Mandatory B2B E-Invoicing in France: What it means for your business
Mandatory B2B E-Invoicing in France: What it means for your business
August 2022
The French Tax Authority (DGFIP) has announced its intention to make e-invoicing and e-reporting compulsory from 1 July 2024*.
Read on to understand what this means and who will be affected by the changes. We also consider the wider global trend of mandatory e-invoicing and the steps businesses should take to prepare for what is ahead.
*Important update: The French government announced on 28th July 2023 that it was decided to postpone the implementation of the system, scheduled for 1st July 2024, to allow sufficient time for this reform to be a success. The date of the postponement will be defined as part of the work to adopt the Finance Act for 2024. Therefore, all dates mentioned on this page are subject to further change.
This page will continuously be updated (originally published August 2022, last updated November 2023)
The what and why of e-invoicing
E-invoicing is different from merely generating an invoice in a digital format. Rather, it refers to specific frameworks for the issuing, delivery, and receipt of invoices in a standardised way.
The data contained in e-invoices follows a structured form, enabling it to be automatically logged on companies’ accounts systems. In most – but not all – jurisdictions where it is mandated, e-invoicing is accompanied by an ‘e-reporting’ requirement, i.e. submission of data to the relevant country’s tax office.
Why is e-invoicing on the rise?
In short it is because governments are losing tax revenue receipts. Across the EU in 2021, the annual tax gap – i.e., the amount of tax revenue lost to fraud or inaccurate reporting – was estimated to be in excess of EUR 130 bn. Tax authorities see it as a way to reduce inaccuracies (not least, e-invoicing theoretically eliminates the possibility of revenue somehow becoming lost on its way to an AP system). E-invoicing is also favoured by treasury ministries because it can help reduce the gap between tax liabilities and tax being actually paid.
When governments go down the mandatory e-invoicing path, they usually apply it to government procurement first, before rolling it out to B2B transactions. The UK is currently at the stage of mandatory e-invoicing for public bodies following the introduction of The Public Procurement (Electronic Invoices, etc) Regulations 2019. This means that virtually all public sector organisations are required to use e-invoicing.
What is changing in France?
France has had mandatory e-invoicing for business-to-government (B2G) transactions in place since 2020. This means that any B2G sales invoice must be an invoice and must be compatible with the country’s designated platform for this, Chorus Pro.
France has now announced that from July 2024, all companies subject to VAT will be required to accept e-invoices. Furthermore, the use of e-invoices along with e-reporting will start becoming mandatory for B2B transactions from July 2024 through to January 2026 (depending on company size).
To whom does this apply?
The rules apply to French VAT registered and established companies. Such companies will need to have the capacity to receive e-invoices. If they issue invoices to business customers, they will also need to move to e-invoicing in respect of those contracts within the relevant timeframe.
Also, the new e-invoicing requirements are accompanied by additional e-reporting rules. Be aware that despite there being no requirement for French companies to issue e-invoices for B2C transactions or in respect of customers based outside of France, certain data in respect of such transactions will need to be submitted to the French tax authority.
Companies with a multinational presence will need to check carefully whether, and to what extent they are caught by the new rules.
Timeframes at a glance
- All companies subject to VAT in France must be able to receive e-invoices starting 1 July 2024.
- Mandatory issuance of e-invoices and e-reporting for enterprises: 1 July 2024.
• Small and medium-sized enterprises (a workforce of less than 5000, and annual sales of less than 1.5 bn or a balance sheet total of less than 2bn)
• SMEs and small enterprises (fewer than 250 employees and annual sales of less than 50m or a balance sheet total of less than 43m)
E-reporting data requirements
E-invoices can be issued through the Portail Public de Facturation (PPF) via the Chorus Pro platform, which is the system currently used for B2G e-invoicing. Alternatively, businesses can opt to send invoices via an approved third-party commercial platform (known as a PDP). Under each system, businesses issue the e-invoice to the platform and the platform does the rest: i.e. delivery of the e-invoice to the buyer and reporting to the French tax authority (DGFIP).
The invoice can be created in one of three base formats compatible with the EU’s e-invoicing standard: UBL, CII, Factur-X.
The following information needs to be captured and transmitted to DGFIP:
Companies with a multinational presence will need to check carefully whether, and to what extent they are caught by the new rules.
