Archiving for Unit4 Financials

Archiving for Unit4 Financials

With any accounting or financial management solution, regular archiving helps you keep control over the size of your datasets, speed up processing times and ensure ongoing optimum software performance.

In this blog post discover how archiving works in Unit4 Financials (previously known as Coda Financials) and the difference between the two types of archiving available.


What are the Archiving options in Unit4 Financials?

There are two types of archiving:

Internal archiving

With internal archiving, information continues to reside within your main Unit4 Financials production database.

Tables in the internal archive are given an “arc” prefix. The transactions within these internally-archived tables can still be accessed through enquiries. To search archived items, all you need to do is change your selector to ‘archive’ instead of ‘books’.

External archiving

External archiving involves moving data from the Unit4 Financials production database to a separate archive database. Note however, that this archive database still resides on the same database server. As with internal archiving, externally archived data is held in “arc” tables. To do external archiving, you first must do internal archiving.

How to utilise Archiving for Unit4 Financials 

With any accounting system, the larger the dataset, the longer it takes to process requests (e.g. queries, searches and transactional reports). Especially if your Unit4 Financials users are experiencing a gradual drop-off in response speed over time, it’s a sign that archiving is likely overdue.

To avoid having to routinely process potentially millions of lines of irrelevant data for each request, it’s certainly worth focusing on the following:

• Establishing an archiving policy

Matters to consider here include whether and how often users need to query data that is over a year or two old. You should also look at how often your AP/AR teams need to query transactions paid/matched over a year ago.

• Ensuring a correct archiving set-up

As a start, you need to ensure the archiving feature in your Unit4 Financials system has been activated and configured according to your needs.

Does archived data remain accessible?

In short, yes. When you have archived your data in Unit4 Financials, that data remains searchable.

When you submit a query on the system, you have the option to search live data only, or include archived data. For most users, the majority of day-to-day queries relate only to recent data. So for these queries, users can stick with the default live data search setting. Regular archiving means that the system does not have to trawl through swathes of irrelevant data, thereby helping to maintain optimal search response times on routine tasks. On those occasions where you need to check historical data, you can simply switch the query type to include archived information.

Unit4 Financials Archiving: Watch how it works…

This brief video further illustrates the differences between each archiving method to help you choose between the two. It covers the issues that commonly arise in archiving financial information and how you can resolve them within the system. We also share a case study illustrating the benefits of archiving.

A painless Unit4 Financials upgrade starts here 

If you are on V14 remember that at end of 2022 it will fall outside the Unit4 supported software window. If you don’t upgrade before that date, you may incur extended support charges from Unit4.

Now may be an ideal time to look at the options that are available to you and the benefits you will gain from an upgrade. To explore your upgrade options, contact us today.   


Business Change in 2022

Business Change in 2022

The financial crisis of 2008 fundamentally altered the environment for the Financial Services industry and since then banks and insurance companies have spent hundreds of £ millions on regulatory compliance initiatives.

In the insurance world for example, IFRS 17 will continue at the forefront of insurance companies thinking until 2023 and beyond. Designed to achieve the goal of consistent, principle-based accounting for insurance contracts, IRFS17 requires insurers to integrate data from across their organisation and create a single version of the truth. However, the “golden source” data created not only enables them to meet their regulatory obligations but also to access granular data that was previously inaccessible. It is a classic case of the law of unintended consequences.

In December 2021, the International Accounting Standards Board (IASB) issued Initial Application of IFRS 17 and IFRS 9—Comparative Information (Amendment to IFRS 17). The amendment is a transition option relating to comparative information about financial assets presented on initial application of IFRS 17. The amendment is aimed at helping insurers to avoid temporary accounting mismatches between financial assets and insurance contract liabilities and therefore improve the usefulness of comparative information for financial statement users. (https://www.ifrs.org/projects/completed-projects/2021/initial-application-ifrs-17-and-ifrs-9-comparative-information-amendments-to-ifrs-17/)

2022 is likely to be a challenging year for the insurance industry. For jurisdictions working towards a 2023 effective compliance date, the pressure has increased and the next six months will be critical if the deadline is to be met.


