Contract management optimisation 

In contract management, a new method has been added for calculating obligations stemming from a contract, namely based on invoice value of the supplier cycle. 

This new method allows you to specify the supplier's invoice amount and invoice cycle, as well as the prorated amount for the first month and for the last month (in case of a random start or end date). The prorated amount is calculated for the first and last period, but you can adjust it. Here, the total contract value is then calculated as the sum of all obligations. 

This way you better align the obligations stemming from a contract line with the instalments charged by a supplier. This will also improve the matching of your purchase invoices with obligations.

In addition, a handy intermediate screen has been added when creating a contract so that you can immediately see all the obligations to be generated.

Optimisation of journalising and ERP issuing through queue

Journalising and issuing invoices, quotations, orders, reminders, etc., is done through the queue. From now on, this queue task will be completed successfully even if there are errors. In case of an error, you will see a concise error message for the relevant task in the queue and a more extensive error message in the issuing source view. You will thus immediately see the error message in the view of the lines to be processed! 

The views of issuing sources with unprocessed lines have been expanded by two new fields for this purpose:  Journalise error message and Issue error message. This optimisation has been implemented for journalising integration types and all ERP issuing, i.e. for Order management, Projects, Subscriptions, Courses and Financial.

Example of error message issuing and journalising in the Unprocessed sales invoices view in Order management:

VAT compensation fund, fixed assets and IV3 reporting (Government)

In government agencies, such as municipalities, provinces and safety regions, the following components work differently from those in business and healthcare/education:

• Government agencies can reclaim the VAT paid on purchased goods or services partly (prorated) from the tax authorities, but also partly from the VAT compensation fund (BCF). 
• Also, the calculation for depreciation of fixed assets works differently in government agencies than in the business sector. You then typically depreciate on a percentage basis, and in addition to depreciation, interest expense is entered as part of depreciation. 
• The IV3 report is a financial analysis that government organisations use to justify to the central government how they are doing financially. These data are important in the distribution of municipal and provincial funds, among other things. 

For these components, we have made a new financial functionality available in Profit 3 specifically for government agencies.  

Read more about the introduction of AFAS software for municipalities and provinces here

New Knab Bank bank link (API link)

A bank link between Knab and Profit is now also available. With the Knab bank link, you can automatically read and process bank transactions with ease. This makes manually processing or importing digital bank statements a thing of the past! 

The rollout of this bank link will take place in phases so some customers will not yet see the option in Profit. We will inform you of this as soon as it becomes available to you.

More great functionality

• Planned task for journalising fixed assets
  From now on, you can journalise fixed asset depreciation through a scheduled task. You schedule this task so that journalising is done automatically on a fixed day and at a fixed time. In doing so, you specify an administration or have this task performed for all administrations. 
• Purchase invoice data collection contains a new Undershoot of obligation balance function field for matching obligations from contracts
  In the Purchase invoice data collection, the Undershoot of obligation balance function field has been added. The Exceedance of the obligation balance field already existed in Profit. You use these fields to conditionally control the workflow. If there is an undershoot, you can have this (as with an exceedance) assessed with a condition in the workflow.
• Subaccount data collection link (basic)
  A nice new Subaccount data collection link (basic) is available. This data collection contains financial entries including the subaccount/source and you use it to perform reconciliation analyses yourself and/or send these data to a BI tool through a GetConnector.