April 21, 2007
2. Expenses: Foreign currency receipt markup; expense report layout enhancement.
There are two significant enhancements to the Expenses module in this release. First, there is a new optional feature to mark up foreign currency receipts by a fixed percentage amount. Enabling this feature will provide a mechanism to mitigate the potential loss of money for an employee on foreign currency receipt reimbursements. For example, an employee incurs an expense in the amount of 10 GBP on a personal credit card. The market exchange rate for GBP to USD is 0.5. However, an additional currency exchange fee is applied by the bank to the employee's credit card. Thus, the employee will not be reimbursed for the full amount (incurred expense and bank charge). Enabling this feature allows users to mark up/down the market exchange rate to take into account additional fees.
To enable this functionality, users with appropriate role privileges navigate to My Account > Company > Settings. In the "Foreign currency receipt markup (%)" field, enter a non-zero markup percentage. The percentage can be positive or negative or left blank to turn off the feature. When the foreign currency receipt is saved, the exchange rate is marked up or down by the specified percentage.
Please note that the behavior of this feature is dependent upon which foreign currency receipt type is enabled for the account. If the account's foreign currency receipt type is set to "Modifiable exchange rate based on the current date", the foreign currency dropdown and exchange rate field for existing receipts are set to read-only. If the currency for an existing foreign currency receipt needs to be modified, a new receipt will need to be created. Also, turning on this feature will impact all existing foreign currency receipts.
If the account's foreign currency receipt type is set to "Non-modifiable exchange rate based on receipt date", there is no change in behavior as the exchange rate is always read-only and never modifiable by the user (for new and existing receipts). The markup will be applied when the receipt is saved and currency can be edited and changed. To modify the foreign currency receipt type, users with the appropriate role privileges navigate to My Account > Company > Settings.
Second, project task custom fields are now available to be added as an expense report column. To modify an expense report layout, users with the appropriate role privileges navigate to Expenses > Options > Expense Report Layout.
3. Invoices: Invoice layout enhancements; other Invoice enhancements.
Several enhancements have been added to the Invoices module. First, multi-page invoices now display "page x of xx".
Second, there is now an option to display the "Cumulative hours" and "Cumulative total" as invoice columns. These fields reflect the total invoiced hours or total dollars for the specific user/project combination. Timebills/charges with no project association will not have any cumulative hours or totals. For older invoices, the cumulative values will include new invoiced timebills/charges. To modify an invoice layout, users with the appropriate role privileges navigate to Invoices > Options > Invoice Layout.
Other Invoice enhancements in the current release include:
The Credit Reason field for invoices has been extended to allow up to 200 characters. To apply an invoice credit, users with appropriate role privileges navigate to Invoices > Invoices > Open > [select an invoice]. Click on the Edit link and enter the credit amount and reason for the credit.
Also, the "Adjusted total" on an invoice is now displayed in bold when a credit is applied to an invoice.
4. Other module enhancements: Reports, Timesheets.
There are two new report values available in Account-wide summary reports. Users can now choose "Projects - Deferred Revenue" or "Projects - Work-in-progress" as report values. "Projects - Deferred Revenue" is calculated as "Total timebills/charges invoiced" OR "All timebills/charges" minus "Recognized revenue". "Projects - Work-in-progress" is calculated as "Recognized revenue" minus "Total timebills/charges invoiced" OR "All timebills/charges".
To select the option of using either "Total timebills/charges invoiced" or "All timebills/charges" in these calculations, users with appropriate role privileges navigate to My Account > Company > Settings. Under Projects Options, check/uncheck the option "Use only invoiced TimeBills/Charges for WIP calculations".
There are four new reporting time periods available in summary reports. Users can now choose among four Inception-to-date time periods: "Weekly ITD", "Monthly ITD", "Quarterly ITD", or "Yearly ITD". For example, if you ran a Summary report and selected [Monthly ITD, 4 periods, ending date “April 21”], and the report value "Timesheets - All hours", the report results would contain the following values:
Column 1: All timesheet hours from the beginning of time through January 31.
Column 2: All timesheet hours from the beginning of time through February 28.
Column 3: All timesheet hours from the beginning of time through March 31.
Column 4: All timesheet hours from the beginning of time through April 21.
Users now have the ability to populate an existing timesheet with entries from an approved schedule request. Previously, users were able to populate newly created timesheets with entries from an approved schedule request, however, not existing timesheets. With this feature enabled, approved schedule request entries are placed on existing "Open" timesheets. Please note that if you wish to populate future timesheets with approved schedule request entries as well, the company setting "When creating a timesheet, automatically create time entries for approved schedule requests" also needs to be enabled in My Account > Company > Settings. To activate this feature, please contact OpenAir Support.
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