• Date of payment collection
• Amount collected, including VAT
• Unique identification number (SIREN) for both supplier and customer
• Intra-community VAT number for supplier and customer
• Intra-community VAT number of supplier’s tax representative
• Supplier’s and customer’s country
• Category of supply
• Invoice issue date
• Unique invoice number
• Number of the rectified invoice if a corrective invoice is issued
• Option for tax payment based on debits
• Total payable exclusive of VAT
• Amount of corresponding VAT by rate
• Applicable VAT rate
• Details of any exemption
• Invoice currency code/designation
• Mention of self-billing (where applicable)
• Reference to any special scheme
• Mention of reverse charge (where applicable)
• Date of delivery or performance
• Date and amount of any deposit paid
Preparing for the changes
Organisations with a corporate presence in France should act now to determine the extent to which the new regime will impact their invoicing and accounting processes. Even if you do not have a French presence but you regularly provide goods or services to companies over there, it is good practice to find out the requirements of your business partners. In other words, if regular customers intend to start using e-invoices, do you have the technical capabilities to accommodate this?
France is currently ahead of the UK in rolling out the mandatory use of e-invoices and e-reporting beyond B2G transactions. However, given the direction of travel in this country (particularly with the government’s Making Tax Digital initiative), it is likely to be only a matter of time until similar requirements are put in place here.
This is the ideal time to consider your readiness for e-invoicing, particularly with regards to AP and AR automation. Also, despite mandatory e-invoicing being a government-driven policy, it can also bring material benefits to businesses. Not least, the fact that data is sent directly to a buyer’s AP system means that invoices can be logged, processed and approved in a fraction of the time it would take with traditional invoicing processes.
More generally, if you can demonstrate to business partners that you are equipped with e-invoicing capabilities at an early stage, it helps demonstrate your commitment to hassle-free billing and invoice management: a potentially valuable selling point in the current climate.
Looking to futureproof your accounting processes to accommodate new ways of invoicing?
Millennium is highly experienced in working with European companies, helping them manage the diverse accounting regulations.
Focussing on digital invoicing, our software has been used to successfully process hundreds of thousands of outgoing and incoming XML invoices for Unit4 Financials (previously known as Coda) since January 2019, when it became obligatory in Italy.
Everything you wanted to know about Unit4 Financials Chart of Accounts
July 2022
But didn't know who to ask...
By providing a central record of all your company’s accounts, the chart of accounts (CoA) is the foundation for your business’ recordkeeping. Get it right, and the CoA will help to steer your key accounting processes, make it easier to follow financial reporting standards and provide a useful picture of the overall financial health of the business.
So how do you optimise your CoA so it becomes a financial reporting asset? This is where Unit4 Financials proves to be particularly useful. Thanks to its flexible elements structure, the solution offers huge scope to customise your CoA, so it is fully aligned to your requirements, enabling you to stay on top of both statutory reporting and internal management accounting.
To help you get the most out of Financials, read on to get the answers to some of the most frequently asked questions linked to chart of accounts…
Is there a way to download a chart of accounts with numbers and descriptions?
Yes.
Because Unit4 Financials uses metadata, it’s easy to locate the information you need by entering descriptions or codes into a generic browse master. Select the data view that you want to use and then use a presenter and selector to bring up a list of all relevant elements.
Depending on the view you use, you can use the browse master to retrieve more than just codes and descriptions. For example, you could use it to get information such as addresses and bank details.
Flexi-fields provide an easy way to define, capture and retrieve key information within Unit4 Financials. If you utilise the flexi-fields function, you can use it to create a view that will pull in key ancillary information against the elements. For instance, let’s say you have a project that is set up as an element. Using flexi-fields, you should be able to design and create a view that would not only just pull in that element, but also all the flexi-field information assigned to that element (e.g. attributes such as project manager, project type, start and finish dates etc).
Tip: for more information on this, take a look at our flexi-fields guide here.
Can you have different Charts of Accounts for different companies inside Unit4 Financials?
Yes, you can have different chart of accounts (element strings) for different companies within U4F.
And of course, it’s worth remembering that you could have two GL code structures relating to the same company; one being a local structure and the other being a corporate one using element substitution.
Each company has its own reporting and accounting requirements. For most, a single CoA is all that’s needed. If, however, you require more than one CoA, this is possible to set up within Unit4 Financials. Remember, that you can also have a different element string in each company but common GL code structure to enable consolidation reporting.
I’ve used a finance system that allowed the use of what were called ‘posting and reporting attributes’ and allowed the creation of relations between different attributes. Is there something similar in Unit4 Financials, and would this include element groups?
Element groups within Unit4 Financials can give you this capability. What’s more, a similar end result can also be achieved through flexi-fields, as this function enables you to create a relationship between different elements.
A word about Chart of Accounts design
There are two aspects to this.