Millennium Consulting believes that compliance with the new regulation can allow insurers to become disrupters, digitise their processes and fundamentally re-engineer their Target Operating Models.

So, whether your actions are driven by regulatory compliance or from the desire to adopt best practice, Millennium is here to help. Our team are experienced financial markets professionals with deep domain expertise, be it products, market mechanisms or the business and regulatory drivers that are shaping the industry. Working with many of the world’s leading financial markets and insurance companies we help them define, manage and deliver the change they need to achieve market leadership.


Millennium Consulting Awarded ISO27001 & ISO9001 Certification

Millennium Consulting Awarded ISO27001 & ISO9001 Certification

December 2021

Millennium Consulting passed another ISO 27001 & 9001 audit with flying colours!

In December 2021 the highly successful recertification process was completed with no nonconformities identified in the audit. With special thanks to Mike Deal and Andre Peter for ensuring that we continue to conform to ISO standards internally and externally.

February 2021

Millennium is proud to announce that during December 2020 we obtained ISO27001 & ISO9001 certification.

While adhering to ISO guidelines in recent years, in 2020 the decision was made to formalise this via accreditation. After an intensive 9 month period, we are delighted to announce that this goal has been accomplished.

By gaining ISO 27001 & 9001 certification, we continue to demonstrate our commitment to providing quality service, effective cost management and timely delivery to our customers while at the same time anticipating their demands. In future we will continue to review our management systems, policies and information security management processes to achieve our ongoing objective of providing the highest quality service to our clients. Finally, to maintain our ISO status, we will continue to invest in technology, development and processes so we can best serve you, our customers.


What’s new in Unit4 Financials Continuous Release?

What’s new in Unit4 Financials Continuous Release?

New functions rolled out under recent Unit4 Financials quarterly releases have significantly enhanced the user experience, further enabling your finance team to streamline business processes, reduce operational risk and free up resources for value-added work.

Here’s a summary of what has been added since October 2020, along with a closer look at some of the most noteworthy enhancements…

At a glance: release date summary

CR 2021 Q4              (7th December 2021)
CR 2021 Q3              (14th September 2021)
CR 2021 Q2              (9th June 2021)
CR 2021 Q1              (9th March 2021)
CR 2020 Q4              (8th December 2020)
CR 2020 Q3              (14th October 2020)
V14 R16                    (27th July 2021)
V14 R17                    (end November 2021)

  • Hotfix to protect Unit4 Financials in the Log4j Java library
  • Table Link Transfer Client
  • Billing: Use Structured Output on Final Issue
  • Billing: Copy Attachments on Posting
  • Invoice matching: Set number of background matching threads

  • Structured Output – UBL 2.1 Transformation: XML can be validated against the UBL 2.1 Invoice schema
  • Attachments can now be managed from within the Billing Browse screen
  • It is now possible to attach the PDF Invoice or Credit Note to the Billing document on final issue
  • Scheduling a task of type Print Invoices now permits you to generate structured output for invoices (for example, XML in UBL 2.1 Transformation)
  • Purchase orders approval can now be viewed across company in read-only mode

When you save masters, trailing spaces are now automatically removed. Print invoicing functionality is also improved, including support for XML formatting, as well as for invoices in pdf format.

  • Documents outputs can now be written to an SFTP location
  • Leading and trailing spaces are automatically removed when updating master names and short names
  • The ‘Print Invoices’ function now allows an XML invoice. Transformation to be generated and sent. A pdf from a print format can be attached to the Finance document as its primary attachment
  • The ‘Remove’ checkbox for additional lines in input is now positioned on the right-hand side by default
  • Structured Output – UBL 2.1 Transformation: the generated XML file is now validated against the UBL Invoice schema
  • Structured Output – UBL 2.1 Transformation: new vocabulary available including IBAN, attachment ID

This release included a number of enhancements that actually go a long way in improving the user experience. Examples include the new option to sort a paylist in descending order. There is also a new ‘element authorisation status’ for the financials selector master, which means that an element that isn’t authorised for changes can be excluded automatically without having to send a reminder or statement.

