sub-Ledger Audit Trail and the Recurring Entries Audit Trail. The teller ID that added the transaction to the batch or who last maintained the entry is also shown on the G/L Transactions Review screen. The teller ID that posted the batch is displayed in general ledger under Actions-Review Posted Journal Descriptions in the Teller ID field. The Journal Entries Audit Trail shows the teller that transferred the batch to manual journals or the last teller to maintain the entry in the batch. The Manual Journal Entries Audit Trail report now shows the Batch ID, Teller ID that created the batch and the Batch Date in a single line display before the individual entries are shown. The Detailed Transaction Report now shows the Post Date in addition to the Batch ID and the As of Date. Files imported into general ledger will display the teller ID in the import file on the Daily Entry Audit Trail, Detail Trial Balance and the GL Transaction Review screen unless the entry was changed before the file was posted. If an entry in the import file is maintained, the last teller ID to maintain the entry is shown on the above reports. If there is not a teller ID in the import file, then the teller ID posting the file or the teller who last maintained the entry in the file will be displayed on these reports. General ledger Comparison reports can now be run before the month has been closed in general ledger. In order to use this feature, a user will need to log into general ledger and choose Processing-Create Report Totals. The Report Total processing window will display the next month end date to close in general ledger as the effective date for the totals created. Choose the Start button and then choose OK when the message Report Total processing complete is displayed. The system will treat the current balance in each G/L at the time that the totals are created as the month ending balance. Any average balance calculations will assume that the current balance in the G/L account remained the same for the rest of the period. The system will not automatically take into account any GL entries that are posted to that accounting period after the Report Totals are created unless new report Totals are created again by going to Processing-Create Report Totals. After these totals are created, Comparison reports can then be accessed under the Reports icon or under Output-Reporting. The next month end date to close in general ledger can be entered in the As of field in order for Comparison reports to be contain G/L balances for the next month to close in general ledger. A general ledger export file is now available for the IPS ALBUM product. This file can be created in general ledger by choosing File-Transfer to ALM-Album. Once at this location, the format of this file can be obtained by clicking on the Help button. A file can only be created for a closed month in the current year. 4

5 A new option exists for creating a general ledger file in the Profitstar and Sendero ALM format. When separating the GL account number and branch, an option of Use whole GL number for account and assigned branch can be selected. The Wisdom dashboard is an icon that can be used to log into all Wisdom products. The dashboard is installed as part of the Asset Liability Management software. Logging into the dashboard automatically logs the user into each piece of the software that the user is authorized to access from a single Login prompt. The General Ledger software has been updated to accept the automatic login to General Ledger from the Wisdom dashboard. The Wisdom dashboard should be closed when the user is not at their computer to prevent unauthorized access by other users. A Reports Only option has been added to the General Ledger for Portico clients only. The net income transfer process now honors the Currency Rate table for clients who have multiple currencies in their general ledger. The Currency Rate table can be updated under Tools-Currencies-Update Rates or as part of the month end close. To determine what to enter into the currency rate table, the credit union would need to find out what the current currency exchange rates are for the various currencies that are in their G/L in relation to their Default currency. For example, if the default currency is Canadian dollars, then the currency rate for Canadian is always a 1. If at the end of the month, 1 Canadian Dollar is worth US dollars, then would be entered in the currency grid as the rate for the US dollars currency. When a month is being closed where net income should be moved, the system uses the Currency Rate table to calculate the foreign exchange adjustment amount of the non-default currency income and expense G/L balances. During the month end close, the system will make G/L entries to record the Foreign Exchange Adjustment separate from the transfer of net income. The GL Closing Period Information screen displays a Multi-Currency Closing Entries tab if more than one currency has been defined. This screen displays the Closing Period and a line with the following information for each currency defined in the GL. Currency Code Net Income Amount Conversion Rate Adjusted Net Income Below this information, the current and proposed retained earnings balance is displayed. A dropdown box allows the user to select the G/L number to which the foreign exchange adjustment should be posted. This GL account should be in the credit union s default currency. The offsetting entry to the Foreign Exchange Adjustment entry is made to the G/L account selected under Tools-Preferences on the Accounting Options tab as the Undivided Earnings G/L Account. The G/L description for the exchange adjustment entry is Foreign Exchg Adj Period XX. 5

6 The Audit trail report has been updated to show a line for each Currency Code and its Net Income Amount, Conversion Rate, Adjusted Net Income and Foreign Exchange Amount. The default Currency Code is also displayed. Program Corrections The issue has been resolved concerning posting to accounting periods 13, 14 and 15 if the current year-end date in preferences is other than 12/31/XXXX. The issue has been resolved concerning an incorrect currency conversion rate when running multiple reports at the same time. The issue in report design that caused the List index out of bounds error when the last GL number in a range of GL numbers was the last GL in the chart of accounts has been resolved. The issue when running financial statements mid-month and other users getting a message that month-end processing was in process has been resolved. The issue that you could not post G/L entries into a future period during month-end processing has been resolved. The month end close process does though require that no users can be in the G/L Detail Transaction Review screen during the month end close but they can remain in GL and post to future accounting periods, if desired. If other users are in GL when the month is being closed, the Last Month Closed shown on their Main Menu screen will not be updated until they log out of G/L and back into G/L as the software only checks this field when the application is started. Accounts Payable Enhancements A change has been made to the data included in an accounts payable backup. Files located under the Images button on an invoice and under the Images button in History are now stored in a separate directory and therefore are no longer a part of the files included in an accounts payable backup. The images were removed from the backup files as they are often highresolution and take up a large amount of disk space, causing the AP backups to become too large. A server update will be made as part of this software upgrade which will create an IMAGES folder beneath the DATA folder on the server. During the upgrade, the images will be relocated to this new location. Therefore, it is important to include the wisdom DATA folder and all sub-folders, including this new IMAGES folder, in the automatic nightly backup of the server. The following fields are displayed on items under the Images button for current and paid invoices: the teller ID that added the image, a description and the date/time that the image was added. The description field defaults to the data displayed in the invoice/reference field and the vendor ID for the invoice. The description can be changed by clicking in the field and entering a new description. Security has been added to control what user can remove images. A non-administrative user would need to have the box checked in User Maintenance on the Accounts Payable Function 6

