What is new in Extended Banking 5.3.0?

Our solution for processing digital bank statements, Extended Banking, is constantly evolving and that regularly results in new releases. Customers receive an email with the extensive release note about bug fixes and new functionalities with each release.  On our website we publish every release a blog, in which we  explain some new functionalities more in detail.

At the end of May we released a new release and in this blog we tell you more about the new functionalities of Releasenote 5.3.0.

1. Introduction of Search Schema (search values hierarchy)

For a long time, Extended Banking has finished search values in order of priority during transaction matching. A good match result can certainly be achieved with this, but there are sometimes situations where you do not have enough to deal with just in a fixed order. There may be a need for interdependence, or in some situations it is desirable that there is ‘no further’ search when a certain match has been reached. It is also not desirable to score ‘twice’ when, for example, there are multiple ways to find an invoice (via an invoice number or via the amount).

An alternative way of matching is now available in this release. Search values are no longer finished in order of priority, but instead are placed in a so-called search scheme that determines the order during matching, as well as the dependence of search values on each other. This setup also makes it possible to make the automatic filling of fields, such as the journal description, dependent on the match result.

At the same time as this adjustment, the search values are no longer 1:1 dependent on the Import Media. Search values are now created ‘centrally’ and by setting up a search scheme they can be linked to the Import Media. In this way, search values can also be used by multiple Import Media. This also makes it possible to export and import search values separately between company accounts or environments, without this being done via the Import Media.

With the introduction of the search scheme, it becomes possible to make the matching of different types of bank statement rules even more accurate!

2. Match process now takes cash discount into account

Applying a Cash Discount has been possible within Extended Banking for some time, but this can only be done manually by manually matching a bank statement line on an invoice or by manually applying the cash discount to an invoice after a bank statement line has been automatically matched (without reaching the status ‘Matched’).

In cases where Cash Discount applies (and is valid), until now during the match process, a difference was still seen between the amount paid and the original amount of the invoice without the cash discount amount being included in the calculation. As a result, such transactions will never automatically be given a “Matched” status and the user must manually approve the rule and indicate whether the cash discount applies.

In this release, the inclusion of cash discounts has been made possible and integrated within the process of automatic matching. If the cash discount is valid (meaning that the date of payment received is before the date of the cash discount, or the cash discount date has been exceeded, but the payment is still within the ‘grace period’ as set on the customer’s payment method), the status of the transaction is now automatically set to ‘Matched’!

For users of Extended Banking who frequently use cash discount, this addition can save a lot of time!

3. Expansion Workspace with Shared Service Center view

For users who use Extended Banking in a large number of company accounts (entities), it can be challenging to process bank statement lines in different company accounts that need attention. This can be especially difficult when all processes (Import, Booking of bank journal, Matching and creating the Match journal and perhaps also the Reversal process) are running in the background.

The only option the user has in such situations is to check the company accounts one by one, to see where there are statement lines ready that need to be processed manually. In the case of a large number of company accounts, for example 10 or more, this results in a cumbersome and time-consuming process.

In this release, an extension has been made (as part of the Productivity Pack), which makes it possible to use the Extended Banking Workspace in a cross-company way. In addition, the user can set up groups (Import Media Groups), which makes it possible to use the Extended Banking Workspace as a ‘Shared Services Center’. Company accounts and bank accounts (~Import Media) can be linked to such a group.

In this way, a user who is responsible for different bank accounts in different company accounts by using the Workspace, can immediately see which bank statement lines (imported with different Import Media, across multiple company accounts) need to be processed manually. By using the Workspace ’tiles’, the user immediately ends up at the right line(s) in the right company account!

4. Marking invoices from multiple customers found via invoice number

It often happens among extended banking users that invoice numbers of several customers are mentioned in the payment text. These can easily be recognized with a search value ‘Invoice’.

However, when matching, only those invoices are marked for settlement of the customer who achieves the highest total score. Other invoices (from other customers with a lower total score) are found, but not marked for settlement. Actually, this is not desirable in most situations. After all, if the invoice numbers are in the payment text, then it is expected that they will all be automatically marked, regardless of which customer they belong to.

That is why an adjustment has been made in this release, whereby it becomes possible to group the search value results of the search value ‘Invoice’ by the first search value result, when this is desirable. In this way, all found invoice numbers in the payment text can be automatically marked and no manual intervention is required!

Want to know more about Extended Banking?

Are you not yet using Extended Banking, but have you become enthusiastic about our solution after reading these new functionalities? Please contact us or download our brochure. We are happy to tell you more about the possibilities for your organization.