Investment Income Reporting

Tuesday, 27 August 2019 by Alex McAndrew

From 1 April 2020 the way in which Interest and Withholding Tax is reported to the IRD is changing, through an IRD process known as Investment Income Reporting (IIR). Whilst this has been available since April 2019, it has been optional. From April 2020 it will become mandatory for all institutions paying interest where Withholding Tax is applicable.

New functionality has been added to support these changes, and will be available from version 3.02.01 of finPOWER Connect.

IIR within finPOWER Connect comes in the form of a new Report, and a new File Export process. This adds the ability to export up to three file types, one for each supported Withholding Tax Type.

  • Resident Withholding Tax
  • Non-Resident Withholding Tax
  • Approved Issuer Levy

This new functionality is only available if licensed for Deposit Accounts.

Forced Test Mode

Tuesday, 6 August 2019 by John Rickard

Along with the introduction of "Cost Centres", finPOWER Connect version 3.2 also adds a new "Forced Test Mode" option.

This forces finPOWER Connect to use third party service "Test" environments, rather than the "Production" or "Live" environment - or to fail if they don't support a Test Mode.

This means you won't accidentally be able to send an SMS or create a Credit Enquiry for a Customer (and affect their Credit Rating).

Cost Centres

Thursday, 11 July 2019 by John Rickard

finPOWER Connect version 3.2 introduces the concept of Cost Centres for tracking requests made to third party interfaces such as Credit Bureaus. In other words, finPOWER Connect now better supports users that want third party credentials and other settings to vary based upon their Business Units.

A new Admin file, "Cost Centres", defines these third party credentials and options, rather than one Global configuration. The trade off is each request to a third party must also define a Branch, which in turn defines the Cost Centre.

Cost Centres are a new Add-On module and require the Branches Add-On as a pre-requisite.

Rebate Processing - Recommended Procedures

Tuesday, 25 June 2019 by Alyn Duncan

Background

Accounts with Elements setup with rebates on them will be automatically rebated when using the individual Account Close wizard.

The screen below shows an Element setup with a rebate, as per Admin, Elements, "Credit/ Rebates" page:

Created from paste into Topic content

Optimising Account Processes

Wednesday, 22 May 2019 by John Rickard

One of the most time consuming operations within finPOWER Connect is Account Processes.

Of course, for most Users, this is not really of any consequence. However, for Finance Companies with tens of thousands of Accounts, the time Account Processes takes may become more critical. Therefore, we have carefully reviewed this area with a view to optimising performance.

Changes will be included in version 3.2, due to be released later in 2019.

Account Processes are generally run once a day after that day has been closed off. This is typically after Bank Transactions have been imported and committed for the previous day, i.e. on Wednesday morning Tuesday's Bank Statement is imported and transactions committed to Accounts. At this point, Account Processes would be run to create Payment Due and Standard Transactions for Wednesday and close off Tuesday, including posting Interest Transactions.

Account Processes will run through every "Open" Account and post Transactions as they fall due. This means every Account is examined.

The optimisations made in finPOWER Connect version 3.2 mean that generally an Account will not be inspected unless it needs to be.

Xero General Ledger Interface

Thursday, 14 March 2019 by John Rickard

finPOWER Connect now directly integrates to Xero's web based Accounting application.

This means your Bank Transactions and Manual Journals can be posted directly into your Xero organisation.

User Administration in finPOWER Connect Cloud

Thursday, 14 February 2019 by Paul Hammond

finPOWER Connect Cloud has the ability to add and edit Users.

This includes re-enabling locked out Users and duplicating an existing User to create a new User.

Our online demo lets you check out the latest build of finPOWER Connect Cloud.

This is regularly updated to show new features and may not match screenshots shown in this article.

finPOWER Connect Web Services Administration and Pooling Enhancements

Wednesday, 22 August 2018 by Paul Hammond

With version 3.01.05, Web Services and the corresponding Web Administration facility have been enhanced.

This provides a simpler interface and more powerful tools for monitoring Web Services.

Our online demo lets you check out the latest build of finPOWER Connect Cloud.

This is regularly updated to show new features and may not match screenshots shown in this article.

Business Layer Training - Wizard Validator Scripts

Wednesday, 22 August 2018 by Martin Elsworth

This Business Layer training session looks at the use of Wizard Validator Scripts in finPOWER Connect. It demonstrates the scenarios in which they should and should not be used, how the Script events work and what they can be used for.

Watch the video here.

finPOWER Connect Cloud 3.05.01 Enhancements

Friday, 17 August 2018 by Paul Hammond

Payment Arrangements, Withdrawals and the ability to edit more Client information has been added to finPOWER Connect Cloud.

This is the first step towards being able to edit all of the main record types in finPOWER Connect Cloud.

Our online demo lets you check out the latest build of finPOWER Connect Cloud.

This is regularly updated to show new features and may not match screenshots shown in this article.

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