The first is to ensure you get the element structure correct, otherwise the CoA will fail to include the information required by your organisation.
The second is the use of wildcards (*). The GL code structure should be configured to facilitate this. For example, if you need to retrieve fixed assets account information, it is a lot easier to enter a * in the box than to stipulate that you need to see all assets in the range of, say, 1,000 to 1,999.
Chart of Accounts demonstration
Our Spotlight video demonstrates optimal CoA design and configuration, showing you how to extract precisely the information you need directly from Unit4 Financials. Watch it here…
Is your Chart of Accounts still fit-for-purpose? Optimise the easy way with Millennium Consulting
Especially after corporate reorganisation or a shift in business focus, a fresh pair of eyes can be invaluable.
Millennium Consulting can help you design a new CoA and element structure to ensure alignment with current business needs. This includes expert workshops to understand your reporting and accounting requirements, along with creation of an element structure and CoA that’s customised for your organisation.
To discuss your options, please do get in touch.
Looking at the Diary Function in Unit4 Financials
June 2022
Discover how the diary functionality within Unit4 Financials helps ensure that key tasks are actioned or followed up at the right time…
What is the diary function?
The diary function can be used with Documents and Elements in Unit4 Financials. You can use it to record actions you have taken, as well as for setting reminders for new events and follow-up actions.
Credit control is an obvious area where the diary function proves particularly useful. For instance, you can create a diary event as a reminder to check the payment status of a specific invoice or to telephone a particular customer. You can also create diary events to record the fact that an action has been taken (e.g., the date on which a chasing letter was sent to a customer).
More generally, you can use the function to set reminders for events such as appointments and submission deadlines.
Accessing the diary function
Diary events can be applied to a whole debtor account, an element, or to an individual transaction (a Document).
The diary is available in the following areas:
• Browse details & matching. This allows notes to be applied to individual transactions.
• Age debt reports & account summary. This allows notes to be applied to whole accounts and individual transactions.
Every diary event is assigned to a relevant financial user. The assigned user is then responsible for ensuring the event is actioned.
To edit events for an element or document, you need write access to the element master.
For a document line, you must have ‘write’ access to the line. When you attempt to save a diary event or make changes to that event, validation checks are made. If the event is not valid, the reason for the error is displayed.
Viewing diary events
You can view diary events associated with any company or element you have access to.
Your personal diary can be viewed by going to Finance > Enquiries > Diary. This provides a simple view of your diary events, allowing you to quickly identify which events are due, along with the priority status for each event (high, medium, or low).
Watch the diary function in action
In this Spotlight video, we illustrate how the diary function works in practice. We also take a closer look at how to use your personal diary, along with the masters behind the diary.
For further advice on configuring your diary or any other aspect of Unit4 Financials, our consultants are always happy to help. To put our expertise to work, contact Millennium Consulting today.
Unit4 Financials 2022 Q2 Release
June 2022
Unit4 Financials 2022 Q2 Release
Unit4 Financials 2022Q2 was made available on 7th June 2022.
The new release contains all the previous Unit4 Financials functionality and new features. Plus, many additional customer requested fixes, highlighting the importance of logging enhancements via Unit4’s Community 4U.
Highlights of the release include:
Finance
- Browse Transactions
- Statement Processing
Billing
- Billing Browse
Console
- Client Secret
Administration
- Customiser
- Print Formatter
- Workflow Designer
- XL for Finance and Procurement
- Removed feature – XL Scheduler
General Fixes/Updates
- The AppParams WebService no longer fails with the error “Invalid document version”.
- Customiser now allows the height to be changed for the comment object on an account summary.
- In Generic Browse ‘Select all lines’ is no longer limited to the current page.
- Customiser can now open customisations when container managed authentication is used.
- Webservices licence is no longer required for Print Formatter and Workflow Designer.
- Metadata upgrade now sets the object definition key type correctly.
- Performance has been improved in Billing Browse when opening sales invoices with a large number lines.
- Billing can now issue/reissue invoices without attachments, when ‘Send related attachments’ is set on the output device master.
- Authorising an element with an attachment no longer fails with a database deadlock.
- Budget Check and Commitments are now calculated correctly for companies with Financial Periods not matching calendar months.
- WebServices/XMLi has been has been changed to disallow an unbalanced match when matching and using commit.
- Element Template number ranges are now set correctly when using copy company and using the target save function across companies.
- Element authorisation now can handle more than 10 left or right list entries.
- Bank reconciliation no longer loses the selected status on rows when ‘Include selected’ is used.
