{"id":9486,"date":"2019-08-31T01:18:31","date_gmt":"2019-08-31T01:18:31","guid":{"rendered":"https:\/\/totalsynergy.com\/?p=9486"},"modified":"2022-09-19T14:12:37","modified_gmt":"2022-09-19T04:12:37","slug":"synergy-product-update-31-august-2019","status":"publish","type":"post","link":"https:\/\/totalsynergy.com\/synergy-product-update-31-august-2019\/","title":{"rendered":"Synergy product update \u2014 31 August 2019 \u2014 Unearned income"},"content":{"rendered":"\n\n\n\n\n\n\n\t
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To help with this, we\u2019ve also released some new reports and new ways to view your transactions and invoices. There are also a couple of new reports our customers have been asking about, and a few changes to security settings.<\/p>\n<\/div>\n

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Read on to find out more about the August product update.<\/p>\n<\/div>\n

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New \u2014 Unearned income<\/h3>\n<\/div>\n
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Unearned income is money you have received in advance of having earned it. Another way to look at it\u202fis the difference between what you\u2019ve earned vs what you\u2019ve invoiced.<\/p>\n<\/div>\n

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This feature is most relevant to\u202flarger more complex\u202fbusinesses with revenue of over\u202f$10M\u202fwho\u202fare required to comply with the accounting standard on revenue recognition known as\u202fIFRS\u202f15*. This feature replicates how you\u202fwould\u202freport on\u202fyour\u202frevenue received in advance\u202fliability\u202fvia\u202fa spreadsheet\u202fand\u202fapplies only to\u202ffixed fee\u202fand percentage of contract stages.<\/p>\n<\/div>\n

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Your unearned income transactions now have a dedicated view within the project transactions page. The view is \u2018live\u2019 and your transactions are displayed as you make changes to the stage or the invoice.<\/p>\n<\/div>\n

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Read more about unearned income in Synergy product manager Paul Hemmings\u2019 latest blog,\u00a0<\/span>Unearned income \u2014 not counting your chickens, or your money<\/a><\/em>.<\/p>\n<\/div>\n

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This is a Synergy Enterprise feature.<\/p>\n<\/div>\n

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }<\/p>\n

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Update \u2014 Reports<\/h3>\n

To help you keep track of your unearned income we have created three new reports. The reports \u2018unearned income \u2014 by discipline\u2019 and \u2018unearned income \u2014 by cost centre\u2019 are filtered by the account codes you use. The third, \u2018unearned income \u2014 by primary contact\u2019 is filtered by your listed project contacts.<\/p>\n

We have two new highly anticipated reports available in the report engine: \u2018invoice vs costs groups\u2019 by project\/stage and by month. This allows you to compare the actual costs vs the invoiced costs for a specific time period.<\/p>\n

\u2018Staff \u2014 performance by project and stage\u2019 filters by periods of transaction invoice date. The costs and profits columns are only available to directors and above.<\/p>\n

Update \u2014 Project transactions view<\/h3>\n

This release has worked some magic using our\u00a0project performance<\/a>\u00a0feature. Using the stage progress slider, Synergy is able to help both project managers\u00a0and<\/em>\u00a0CFOs (woah, right?!)<\/p>\n

Stage progress (via the slider in project performance) now helps show both earned value (or ‘earned percentage’)\u00a0and<\/em>earned revenue (or ‘complete percentage’). Earned value is the percentage of budget consumed based on progress; earned revenue is the percentage of the fee consumed based on progress. There is, of course, more to it than that, so head over to the help files to find out more.<\/p>\n

The other update in this section is about stage names. If your stages have long stage names, you can now hover over the stage name and see a tooltip that shows the full stage name.<\/p>\n

Update \u2014 Stage progress bar in the work breakdown<\/h3>\n

The stage progress bar is now a slider. It replaces the progress bar which only updated in increments of 10 percent. This allows for more accurate accounting when you need to marry up the invoice percent to your earned percent. It also allows the project manager to be more precise in their estimates especially towards the end of the stage.<\/p>\n

Update \u2014 Invoices<\/h3>\n

When a draft invoice is in progress, you can now see a timestamp in the invoice percent complete that shows when the complete percent was last updated.<\/p>\n

The complete percent is not shown on a final invoice.<\/p>\n

Update \u2014 Personal information on your profile<\/h3>\n

To protect your privacy, your personal information in the contact card is now only visible to directors and above. This includes your private phone, mobile, fax and home address.<\/p>\n

Update \u2014 Online payment processing \u2014 Stripe<\/h3>\n

Our third-party credit card payments system (Stripe) is now even more secure. We updated our systems to meet the new \u20183D Secure 2\u2019 authentication requirements in Stripe’s latest update. You might need to authenticate your details if your card is affected.<\/p>\n

New \u2014 On-premises project folders synchronization<\/h3>\n

We have a new setting that allows customers to set up their document folders on their local file server when creating a new project in Synergy. Speak to our customer success team to find out about pricing.<\/p>\n<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n\n\n\n","protected":false},"excerpt":{"rendered":"

This month\u2019s product update is a project accounting bonanza with the all-new unearned income feature. This is additional functionality that builds on the project performance feature we released in June. 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