  • Download XL for Unit4 Financials
  • Document master setting to prevent the user who originally posted a document to the intray from posting the document to the books
  • Pay/Collect summary now displays the pay proposal list by Pay Date in descending order
  • Element authorisation status added to financials selector master
  • New Punchout parameter added, user email
  • Review Punchout items screen has new ‘select all’ and ‘deselect all’ buttons
  • Punchout website now appears in a new tab in the browser
  • Structured Output has a new transformation available, called ‘FEC’ Transformation (Fichier des ecritures compatables)
  • Structured Output now allows zip file compression
  • Structured Output can now generate .csv files without quotes

The new Tablelink for Cloud feature helps to simplify cloud migrations, removing the need to rewrite interfaces using web services and APIs. The release also included SFTP support, along with the ability to create comma-separated files that can be transported. e-Invoicing capabilities were also enhanced.

  • Structured Output – CSV Transformation
  • Structured Output – Output to SFTP
  • Structured Output – Output to HTTP POST
  • Tablelink for Cloud – Helper and API
  • Improvements to upgrade Scripts
  • e-Invoicing enhancements (Dutch XML invoice load)
  • Unit4 Financials Idealization Process

Version 14 of Unit4 Financials saw the introduction of a new billing module. Among other enhancements, the 2020 Q3 continuous release saw an extension of these billing features.

  • System users with OpenID Connect
  • Billing – Quantities copied to Finance
  • Billing – Print Preview
  • Structured Output – Message Hub Output
  • Unit4 Extension Kit – Samples
  • Structured Output – GDPdU (local German product)

Having introduced a wide range of new features in the previous quarter, the 2020 Q2 release was focused mostly on routine product maintenance. However, there were a couple of new functions added. These were a scheduled task for reconciliation, along with changes to the Avalara export to accommodate HMRC’s ‘Making Tax Digital’ initiative.

  • Scheduled task for Reconciliation
  • Structured output changes – Avalara XMI export

This was the first release under Unit4’s new quarterly roll-out model (‘Continuous Release’). It introduced a wide range of new features.

  • Schedule Task for hierarchy updates. You can now schedule new tasks for hierarchy updates and asset depreciation
  • Submit orders on auto convert from requisitions
  • Browse Transactions: Raise Corrective Journal
  • Browse Transactions: Copy Document
  • Deep link ‘balance’ drill to browse transactions
  • Schedule Asset Depreciation
  • Element template customisations copied via copy company. Element template customisations are now copied via the ‘copy company’ functionality
  • Billing Copy Document
  • Reconciliation Date & User. The introduction of this feature allows users to do retrospective reconciliation reports. In addition, the same level of functionality available in ‘browse details’ has also been extended to ‘browse transactions’
  • Browse Transactions: Drill to Account Summary
  • Browse Transactions: Edit Comment via related information panel
  • Browse Transactions: Workflow Actions
  • Provisional and Undo Year-End. Learn more about these features here
  • Migrate customisations from test to live
  • Allow change to balances on company master
  • LRN Housekeeping without posting
  • Reference Attachment Hyperlink as Direct Link
  • GDPR for Element history
  • Make use of address categories in Procurement Ordering
  • Add Element Flexi-Fields data to Copy Company
  • Change Pay Period. This is the ability to be able to change the period during a pay proposal
  • Interco control to contain customer/supplier elements

Should you upgrade your Unit4 Financials software in 2022?

Support for Unit4 Financials V13 has already been withdrawn. Support for V14 will expire at the end of 2022. Failure to upgrade before then increases the likelihood of incurring extended support charges from Unit4.