- Pay write now handles values with more than 2 decimal places correctly.
- Pay write now handles very high values correctly.
- Drill down to commitments from Browse Balance now returns data correctly.
- Element Table Link has been changed to handle larger volumes of updates without having an ‘out of memory’ error.
- ITK can now handle extracting and transforming larger volumes of data.
- Punchout no longer fails when an invalid lead time is received.
The Release Notes detailing the fixes and features within this release can be found in the Documentation area on Unit4’s Community 4U.
Read here to find out when Financials updates are scheduled for 2022, along with important information for legacy V13 and V14 users.
Is it time to upgrade?
Using Flexi-Fields in Unit4 Financials
June 2022
In the first part of this blog series, ‘Introducing Flexi-Fields in Unit4 Financials’, we showed how the flexi-fields function can significantly enhance the quality of information you can hold on any element or transaction in Unit4 Financials. In case you missed it, read the article here.
As a follow-up, here is a closer look at how flexi-fields can enrich your reporting and other key processes…
How do flexi-fields tie into Unit4 Financials reporting and browsing?
Unit4 Financials has built flexi-fields into all its reporting functionality.
For generic browsing, you can incorporate flexi-fields into a metadata table. Through metadata, you can produce a generic browse report.
The same applies to browse transactions. Again, this function is dependent on metadata, so if you build the flexi-field into the data view, you will be able to browse the transactions through that facility.
Unit4 has also built flexi-fields into older reporting facilities such as browse balance, browse details, browse ledger and aging and account summary.
If you are looking at selectors, presenters or browse balance masters, you will see that the option is there to add flexi-fields into those reports.
How do you add the flexi-field?
In all the instances above, it is simply a matter of creating the flexi-field and adding it to the appropriate report master.
How is flexi-field information shown in outputs?
For items such as invoices, remittances, customer statements and reminder letters, you can build flexi-fields into your print formats. The one main exception where flexi-fields are not available is in connection with procurement and invoice matching. Within procurement you can integrate user-defined fields, which work in a comparable way.
How do flexi-fields benefit your business?
This handy function effectively transforms Financials from a set of interconnected ledgers into a fully-fledged information system.
Previously, users were limited to just a handful of reference fields for documents and elements. Now, through a combination of element and transactional flexi-fields, there is no limit on the categories or volume of information you can attach.
Best of all, this information is both reportable and browsable – and can be automatically integrated into key outputs such as invoices, remittances, and reminder letters, helping to reduce your transactional burden even further.
How do you add the flexi-field?
In all the instances above, it is simply a matter of creating the flexi-field and adding it to the appropriate report master.
How is flexi-field information shown in outputs?
For items such as invoices, remittances, customer statements and reminder letters, you can build flexi-fields into your print formats. The one main exception where flexi-fields are not available is in connection with procurement and invoice matching. Within procurement you can integrate user-defined fields, which work in a comparable way.
How do flexi-fields benefit your business?
This handy function effectively transforms Financials from a set of interconnected ledgers into a fully-fledged information system.
Previously, users were limited to just a handful of reference fields for documents and elements. Now, through a combination of element and transactional flexi-fields, there is no limit on the categories or volume of information you can attach.
Best of all, this information is both reportable and browsable – and can be automatically integrated into key outputs such as invoices, remittances, and reminder letters, helping to reduce your transactional burden even further.
Watch flexi-fields in action
For a flavour of what flexi-fields can do in the context of a project (just one of many possible applications), look at this video:
For further tips on getting the most out of flexi-fields, upgrading from legacy versions or any aspect of process optimisation, our Unit4 Financials expert consultants are always glad to pass on their knowledge.
Introducing Flexi-Fields in Unit4 Financials
June 2022
Flexi-fields in Unit4 Financials gives you an easy way to define and capture key data within your Financials management system. This function helps deliver more complete and relevant information, helping your people make better decisions faster.
Read on for the full lowdown on different flexi-field types, and how you can put them to work.
What are flexi-fields?
Flexi-fields first appeared in Unit4 Financials in Version 13. These were element flexi-fields. A further category, transactional flexi-fields, was added in Version 14. Here’s a closer look at each category:
You can use this type of flexi-field to define an attribute (i.e., a characteristic or feature) of an element. An element can be, for example, a particular supplier, customer, department, or project.
Against each element, you can use flexi-fields to define multiple points of information. In the case of an element relating to a customer for instance, you could set up flexi-fields relating to customer type, geographic location, source, date of first purchase (among many others).
Element flexi-field information is fixed against that element. You can alter the attributes of the element at any time, but until you do so, it will remain fixed.
