NetClose Release Notes 09/18/24

NetClose VERSION 2024.1.351 and Netgain Tools Shared Transactions 2024.2.20 KEY UPDATES  

Microsoft OneDrive integration reconciliations updates 

• Updated setup process: Under Netgain > System Setup > Microsoft File Management users will need to reauthenticate their token by clicking the “Microsoft Azure Tokens” hyperlink. The user will then indicate the file path where they would like NetClose to generate the Netgain Tools folder path which will hold their reconciliation folder structure.  

• Default folder creation: The integration now creates folders for each account grouping by default for the first month and reconciliation folders are now grouped under a parent folder, rather than being divided into sub-groupings. This will be created under the Netgain Tools Folder Path that was indicated in the Netgain System Setup. 

• Improved folder structure logic: Adjusted the roll-forward process to automatically copy the folder structure from the previous month, ensuring consistency in file organization. 

• Reconciling item description import: When importing reconciliation items from Excel, item descriptions will now be automatically populated based on the cell adjacent to the amount. If the tag is to the left of the amount, the description will be pulled from the field to the right of the amount. 

• Source file links: Added functionality to link directly to the source Excel file for each reconciliation or reconciliation item. These links are available in the popup window or record for each reconciliation.  

• Microsoft reauthentication process: The Microsoft token authentication process was updated in NetClose to increase the time between when users will have to reauthenticate. 

Report Updates 

We are excited to announce that new reports have been added to NetClose to provide deeper insights and help you streamline your workflow. These reports can be accessed by navigating to NetClose > Reports > All Reports. 

Amortization Reports: 

• Amortization Roll Forward: View your amortizations and see the changes to the amortization during the period. 

Tasks Reports: 

• Overdue NetClose Tasks: View all tasks that are overdue. 

• My Tasks Due Today: See a list of all tasks that are due on the current day. 

• My Tasks to Prepare: Identify tasks assigned that have not been completed or submitted for review. 

• My Tasks to Review: Track tasks assigned to you that are ready for review. 

• Employee Task Workload: Understand the distribution of tasks among team members. 

• Task Completion by Status: Monitor the status of task completion across different categories. 

• Percent of Tasks Completed by Classification Type: Evaluate task completion rates based on classification types. 

Reconciliations Reports: 

• My Reconciliations to Prepare: View reconciliations assigned to you that need to be prepared. 

• My Reconciliations to Review: See a list of reconciliations assigned to you that are pending review. 

• Reconciliation Percentages by Status: Analyze the percentage of reconciliations based on their status. 

• Reconciliation Status Report: Get a detailed overview of the status of all reconciliations. 

Reconciliations Updates 

Auto-reconcile by percentage threshold feature: 

• A new feature has been added to set a dollar threshold for auto-reconciliation based on a percentage of the reconciliation's ending balance. Users can now specify a percentage threshold at the reconciliation level.  

• For example, if a threshold of 3.5% is set and the ending balance of the reconciliation is $1,000, the system will automatically reconcile if the unexplained balance falls within the range of $965 to $1,035. 

 Auto-reconciliation rule updates: 

• Balance thresholds for auto-reconciliation will now be treated as absolute values. 

 Prepare/Review reconciliation table: 

• Added ending balance to the tables on the prepare and review reconciliations page 

 Bug fixes: 

• A bug was fixed that previously impacted paycheck and sales tax payments transaction types appearing in some reconciliations.  

• A bug was fixed that could cause the name of the person tagging or tagged in a comment appearing as [object].  

• A bug was fixed that caused a reconciliation status to not update to “Balance changed” after it was auto-reconciled if the GL balanced was changed after the auto-reconciliation was performed. 

• A bug was fixed that previously auto-reconciled accounts with an ending balance of zero and there were no reconciling items, if the “Reconciling items match” rule was enabled for the account’s parent grouping. 

 Tasks Updates 

Mass update feature: 

• The task list page now includes a mass update button to mass update all selected tasks.  

• The task list page now includes checkboxes to select all tasks or individually select multiple tasks for mass updating. 

• The mass update functionality has been enhanced to allow the "Complete" status to be set for tasks that have a reviewer, if the person enacting the mass update is the reviewer for those tasks. 

• If a task with a reviewer is mass updated to be set as complete, it will be changed to submitted for review. 

• If a task that does not have a reviewer is mass updated to be set as submitted for review, the task will instead be set to complete. 

 Task list table changes: 

• The table on the tasks list page has been enhanced to be more responsive and dynamic.  

• Columns can now be resized by dragging the “|” in the table header.  

• Any column can be sorted by clicking on the column name in the header.  

• Columns can now be moved by dragging them to different positions. 

• Users can now click anywhere in a row to pull up the popup for each task with more information. 

 Bug fixes: 

• A bug was fixed that could cause the name of the person tagging or tagged in a comment appearing as [object].  

• A bug was fixed that was causing the task list filter to filter incorrectly if the subsidiary filter, then user filters were applied, and the subsidiary filter was subsequently changed. 

 Amortization Updates 

 Amortization date controls: 

• Amortizations was updated so that users can now create amortizations with start dates earlier than the transaction date of the transactions the amortization is created from. 

• For users who want to disallow amortizations to be created with start dates earlier than the transaction date, there is now a global setting called “Disallow Amortization Start Date Before Transaction Date” that can be enabled to prevent this. 

 Bug fixes: 

• A bug was fixed that previously impacted the parsing of dates in DD/MM/YYYY date formats. 

• A bus was fixed that previously caused the incorrect subsidiary’s currency type to populate on amortizations that were sourced from Advanced Intercompany Journal Entries that had two different currency types. 

 Flux Updates (will be released within two weeks) 

Flux functionality/organization enhancements: 

• New Flux Account Group record: Added a new Flux Account Group record to organize account for flux analysis by groups. Each account will now have a field called “Flux Account Group” to assign each account to a flux group which will be used for grouping purposes when generating flux scenarios. 

• Flux analysis by Flux Account Group: Users can now create flux scenarios based on account groupings, accounts individually, or both account groups and accounts. 

• Using the “Flux Grouping” field on the generate flux scenario page, users can now select “Accounts and Groups,” “Groups Only,” or “Accounts Only” 

• “Groups Only” will result in flux items being generated only for each Flux Account Group with no individual accounts. 

• “Accounts Only” will result in flux items being generated for each individual account. 

• “Accounts and Groups” will result in flux items being generated for each account, but the accounts will all be organized as children of the overall parent Flux Account Groups and each parent Flux Account Group will also have a flux item generated.  

• Flux analysis by segments: Users can now create flux scenarios based on segments including department, class, location, or custom segments.  

• When creating a flux scenario by segment users can indicate what segment type to choose using the “Additional Segment Type” field.  

• Once an additional segment type is selected, two new fields “Segments” and “Consolidate by Segment” will appear.  

• The “Segments” field allows users to select one or multiple segments that they would like the flux scenario to be performed on. If no segment is selected, then the flux scenario will be performed on all segments. 

• If enabled “Consolidate by Segment” field will result in a flux scenario with each combination of group and account being created for all the segments together as a group. If it is not enabled, then a flux item will be created for each combination of group and account for each segment individually. 

 Review Flux Table Changes: 

• Columns can now be resized by dragging the “|” in the table header. 

• If a flux explanation is required for an account, it is now indicated by a blue stoplight icon next to the flux item name that requires explanation rather than a checkmark in its own column. 

• If a user selects an additional segment, then an additional segment column indicating each flux items segment will be added to the table.