Upgrading enables you to:

  • Access the latest functionality
  • Reduce operational risk and processing costs
  • Continue to access Unit4’s “in support” software maintenance and support package
  • Ensure you are up to date with Unit4’s latest software security package

As an Elite Unit4 Partner, Millennium Consulting specialises in delivering a seamless upgrade, while also ensuring your upgraded solution is fully aligned with organisational requirements.

To explore your options in Unit4 Financials, contact us today

Unit4 Financials Continuous Release: Provisional Year End and Year End Undo

Unit4 Financials Continuous Release: Provisional Year End and Year End Undo

Here’s a closer look at the latest version’s new Provisional Year End and Year End Undo functions, and the benefits these will bring to your reporting procedures. 


So, what has changed?

  • A new Provisional Year End function. This performs all the processing of a full year end, but without closing the year in question, so you can continue posting to that year. 
  • A Year End Undo function. You can now undo a year end after it has been closed. Having effectively unlocked it, you are then free to post to the year in question. 

Provisional Year End function 

This new provisional mode option gives organisations more control over year-end. No longer do you have to wait for the auditors to give the green light before running a ‘once-and-for-all’ process. Instead, you can create and update a provisional version at any time within the system, and subsequently close it when you are ready.

If a requirement for further adjustment is flagged up after close, the undo function makes it easy to rectify it. 

The new functionality is only available to users who have upgraded to Unit4 Financials 2020 / Continuously Release (previously known as Version 15). Under this latest software version, users have a choice of two modes for running a year end: provisional or full.

Undo Year End function 

The new undo year end feature in Unit4 Financials Continuous Release is a further useful addition to the system’s functionality. It means you can now undo both provisional and full year ends. 

When activated, the undo function cancels all year end journals posted to the final period for the latest year in which a year end has been run, as well as to the opening period of the following year. If a full year end is undone, then the minimum year will be reset to the previous year. 

Benefits for finance teams 

The new provisional mode gives finance officers a much greater degree of flexibility in the timing of their year end process. 

Previously, launching the year end process always meant closing the year, which in turn generally meant the process could not be triggered unless and until the auditors had completed their final checks. Now, you have the option of running a report at any time of your choosing. As well as being a useful internal resource for finance, there may also be wider situations where the ability to rapidly generate a provisional year end will be useful, such as updating the executive team or providing information to external stakeholders. 

Furthermore, year end close traditionally meant that the accounts for the year in question were locked down for further adjustments. The undo year end function provides a useful failsafe measure: if a discrepancy is discovered further down the line, you have the option of rectifying it quickly and easily. 

Watch these new functions in action 

A painless Unit4 Financials upgrade starts here 

Are you currently running Unit4 Coda Financials V13 or earlier? With support for these legacy versions now withdrawn, this is the time to upgrade. 

Millennium Consulting specialises not only in ensuring the upgrade process is a seamless one, but also in ensuring your upgraded solution is fully aligned with what your organisation wants to achieve. To explore your upgrade options, contact us today.   

Is it time to upgrade?

Upgrading your finance software can provide new functionality, increased automation and more efficient processes.

Find out more

Utilising the Homepage Portal in Unit4 Financials

Utilising the Homepage Portal
in Unit4 Financials

In this blog post discover how the Unit4 Financials Homepage Portal can transform the user experience, enabling easier navigation, faster processing, and more effective day-to-day task management.

The Homepage Portal is available on Unit4 Financials V12 onwards.


If you are a user who has been allocated a Homepage Portal, your default screen when logging onto the system will look something like this:

It’s refreshingly simple, comprising of three elements:

Tabs. The tabs are pages relating to distinct operational areas; in this case, Finance & Assets, Purchasing, Invoice Matching and Billing. The Portal is completely customisable, so you can match the tabs to the individual user’s role and responsibilities. For example, in the case of a team member whose sole responsibility is administering incoming invoices, the portal might include just a single tab: Accounts Payable.