Transactional flexi-fields are an extension of transactional information. Rather than being fixed, these fields are dependent on the actual document you are inputting.
What form can a flexi-field take?
There are various data types:
• Flexi-fields can be formed of text, either in free format or set up in a drop-down list
• A table (this applies to transactional flexi-fields only)
• A number, either with or without decimal places
• A date
• An element – i.e. you could have an element flexi-field linked to another element/
• A checkbox
How can flexi-fields be used?
Projects:
Having set up an element for a specific project, you can use flexi-fields to assign multiple attributes to it. Typically, these might include the project type, project manager, and start and finish date (among potentially many others).
Tables:
Again, taking the example of a project, you could manage milestones in a table. You can do this by making use of transactional flexi-fields to hold and manage further, more granular information that is specific to that particular milestone or ‘transaction’ – e.g. the consultancy type, consultancy grade and consultant name for the milestone.
Suppliers:
On an element flexi-field level, you could hold information such as the date the supplier was approved, supplier type (wholesale, retail etc), average annual spend and average lead time. Again, this can be used in conjunction with transactional flexi-fields for transaction-specific information.
Sector-specific example 1: Insurance Services
Let’s take the example of a marine insurer. If you assign an element to a particular policy, you can use element flexi-fields to cover all the ancillary information relevant to the policy. Example fields may include vessel name, gross tonnage, year built, policy inception date etc.
Sector-specific example 2: Logistics
A logistics specialist may find it useful to assign an element to each fleet vehicle. Element flexi-fields can then be used to log details such as vehicle type, date of registration and tax/MOT compliance information. Alongside this, information that needs to be regularly updated (service records, for instance) could be stored and managed in a table using transactional flexi-fields.
Find out more
For further information on flexi-fields and how they work in conjunction with reporting, take a look at our additional article, ‘Using Flexi-fields in Unit4 Financials’.
To see it in action, our Unit4 Financials Spotlight video includes a demo on how to use it.
For further practical advice on starting out with flexi-fields or optimising your current processes, our Unit4 Financials experts are always happy to help. To ensure you are maximising the full potential of your financial management solution, please do get in touch.
How to align your Accounts Payable and purchasing process to deliver maximum ROI
May 2022
Guest post from Millennium Consulting Partner, Proactis
(Author: Mark Watson)
We live in competitive, and often volatile times. So, aligning your purchasing and accounts payable (AP) processes is a crucial step towards efficiency and agility – without which, your organisation could be exposed to increased risk, a lack of control, reduced productivity and an operating model which is wasting money, rather than saving it.
Over the last few months, I’ve had some very interesting discussions with senior Finance and Procurement leaders who are reaping the rewards and demonstrating a clear ROI by successfully aligning these two processes as part of their digital evolution. Although many organisations have already started on the journey, most are not yet achieving the full benefits possible, because their processes aren’t aligned. So, they remain exposed to maverick buying, extended and inefficient purchasing timescales, duplicate invoices, late payments and a general lack of true spend visibility.
With these thoughts in mind, I want to share 3 steps that could help you begin to align your purchasing and AP processes to deliver maximum ROI for your business strategy:
To truly align your purchasing and AP processes, you first need to understand how these processes are currently performing. This will not only highlight what you’re doing well, but also where improvements can be made. Once you’ve understood your current processes and how they’re working, you should look at whether they’re meeting your current KPIs and whether they’re driving tangible business outcomes. If you haven’t already set KPIs, they are invaluable in helping you establish what your performance looks like vs industry benchmarks or industry peers. They are also critical in supporting the creation of a business case based on what needs to change, promoting stakeholder collaboration and accountability and, if appropriate, helping you identify the right technology partner to deliver an ROI against them. Once you’ve completed these steps, you’ll have a better idea of:
· The cost savings and process efficiencies that are achievable.
· An understanding of the cost to your organisation of ongoing sub-optimal performance – the “cost of doing nothing”.
· A clear statement of the business outcomes that you want to achieve.
· A supporting business case which justifies any request for investment to deliver the change required.
Understanding your processes is crucial for your evolution, so look at what you do now, and work out what you can do better. This is where choosing the right technology partner is vital.
Once you have performed a methodical and complete review of your current processes, you should consider the technology you are using to manage these processes – is it suitable? Are there gaps? Do those gaps cost you money, or make you inefficient? Can you see what you need to confidently to manage your business, or do you have to guess/make assumptions? The technology, and the vendor supplying it, should be the bedrock of all your processes, and as a result, must be aligned with your business objectives and able to provide you with all the tools you need to drive maximum ROI. Sadly, I still hear of vendors supplying technology that do not:
· Assess customer needs correctly.
