Vision2 is excited to announce some upcoming enhancements to our General Ledger posting process. Based on customer feedback, we have dramatically streamlined the process and simplified the alignment between deposits, transactions, and the GL Output. We are confident this will eliminate a source of frustration and streamline your reconciliation at the same time.
SUMMARY
We will release these changes in two waves:
Phase 1 – Basic set of changes to the General Ledger output – All clients
Phase 2 – Auto Post and Recon process improvements - Available to all clients as an opt-in – this is a more tailored approach requiring some explicit decisions and changes to your current process
DEFINITIONS
Before going further, it will be helpful to clarify a few terms:
Restricted Cash (Cash by Fund) – ability to see deposits associated with restricted vs. unrestricted donations, keeping those deposited funds separate for accounting purposes
Templated Approach (templatized) – ability to use a pre-selected group of fields and column settings within the General Ledger to match a specific system’s requirements
PHASE 1 – General Ledger
In Phase 1, every client will move to a generic grid type output structure for the General Ledger. This phase will provide more transparency for deposits and their corresponding transactions.
How it works now:
Depending on your financial system, Vision 2 has templatized the general ledger output. This template creates specific output for those systems, with limited and even hard coded choices.
Tracking transactions within a deposit back to their original payment date is difficult and time consuming, especially during audit.
Rounding that adds or subtracts pennies to each deposit creates confusion and delays in reconciliation.
Designating cash by fund (also known as restricted cash) is not available with current ledger post files.
How it will work after the release:
General Ledger provides a flexible account design output that incorporates mustache templates to produce custom columns that meet your organization's needs.
Example: You can include a single variable per column, like {{TransactionDate}} or combine variables to create compound output, such as {{PaymentMethod}} – {{TransactionDate}}. We’ll be happy to show you how!
Please Note: Your General Ledger output will be preset to what already works for you. This will allow for Business as Usual while the you explore the details of the Phase 2 implementation. Special Note: if you use Financial Edge, there will be no change to the General Ledger output.
All transactions within a deposit will now share a Deposit ID, allowing you (and your auditors) to easily track transactions from deposit date back to payment date.
You will no longer see rounding pennies.
You can now track cash by fund, viewing restricted vs. unrestricted donations, keeping deposited funds separate.
PHASE 2 – Auto Post with Flexible Output
Once Phase 1 has been released, you can choose to opt-in to the Phase 2 feature set. We will have documentation for your review, but we would love to meet with you to discuss the features and help determine the best approach for your organization. Please feel free to email us: support@vision2systems.com or send us a chat from the admin portal to setup a meeting.
How it works now:
General Ledger output is user-driven, meaning you define and create post files each time you need to reconcile your deposits.
Reviewing deposits and their supporting transactions can be confusing, increasing the time it takes to complete your reconciliation process.
How it will work after the release:
General Ledger will auto-post, automatically sweeping all changes and transactions daily. This information can then be gathered and analyzed daily, weekly or monthly based on your needs.
General Ledger Dashboard provides a snapshot of deposit information that won’t post unless it balances to your bank deposits. This screen indicates which files have been downloaded and provides deposit amounts by payment method.
