May 2023 - New Cash ‘Account Review’ signoff and improved run performance options

This month we are excited to bring you enhancements to our Cash module as well as performance improvement options.

New in Reconciliations

Account Reviewed Sign Off

The new Cash ‘Account reviewed’ button helps you ensure accuracy and security of your financial records. 

By using this feature, you can demonstrate your commitment to maintaining an accurate and up-to-date record of your account activity. 

Implementing an effective Account Reviewed process can help to demonstrate your compliance with the requirements of Section 404 of the SoX Act, and ensure the accuracy and integrity of your financial reporting.

1. Accountability: By signing off at the end of the day, users are acknowledging that accounts have been actioned and reviewed. This, in the future, may be used to evidence controls for audit and compliance validations.
2. Accuracy: Providing controls to validate if the daily review of cash account activity is taking place will reduce the risk of errors or discrepancies being overlooked.
3. Increased Communication: When team members are required to sign off on their work, it provides an opportunity for them to communicate any issues or concerns they may have. This helps to identify potential problems early on, allowing the team to address them before they become larger issues.

To perform the account review go to the Accounts page, select the account groups you wish to mark reviewed and push the “Account reviewed” button:

This will then populate the two new columns ‘Reviewed by’ (user’s name) and ‘Reviewed At’ (date and time stamp). This data will also be populated in the audit log for historical audit requirements.

More details of how to use this feature can be found in our Help Centre.

Record Tracking Limit

We are making some performance improvements to the record tracking feature, which allows you to keep track of your data and analyse it over a specified period of time. By default, this is currently set to look back at all historical runs for a given process, however the limit option allows you to track and analyse data over a shortened period of time by setting the record tracking limit to the last three runs only, which will significantly improve performance.

If you need to review trends and patterns over an extended period, there is still an option to use infinite record tracking. This is particularly useful for businesses that require long-term analysis of data. However, enabling infinite record tracking may impact system performance.

To limit record tracking, users with relevant permissions can simply select the toggle option in the Record Tracking settings. 

• Existing processes with record tracking enabled will automatically have this feature switched off.  You can toggle it on at any time in the settings.

• New processes created after the release with record tracking enabled will have record tracking limits toggled on automatically, but as above, it can be switched off in the setting.

NOTE: If no record tracking is set on an individual process, you can still raise requests with our Support team to limit the runs for all processes to a set value as you currently do, however if the record tracking limit is also toggled then this will take precedence and only the previous run will be considered for record tracking purposes.

Run details API change

After further consideration, we will not be applying the changes to the Run Details API response schema that were announced in April. We have decided instead to reconsider this at a later stage as part of future API improvements. 

This means that you need to take no further action on any settings for systems dependent on the ‘expired_a_count’, ‘expired_b_count’ and ‘expired_count’ fields. 

Fixed bugs