· Understand business objectives and KPIs.
· Understand the importance that people place in the process.
· Care for the vision of the customer and their journey.
The right solution provider should help you lay the foundations for success from the outset, and beyond. You need a partner that will work with you along the way. One that will have you up and running within an agreed time frame and help you to continuously improve and monitor progress against your current objectives and KPIs. On top of this, any software must integrate seamlessly into your existing Unit4 Financials system. This is the only way of ensuring maximum ROI, control, and limited disruption. Best-of-breed providers, or software partners, such as Proactis can help you do this.
As part of your digital evolution, a simple, but effective policy that I often come across is employing a “No PO, No Pay” policy. Proactis has several customers that use this to help align and support processes. Such a policy means that if an invoice arrives at the AP department with no PO number associated with it, the invoice will automatically not be paid. The benefits of such a simple, but effective policy include:
· All spend being accounted for.
· Increased compliance.
· Reduced invoice error handling.
· Prompt payment of invoices.
· Peace of mind!
I find that some organisations are still struggling to implement this. And this is because, for such a policy to succeed, you need to understand that implementing such a policy is a journey. “No PO, No Pay” is not a magic wand that will fix everything in one go, but with the right mindset, technology, technology partner and understanding of your current processes, it can deliver value.
Summary
To summarise, the 3 steps above are things you can do to successfully understand and align your purchasing and accounts payable (AP) processes, and in doing so, deliver increased efficiency and agility to your organisation, as well as a healthy ROI. I’d be very interested to learn where you are in your process automation journey, and how Proactis can help you achieve your goals.
About Proactis
Proactis is a leading Source-to-Pay software solution provider for mid-market organisations across a range of service-led industries. To find more about Proactis’ purchasing and accounts payable solutions, please click here.
Introduction to Unit4 Financials Workflow
May 2022
Workflow elements were introduced to Unit4 Financials around a decade ago, at the same time as Procurement and Invoice Matching functions. However, it is worth noting, that the use of workflows is not solely limited to the above POP & PIM functionality.
You can use workflows to support:
• Purchase orders
• Procurement and purchase invoices
• Invoice matching
• Approving sales or invoices – both in the Billing module and in Financials
• Approving purchase invoices directly in Financials or through a third-party application
• Elements – e.g., approving suppliers, vendors, and projects
Workflow Overview
Within Workflow, there are three main components:
• Messaging
• Position hierarchies
• Element responsibilities
Here is a closer look at these elements:
This refers to the ability to send or schedule an email (and/or SMS text) to the relevant approver so that approval can be actioned.
This Messaging function element has been enhanced recently, with the useful addition of an ‘out of office’ within the application. If the respondent is away, the message can be automatically forwarded to another delegated user.
Position hierarchies are usually set up in the administration module and are made up of what are known as ‘positions’.
A position is an element of the hierarchy. You can have more than one user within each position. Normally, a position determines the monetary authorisation limit for all persons within that position.
So, for example, you might have three positions: £10k, £50k, and £100k, with multiple employees, included in each position.
Whereas a position tells the system how much an employee can authorise, element hierarchies tell it what type of transaction they are authorised to approve.
As Unit4 Financials users are aware, an element determines a GL code, project, or department. On each user profile, you can set up an element responsibility and specify that the user is responsible for, e.g., the IT department or Marketing department.
So whatever document requiring approval arrives on the system – e.g., purchase order or invoice – this combination of ‘element responsibility’ and ‘position’ will effectively tell Financials to whom to direct it to.
Want to know more? Watch a Workflow demonstration
In this video, we demonstrate a purchase invoice going into Unit4 Financials and then through a workflow.
(Even if you do not have Procurement and Invoice Matching in place, we explain how it is possible to approve purchase invoices directly in Financials.)
Need further help?
For further tips and advice on optimising your approvals process, please do get in touch. Millennium Consulting’s Unit4 Financials experts are always happy to help.
Unit4 Financials v12 (Coda) and End-of-Life for Internet Explorer 11: Act Now…
May 2022
Internet Explorer will be retired by Microsoft in most Windows versions on 15 June 2022.
If you are using Internet Explorer with a legacy version of Unit4 Financials (e.g., v12 (Coda) or earlier), you will need to switch to the Edge browser and make some configuration changes in order to retain full functionality.
Retirement of Internet Explorer 11
On the retirement date of 15 June 2022, the IE11 Desktop application will be disabled permanently. From that date onward, if a user tries to access it, they will be redirected to Microsoft Edge.
