Enhance Your Financial Management with Manual Allocations

Hi there,

What's New?

We're thrilled to introduce a pivotal enhancement in our accounting system: Manual Allocations. This update significantly expands upon our existing functionalities of automated allocations, marking a crucial step toward comprehensive debt management.

Key Features:

• Manual Payment Allocation: Manually assign payment receipts to invoices when automated allocation isn't feasible or adjustments are necessary, offering greater flexibility in managing financial transactions.
• Graphical displays now provide a clear visualisation of allocations on all accounts receivable transactions, enhancing clarity in transaction balance calculations
• New User Interface: A dedicated screen for allocation tasks, accessible via the actions button, simplifies the allocation process, whether you're allocating a payment to an invoice or vice versa.
• Comprehensive Allocation Visibility: View allocations across all accounts receivable transactions to understand transaction balances clearly.
• Enhanced Payment Statuses: New statuses for invoices (unpaid, part-paid, fully paid) and payment receipts (unallocated, part-allocated, fully allocated) provide clear insights into transaction statuses.

Why This Change?

This update addresses the essential need for manual intervention in payment allocations, a feature previously missing in our Accounts Receivable system. It offers our users the flexibility to correct, adjust, or manually allocate payments, enhancing accuracy and control over financial management.

How It Works:

• Allocating a Payment: From the actions button, access the new allocation screen from either direction: to link a payment receipt to an invoice or link an invoice from a payment receipt.
• Reversing Allocations: Easily reverse allocations when necessary, unless restricted, to maintain accurate accounting records.

Impact:

This enhancement ensures more precise financial tracking and reporting, empowering you with the tools to manage your finances more effectively and efficiently.

Getting Started:

Dive into the new functionalities today! For a detailed guide on using the new manual allocation features, please refer to the dedicated section in our Help Center. This feature is fully operational since 6th February 2024.

Future Work:

Stay tuned for PART 2 of the Manual Allocations Epic, which will introduce further refinements and capabilities to our system.

Best regards,

Team Lavanda