7 Access tab, to Maintain current invoices in order to be able to remove an image. Administrative users can also remove images since they have the authority to do everything in the software. The Accounts Payable software can now create a file to transmit 1099-MISC information to the government in addition to printing 1099-MISC forms. If this option is selected, Wisdom will create a file entitled 1099MISC(20XX).TXT where XX is the 2 digit year. During file creation, you will be prompted for where on the credit union s network the file should be placed. It will then be the responsibility of the credit union to transmit the file to the government. In order to create the transmission, go to Tools-Preferences to verify the Current Year End date is correct. Next go to Processing - IRS Reporting (1099-MISC) to verify the Payer Information displayed. Then select the Create Transmission File button. A test file created using this method was reviewed by the IRS and deemed GOOD for Federal/State reporting MISC form creation has also been relocated to Processing - IRS Reporting (1099-MISC). Selecting the Print 1099_MISC forms button will create either an alignment test, a single form or a corrected form if the appropriate boxes are checked or all forms will be created if these boxes are left unchecked when selecting the Print 1099_MISC forms button. Additional information on this screen can be viewed by choosing the Help button on this window. The naming convention for sub-ledger batches transferred to Wisdom s General Ledger has been changed to include the 2 digit year. Batches created in Accounts Payable will be named AP-MMDDYY rather than AP-MMMDD. An enhancement has been made to allow users to export a CSV file of accounts payable general ledger entries even if the credit union has Wisdom s general ledger software. The following options have been updated for this enhancement under Tools-Preferences-Interface tab in the Export file format field. Wisdom Integrated This option tells the software to send the general ledger entries to Wisdom s general ledger software for posting. Fiserv Portico Creates a file of entries for posting into Fiserv Portico s general ledger software. After the user names the file, it is placed in the location specified as the Export file path. Default CSV Creates a text file of entries containing the date, general ledger number, description and amount. The file name is apinter.txt and it is placed in the location specified as the Export file path. Only one of the above options can be used for transferring general ledger entries. When upgrading the software to this version, the system will default Wisdom Integrated in this field if the prior value was blank or Default. Fiserv Portico will be defaulted if the prior value was Integrasys Premier. Please verify that the correct value is in this field before using the accounts payable software. 7

8 Program Corrections The issue has been resolved where recurring invoices were not updating the vendor totals correctly The status of items voided under the History button will now be changed to Void rather than Stop Payment Items voided under the Accounts Payable History button will now generate a record of the voided check for the Check Register Interface file. The issue where the information on a voided invoice that gets deleted was leaving GL records that print on another invoice s check stub has been resolved Check Reconciliation Enhancements Check register import file interfaces have been created for Southwest Corporate and WesCorp. When importing a cleared check file, either of these values can be selected from the format dropdown box in addition to a generic comma delimited or MoneyGram format. An EasCorp check register export file can now be created. In order to use this feature, the Checking Account Maintenance screen will need to be updated to include the checking account number at EasCorp in the Import Account ID field. Leading zeros must be entered to force the account number to be 12 digits long. In the Check Reconciliation program, choose Reconcile and then the Export button to display the third Party Check Export screen. On this screen Choose Eascorp as the destination and select the date. You will only need to fill in the Client Number and Exported file path one time, as the program will remember it. The client number will be the credit union s R&T number, with leading zeros. When the Export button is selected, the file will be created. You will then use the EasCorp Website to transmit the file. A separate file must be created for each date. Only checks with an amount greater than 0 and a status of Outstanding and written on the selected date will be exported. Fixed Assets & Prepaid Expenses Enhancement The naming convention for sub-ledger batches transferred to Wisdom s General Ledger has been changed to include the 2 digit year. Batches created in Fixed Assets will be named FA- MMDDYY rather than FA-MMMDD. Batches created in Prepaid Expenses will be named PP- MMDDYY rather than PP-MMMDD. An enhancement has been made to allow users to export a CSV file of fixed assets and/or prepaid expense general ledger entries even if the credit union has Wisdom s general ledger software. The following options have been updated for this enhancement under Tools- Preferences-Interface tab in the Export file format field. Wisdom Integrated This option tells the software to send the general ledger entries to Wisdom s general ledger software for posting. 8

9 Fiserv Portico Creates a file of entries for posting into Fiserv Portico s general ledger software. After the user names the file, it is placed in the location specified as the Export file path in Preferences. Default CSV Creates a text file of entries containing the date, general ledger number, description and amount. The file name is either fainter.txt or ppinter.txt and it is placed in the location specified as the Export file path. Only one of the above options can be used for transferring general ledger entries. When upgrading the software to this version, the system will default Wisdom Integrated in this field if the prior value was blank or Default. Fiserv Portico will be defaulted if the prior value was Integrasys Premier. Please verify that the correct value is in this field before using the fixed assets and prepaid expenses software. 9

Sage General Ledger User's Guide. May 2017

Sage General Ledger User's Guide. May 2017 Sage 300 2018 General Ledger User's Guide May 2017 This is a publication of Sage Software, Inc. 2017 The Sage Group plc or its licensors. All rights reserved. Sage, Sage logos, and Sage product and service