In order to use applications with legacy IE11 dependencies (including Unit4 Financials v12), you can access legacy browser support in Microsoft Edge by switching to Internet Explorer mode.
In a recent blog post, Microsoft recommended that organisations schedule their own internal retirement date in advance of switch-off: “The best way to prepare for IE disablement after June 15 is to proactively retire IE in your organizations before June 15”.
Unit4 Financials legacy versions: how to enable full functionality in Edge
Within Unit4 Financials v12, failure to enable the Internet Explorer mode within Edge will mean that the drop-down menus and multiple tab functionality will be initially disabled.
Also, if you select another menu item, the Input screen will be closed and the newly selected page displayed. It will not open in a new tab.
To enable Internet Explorer mode within Edge, go into the Edge – Settings – Default Browser screen and set “Allow sites to be reloaded in Internet Explorer mode” = Allow. You can also add the page URL for your system to this screen manually.
The next time you attempt to access your Unit4 Financials system, you can select from the settings menu “Reload in Internet Explorer mode”.
The Unit4 Financials login box will now show in the center of the screen.
On completion of the logon credentials, the system will now show drop-down menus, multiple tabs and other features.
The next time you attempt to access your Unit4 Financials system, you can select from the settings menu to “Reload in Internet Explorer mode”.
The Unit4 Financials logon box will now show in the centre of the screen.
On completion of the logon credentials, the system will now show drop down menus, multiple tabs and other features.
Time to Upgrade?
Ready to future-proof your Unit4 Financials investment? 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 discuss your options for moving to Unit4 Financials Continuous Release, contact us today.
Why upgrade to Unit4 Financials Continuous Release?
May 2022
The new Continuous Release quarterly roll-out model for Unit4 Financials makes it easier than ever for CFOs to achieve maximum benefit from their financial management and accounting software. If you are yet to make the switch from Version 14 or earlier, here are three very good reasons to upgrade…
Unit4 has traditionally provided full support as standard for the latest two Financials releases. At present, Version 14 and Continuous Release are the two versions that get this support. By the end of 2022 however, Continuous Release will be the only version that is supported.
Upgrading to Continuous Release ensures continued access to Unit4’s “in support” maintenance and support package. The clear benefit of this is that it helps you avoid the myriad of risks that come with running outdated software, including security vulnerabilities, bugs, lost data, and a drop-off in productivity.
Interoperability is one of the biggest plus points of Unit 4Financials, including the potential to establish real-time integration with operational systems for a holistic view of the business. Upgrading to Continuous Release is the best way to ensure Financials continues to work seamlessly with other systems and applications you have in play.
Are you planning on moving your data platform to SQL Server 2019? Do you intend to switch from Data Explorer to Edge? To ensure compatibility, these are examples of applications where upgrading to Unit4 Financials Continuous Release is a technical requirement rather than just a recommendation.
The last – but by no means least – benefit of Continuous Release is the ability to access a steady stream of new features. These new additions tend to be very much user-driven; exactly the type of enhancements that make life easier for your team and help to boost productivity.
Here’s a closer look at some of the new functionality that has already arrived through the new roll-out model. (Note: we’ve focused here on the additional features you can access by upgrading directly from Version 14 to Continuous Release. If you are upgrading from earlier versions, there’s a whole host of additional functionality available to you).
Technical Infrastructure
The Unit4 Financials security settings enable you to restrict the read and write privileges of individual users. Continuous Release has introduced a handy new user warning alert linked to these restrictions.
For example, you have restricted a user from viewing the sales control account. When browsing, the user will not be able to view those account settings. They will, however, get a warning stating that access has been limited by the security settings. This prevents users from developing the false impression that they have been able to access the full picture, when in fact, certain items have been restricted.
Element Authorisation
Version 14 saw the introduction of the Element Authorisation feature. Now, through Continuous Release, if a new element is created using Assisted Element, when you use the ‘show work item’ function, it will use the element template masters to display the elements. In practical terms, it becomes a lot easier to identify precisely what element you are looking at.
Anonymise Change Log
Introduced in Continuous Release (and retrospectively fitted to Version 14 in release 4), the Anonymise Change Log function automatically removes personal identifiable information from any history and audit trail records to satisfy GDPR.
Items automatically removed include things like element name, short name, long name, tax and NI details, addresses and bank details. No log created with the Anonymise Change Log function is activated will include this information.
Provisional Year End
We now come to probably the most popular new feature since the introduction of Continuous Release.