Frames. The frames are used to group together similar content providers (see below) by subject area.

Content providers. Clicking on a content provider will take you directly to a specific report or function. For instance, under the Nominal processes frame within the Finance & Assets tab, a user can instantly navigate to Enquiries, Journal Input, Bank Reconciliation, Currency Revaluation or Intercompany Adjustments, simply by clicking on the relevant content provider.

Watch how the Portal speeds up task performance

Watch a demonstration of a search carried out from the main menu, and the same search executed via the Portal model.

The Portal approach is significantly more effective at taking users exactly directly where they need to be. There’s far less manual entry and toggling through presenters and selectors. On an individual user level, it’s quicker and easier. And once you apply it to a large finance team, all of whom execute dozens of processes and queries a day, it can make a huge difference to organisational productivity.

Portal setup

Portals are set up at system administrator-level. Before you start to set up a Portal, we recommend that you have a sketch map of the way you want the menus to be displayed, and the content.

Unlocking Unit4 Financials expertise

If you would like expert input on Homepage configuration, we’re here to help.
Whether you are looking for ‘easy wins’ from your existing setup, best practice advice on the platform’s latest functionality or a complete re-implementation, Millennium Consulting can provide the support you need. To access unrivalled expertise from a Unit4 Elite Partner, speak to us today.

Is it time to upgrade?

Upgrading your finance software can provide new functionality, increased automation and more efficient processes.

Find out more

IFRS 17

IFRS 17


Due to come into effect from 2023, IFRS17 represents a significant change in the regulatory framework for insurance contracts. Firms need to be ready to handle huge data flows at a pace, so we help them better understand the new requirements and how the latest cloud-based systems provide a clear route to compliance.

Download Brochure to read more

A Better Way to Work

A Better Way to Work


In this white paper, you can learn.

  • To make your people key to reconfiguring processes, regardless of IT expertise
  • Real-time visibility can power better decision-making
  • Automating tasks will improve efficiency
  • To make your organisation more agile and adaptive

Read the white paper today to find a better way to work.

Download Guide

ERP Software Selection

ERP Software Selection


The promise of ERP (Enterprise Resource Planning) is a compelling one. Deploy the right solution and it can help deliver a complete view of your business, integrate processes and data, drive efficiency, boost productivity and sharpen your competitive edge.

But as with any major software implementation project, success is not guaranteed. Even a seasoned procurement manager can be captivated by the bells and whistles such as swish visualisations and impressive-sounding AI capabilities, while potentially losing sight of the nuts and bolts: i.e. the ability of the system to meet your real-life business problems.

Read our guide to identifying your best-fit solution for maximum return on investment.

Click here to read

We’re now registered providers with the CPD Certification Service

We’re now registered providers with the CPD Certification Service

August 5th, 2021

Millennium Consulting is pleased to announce that they are now an official registered provider with the CPD Certification Service. Established in 1996, The CPD Certification Service is the largest and leading independent CPD accreditation organisation working across all industry sectors.

This means finance professionals undertaking courses run by Millennium Consulting count towards annual professional development requirements set by professional regulators. Any delegate attending the future courses will be issued with an accredited CPD Certificate of Attendance, which they can subsequently use within their formal CPD record for a professional body, institute or employer.

Millennium is currently submitting courses for approval, and these will soon be available to book via the CPD Service.

Jeremy Lucas at Millennium Consulting said, “I am pleased to announce that Millennium Consulting is working towards being able to offer CPD certified courses to finance professionals. This is not only further confirmation of the high quality of our services but also endorses our view of the importance of good assessment practice. Our CPD programme will allows you to keep up to date with the latest industry trends and best practice, learn new skills and develop existing ones.”

Our accreditation can be verified by clicking this link: https://cpduk.co.uk/providers/millennium-consulting