Watch Unit4's Product Director Craig Bass presenting the latest enhancements from Unit4 at the Millennium Unit4 Financials (On-line) Conference 2020.

Unit4 Financials V2020

(Released Q4 2019)

The latest version of Unit4 Financials, which you might expect to be called Version 15, is actually called Unit4 Financials 2020, and as Unit4 release updates every quarter, a version number will be added to the end. For example, in Q1 2020, the Version and Release name was V2020 Q1.

There are twenty key new features and fixes have been included in the latest version, as described below:

Watch Millennium's Principal Consultant Phil Leaf present the latest features of Unit4 Financials at the Millennium Unit4 Financials (On-line) Conference 2020.

1. Browse Transactions Enhancements

Browse transaction is a more powerful way to interrogate the database, because is uses the metadata, giving it the same functionality as browse details.

With Browse transactions you can now:

· Restart, cancel and view the history of the workflow of a document

· Copy a document

· Drill to Account Summary (Like browse details)

· Edit line comments in the Related Information Panel

· Raise corrective journals

2. Company Master

An address category can now be specified on the Procurement tab to automate selection of the ordering address in Procurement.

This overcomes the issue where previously it was only possible to set one default address for a supplier record, which has to be set correctly for remittances. This new feature allows multiple default addresses based on the function module.

The Actuals and Turnovers balance codes on the company master can be changed after documents have been posted in the company.

If you forget to add balance codes to the company master before posting transactions, when you do add them, you will receive a message to run the balance toolbox to update the maintained balances.

3. Provisional Year End

It is possible to run Year End in two modes: provisional or full.

Previously the Year End performs the following functions.

1. Sum all the profit and loss accounts and post the NET figure to retained earnings in the balance sheet.

2. Then it will post the closing balance sheet figures to the period 0 of the following year.

3. It will finally close the year of the Year End being processed, preventing any further postings.

Provisional Year End will perform all the processing of a full Year End, but will not close the year being ended, allowing you to continue posting to that year.

Any subsequent Year End processing will perform incremental postings for any postings applicable to the Year End being ended, with an input date greater than the date specified for the last provisional Year End.

4. Undo Year End

You can now undo both provisional and full Year Ends. This will cancel all Year End journals posted to the final (9999) period for the latest year in which a Year End has been run, and to the opening (0) period of the next year.

If a full Year End is undone the minimum year will be reset to the previous year.

The Undo Year End process undoes all the Year Ends that have been run in the selected year, not just the last Year End process itself.

E.g. If you undo the year 2019 in 2020 but had also run 2018 and 2017 Year Ends in 2020, it will undo all three years.

5. Element Authorisation

It is now possible to use the element master template to display the element during a workflow authorisation within the “show work Item” functionality.

This will give the authoriser more information when deciding to approve the account.

6. Anonymise Change Log

This removes personally identifiable information from any history and Audit Trail records for this element and satisfies GDPR. The following parts of the element master are considered to be personally identifiable:

· Element name, short name and long name

· Federal tax ID

· Social security number

· Tax number

· All address details

· All bank details

· All direct debit mandate details

7. Intercompany Control Accounts

In the intercompany module you can now add a customer or supplier to the control account specified in the destination and receiver masters, and to elements inserted when those accounts contain wildcards.

This means that now one company can now send a sales invoice document to another company and it will be received as a purchase invoice document.

8. Browse Details

You can now view the primary attachment directly via the Primary attachment presenter vocabulary within the bowser.

9. Pay

The payment period and/or date can now be changed on a payment proposal after it has been generated via a new option ‘Change payment period' on the Pay/Collect actions menu. This feature is controlled by functional security on the Capability Master.

This feature allows you to amend the payment period without aborting the proposal.

10. Reconciliation

Reconciliation will now record the date of reconciliation. This will default to today’s date unless a date is set via the Reconciliation Master, or at run time.

The Finance user that ran the reconciliation process will be recorded as the Reconciliation user.

The Reconciliation date and user are also available as vocabularies for use in Selector and Presenter masters for use in reconciliation reports.

11. Copy Company with Finance

Element flexi-field data is now copied when using copy company to copy elements.

Element template customisations can now be copied when using copy company to copy element template masters.

12. Fixed Assets

A scheduled task can be set up to depreciate assets.

13. Invoice Matching

It is possible to input a non-matchable invoice or credit note where the invoice total is a different sign to the tax total.

LRN Housekeeping can now be run without posting a journal to Finance.

This resolves two previous issues; When running housekeeping, a journal was posted to Finance which meant that you had to cancel the document, and also, if the Right Left lists had been changed in Financials since the receipt of the goods, this meant that housekeeping would fail.

14. Procurement

Orders that are automatically created by conversion from a requisition can now be automatically submitted to workflow so that a manual step to browse and submit to workflow is not required.

15. Billing

It is now possible to copy a document in Browse

16. Unit4 XL (CodaXL)

XL is now fully compatible with 64-bit Excel in addition to the 32-bit variant

17. Public bulk data web services

· Generic Browse/Select Chunked

· Generic Browse/Fetch

This enables queries of exceptionally large dataset in an interface to be spread over multiple requests.

18. Customiser

Now stored in database table - com_screencus

Generated forms created at runtime and available to customise Export and Import customisations

19. Browser Warning

A warning is now displayed if the results of a browse have been limited by the security settings.

If the user is restricted to certain accounts in their capability settings, the user will be warned that not all the data has been returned.

20. OpenID Connect Authentication

User claims for OpenID Connect can be configured from the Security section of the Administration Console.

Millennium offer three types of upgrade packages, plus migration to cloud and hosting

1. Like for Like Technical Upgrade

This is a technical upgrade for clients seeking to remain on a supported version and/or upgrading technology across the company and require a compatible version of Unit4 Financials.

This option is a stepping stone to achieve future benefits without introducing major changes at the time and is only possible if the suitable technical infastructire is in place.

2. Like for Like - Plus

This package is for customers who would like to upgrade to V2020 but would also like to take advantage of the new functionality to create additional benefits and efficiencies and achieve a few ‘quick wins’ as part of the upgrade.

Many organisations have grown and evolved since first implementing 'Coda'. The configuration and functionality remains as it was at inception.

The Like-for-Like Plus upgrade enables the Unit4 Financials system to be configured in line with the organisations new processes.

3. Re-Implementation Upgrade

Your organization’s needs will have changed since the original implementation, due to increased volumes of business, more complex requirements, fiercer competitive pressures or enforced tighter controls.

This upgrade solution enables your Unit4 Financials system to support these changes, building on your existing investment, as opposed to the upheaval of the implementation of a new software solution.

A re-implementation provides you with an opportunity to achieve significant business and process improvements by overhauling the whole system including a new chart of accounts.

Note: Moving beyond V10 for POP & PIM involves a re-implementation of these packages and so a reimplementation of Financials at the same time may be the most effective solution

Cloud Migration: In addition to upgrading, you may be considering a move to the cloud. Whether you are planning to move to the Unit4 Cloud, or to an alternative solution such as Microsoft Azure or Amazon Web Services, Millennium Consulting can provide you with a streamlined migration solution.

Using Millennium’s purpose-built tools such as Migration Manager and Interface Manager, we can ensure that your journey to the cloud is rapid and issue free.

Utilising our many years of experience and our cutting-edge technology we can automate the processes of data cleansing, mapping and reconciliation to ensure you are up and running in the cloud with minimal disruption.

Demo or Quote?

If you would like to book an online demo of Unit4 Financials 2020, or would like a quote for upgrading, please contact us via the form below.

Download the above Unit4 V2020 information as a PDF.

Download Unit4 Financials V2020 update here

What was New in Unit4 Financials Version 14?

The three main highlights of the new version 14 were;

1. Element Workflow

To ensure the accuracy of master data and minimise the risk of fraudulent creation or modification of key master data, capabilities have been added for creating and approving master data. These workflow capabilities allow you to enforce the four-eye principle below for creation of new elements and business dimensions and will also minimise the risk of duplication or errors in the chart of accounts.

- To authorise new elements before they can be used in transaction account codes (Optional & variable for different uses).

- To authorise changes to elements before changes are applied (Optional & variable for different uses of elements & different changes to elements).

- Enforced by all methods of Element Creation or Maintenance.

- Impact extends across all Modules.

Element workflows are: Independent of company, Applied to individual companies via company master, Multiple rules per company and Applied in list sequence & first applicable rule applies

Element Authorisation Rules

Identify Element: Code, Level, Matchable, Customer/supplier, Reconciliation status, user status, and Reporting code.

Identify Changes: Bank, Address, Credit limit, Credit manager, Payment method, Groups, Reporting codes and Left/Right lists

2. Flexi-Fields on Transactions

The Flexi Field capability at element level has been extended to transaction level, which allows you to capture unlimited amounts of business-specific dimensions, perform more detailed analyses and calculate more detailed KPIs and intelligence, in order to support both strategic and operational decision-making.

Transactions that contain both financial and business dimensions will also allow you to make more detailed and powerful analyses in Unit4’s performance management solution prevero.

Includes: Flexi-Fields on Finance document headers, Flexi-Fields on Finance document lines, Add/Edit after document entry, All Input methods, UI, XMLi/Web services, TableLink, Bulkload, XL, Available on transactional select & present and Flexi-Fields on document header and lines in new v14 Billing module

3. Billing

The new billing module is fully integrated with the core of the Financials framework, so in many cases structures, there is no need for integrations with third-party billing systems.

The user-defined product catalogue, with individual item characteristics and rules, ensures accurate, complete and up-to-date data in your Invoices and general ledger. In order to comply with your invoice layout policies, you can easily design invoice templates in a drag-and-drop way and define invoice layouts and statements.

Includes: Item Catalogue (Purchasing & Selling), Ability to Design and Customise layout of screen (Drag & Drop) and Configurable data entry screens.