Previously, running a year end was an all-or-nothing task; once you’d completed it, there was no going back. It often meant holding back on the job just in case the auditor needed to make final adjustments, increasing the likelihood of a last-minute rush.
The ability to run a Provisional Year End solves this problem.
The new function does more-or-less everything you would expect from a traditional year end. In other words, it sums all relevant profit and loss accounts and posts the net figure to retained earnings and the balance sheet. It will then post the closing balance sheet figures to period zero of the following year.
However, what the new function won’t do is close the year end being processed. In other words you can carry on posting to that year.
For example, your new year is 2022. You can still post to 2021 for the auditors, but all the information will now be in period zero. What’s more, if you are doing on-site reports, the figures will be correct, because all the carried forward balances will be in the period zero, and your retained earnings will be in the balance sheet as well.
Undo Year End
So, your accounts are finalised, and you’ve run your full year end. However, six months later, the auditors flag up an irregularity that calls for an adjustment. What are your options?
Thanks to the new 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 make any necessary adjustments to the year in question.
For a closer look at Provisional Year End and Year End Undo functions, and the benefits these will bring to your reporting procedures read our dedicated blog post here.
Enhancements to Browse Transactions
Introduced in earlier Unit4 Financials versions, the Browse Transactions function made it easier to drill into transaction data when creating reports through the use of metadata, selectors and presenters.
Under Continuous Release, Unit4 has been hard at work in bringing the Browse Transactions feature up to par with the Browse Details function. For instance, Browse Transactions now lets you restart, cancel and view the history of the workflow of a document. You can now copy a document from within Browse Transactions, You can also drill to account summary, edit buying comments in the related information panel, and raise corrective journals.
Company Master
Previously, the Unit4 Financials Company Master template only offered you a single default address for each company. But let’s say the address and point of contact for sending remittances is different to the address that needs to go on the purchase order.
The new master under Continuous Release now gives you a separate address category purely for sending purchase orders: a simple addition that can make life a lot easier on the procurement side.
Also, let’s say accounts have already been posted, but someone omitted to put in a balance code for a particular company. Financials now allows you to add or change the actual and turnover balance codes on Company Masters after documents have been posted.
Intercompany Control Accounts
In the Intercompany module, you can now have customer and supplier elements in the control accounts. In practical terms, this allows you to handle Intercompany at arm’s length, and also gives you the ability to send an invoice to another company within the same database.
Browse Details
Presenting information has become easier thanks to a couple of enhancements to the Browse Details feature. A new primary attachment presenter lets you view attachments instantly. When you are setting up a ‘browse details’ there is now a new vocab on the presenter that opens up with one click (in previous versions, it was slightly more difficult to locate!).
Pay
You can now change the payment period and/or date after a pay run has been generated. This ‘change payment period’ option is accessed via the pay collection actions menu and is controlled by functional security on the capability master.
Reconciliation
The Reconciliation function now records the date of reconciliation and the reconciliation user (i.e. the user who runs the reconciliation process). These two items – date and user – are also available as vocabs.
Copy Company with Finance
When you copy a company within the finance function, you can now copy the element flexi field data (although this only applies when copying within the same database, not when copying across databases).
Elements and template customisations can also now be copied when using ‘Copy Company’ to copy the eminent template masters.
Both of these elements were introduced through Continuous Release but have also been put into later updates of Version 14.
Fixed Assets
In Fixed Assets, you can now set a scheduled task to depreciate assets.
Invoice Matching
In Invoice Matching, it is now possible to input a non-matching invoice or credit note where the invoice total is different to the tax total.
Previously, when you ran LRN housekeeping, a journal would automatically be posted to finance. Of course, the presence of a GRN or LRN is usually indicative of an error somewhere. So having run LRN housekeeping and identified an LRN, you had to notify finance and cancel the document. You now have the option of not posting a journal when you run LRN housekeeping.
Procurement
Within Procurement, orders that are automatically created by a conversion from a requisition can be automatically submitted to workflow. So, you don’t have to go through that manual step of browsing and submitting to workflow.
Billing
If you have the Billing module, it is now possible to copy a document in ‘browse’, in the same way as with Finance documents.
CodaXL
CodaXL is now fully compatible with 64 bits, in addition to the 32-bit version.
Your next step
Ready to future-proof your Unit4 Financials investment? 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 discuss your options for moving to Unit4 Financials Continuous Release, contact us today.
Find out more
If you are still thinking about upgrading to Unit4 Financials Continuous Release to take advantage of the new functionality or to ensure you remain within the Unit4 supported software window, then watch our latest Spotlight video: