24R2 Release Notes

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Left NavBar Enhancement

We are excited to announce a significant enhancement to your workspace experience: the Left NavBar remains firmly in place as you navigate workspace pages.

Improved Navigation: Say goodbye to constantly scrolling back to the top to access navigation links. Regardless of how far down you scroll within a workspace page, the Left NavBar will stay anchored and readily available for swift access to your favorite tools and sections. Simply navigate to common workspace pages and notice how the Left NavBar remains visible as you scroll down.

Note: We did not add this new feature to the Reporting workspace and that your zoom factor impacts if you see the scroll bar.

Accounting Updates

Balance Adjustment Functionality

Balance Adjustments can now be applied at lease inception, transition, or on the first day of a fiscal month within the lease life. Refer to the User Guide - Balance Adjustment for details regarding expected behavior for various scenarios and specified restrictions.

Important: Adjusting balances can significantly affect journal entries. Users should review the resulting journal entries immediately after applying a balance adjustment to confirm the intended results.

Guardrail for Fixed Term Renewal Date Recordation

As mentioned in the 24R1 Release Notes, testing associated with the accounting fix related to an unnecessary Gain/Loss on Modification entry surfaced a scenario whereby a fixed-term renewal was incorrectly entered with an effective date equal to the evergreen date even though the renewal commenced sometime after the evergreen began. With 24R2, a guardrail is in place so that the evergreen date will not appear in the recordation dates drop-down list. The Record Asset Event import will default to the first open period.

The original example included in the 24R1 Release Notes is included below.

Example:

Schedule’s Original End Date: 11/30/2020

Evergreen Start Date: 12/01/2020

Fixed-Term Renewal: 12 months beginning 01/01/2022

Incorrect Effective (Ledger) Date selected for remeasurement of fixed-term renewal: Dec2020

Effective (Ledger) Date drop-down option now reflects Jan2022

Users may experience some progressions in the accounting entries associated with renewals after an evergreen period with the 24R2 release. A more widespread correction is currently targeted for the 24R3 release in November. [PREOP adjusting entries when utilizing the Adjusting Entries Analysis Report macro]

One such progression relates to schedules that experienced a few months of evergreen prior to the recordation of fixed term renewals. In some cases, the system did not flip the schedule to operating classification during the evergreen period. With 24R2, unless the schedule was manually reclassified with recording/booking for the subsequent fixed term renewal, the schedule will carry an operating classification. Schedules should be manually classified using the first fixed term renewal date for on-book accounting treatment. [EG2OP adjusting entries when utilizing the Adjusting Entries Analysis Report macro]

Import and UI Improvements

Balance Adjustments Enhancements

The last release introduced a new and familiar kebab icon in the Deal Summary's Balance Adjustment section. The kebab allows users to remove a Balance Adjustment completely. The only option available in the menu is Rollback. The rollback of the adjustment is audited in the Deal History and appears with the strikethrough for the event. The System Operations Console also shows the action.

Guardrails

This release introduces several new guardrails. These guardrails inform our users of the presence of a Balance Adjustment and the impact additional events may have on the adjustment in certain scenarios. Some new guardrails prevent actions, while others warn users to review accounting after recording the event.

Impairment-Related Events

A Balance Adjustment will be blocked from import if the effective date of an adjustment is in the same fiscal period as an existing impairment or impairment loss reversal.

An impairment or impairment loss reversal will not be allowed if the effective date is in the same fiscal period as an existing adjustment.

Accounting Reclassifications

When a Balance Adjustment exists on a deal, an informational message will be visible on the Accounting Classification workspace. This message tells users they should review the accounting output after reclassifying if the accounting classification changes since classification changes may change the valid accounts for a deal.

Deal Status Behavior

Terminated/Disposed – A Balance Adjustment will be blocked from import if the deal's status is terminated, bought out, or disposed of. If the termination event has not yet occurred, meaning the end date has not passed, and the ledger date of the adjustment is before the termination event ledger date, then the import will be allowed.

Defunct – A Balance Adjustment will be blocked from import if the deal's status is defunct.

Retired – A Balance Adjustment will be blocked from import if the deal was retired/deleted.

Un-Booked – A Balance Adjustment will be blocked from import if the deal is not booked. This includes deals with Incomplete or Pending Approval.

Recorded Asset Events

Renewals

When recording a renewal on a deal and a Balance Adjustment exists on the deal, users will see a warning if the ledger date of the renewal event is before the ledger date of the adjustment or if it is in the same fiscal period as the adjustment.

Partial Termination or Disposal

When recording a backdated partial termination or disposal of assets and an adjustment exists on the deal, users will see a warning if the ledger date of the termination event is before the ledger date of the adjustment or if it is in the same fiscal period as the adjustment.

Payment Adjustments

When recording a remeasuring payment adjustment and a Balance Adjustment exists on the deal, users will see a warning if the ledger date of the payment adjustment is in the same fiscal period as the adjustment.

Note: Balance adjustments are made by standard, not by ledger.

The following are the conditions that will bring up the warnings:

1. If the deal has a Balance Adjustment for IFRS 16 only, the payment adjustment is recurring, and the Reason For Change is Underlying index rate changed.

2. If the deal has a Balance Adjustment for ASC 842 and IFRS 16, the payment adjustment is recurring, and the Reason For Change is Contingent rent resolved.

Minor Improvement

The import results Schedule Number for a Balance Adjustment import is now presented as a hyperlink to the deal.

As we work through the enhancements to Balance Adjustment, we will introduce additional guardrails when necessary. Please review the updated Balance Adjustment Import and User Interface guide.

Additional UI Changes

Ledger Reassignment Bulk Import

The issue affecting the Ledger Reassignment bulk import feature has been resolved. Previously, this issue was causing the unintended deletion of RCEOT and RCHP data. With this, the data impacting accounting remains intact, and the bulk import is once again available for use.

Month-End Closing

We successfully resolved an issue impacting some of our client's ability to reopen periods within our system. Initially identified as a result of clients seemingly triggering two events simultaneously, further investigation revealed that the root cause lay within a nightly maintenance task. With this release, clients should no longer encounter obstacles when attempting to reopen periods related to the task mentioned.

Exchange Rate Imports

We resolved a previous issue in which the post-processing after an Exchange Rate import inadvertently swept terminated deals that did not require sweeping. This resulted in unnecessary processing time.

Accounting Classification Workspace

Removed the static message at the top of the page informing users that all classification tests will be performed. All tests will continue to be performed; however, it was determined that the message was no longer needed since users could not alter this functionality.

Reporting Improvements

Parameter Tab - Four ‘v2’ Accounting Reports

The four ‘v2’ accounting reports now include the parameter tab. Users must ensure the box next to the Parameter option is selected before exporting the file to Excel.

Reports include:

• Portfolio Trial Balance v2

• Schedule Trial Balance v2

• Schedule Account Balance Trend v2

• Schedule Account Activity Trend v2

The reports remain non-editable. Customizable Balance/Activity reports are available through the Design Studio, including the parameter tab.

All four of the above ‘v2’ reports are currently under our SOC audit.

Note: With the addition of the parameter tab, previously scheduled versions of the above four ‘v2’ reports must be deleted and rescheduled. Remember to check the parameter box above on the export pop-up before saving the new version of the scheduled report. Refer to the Product Advisory – Logi Reports v2 for details regarding scheduling these reports.

Entry Type and Lease Component Additions

While working on the Balance Adjustment functionality update, we discovered that some journal entries did not contain Entry Type or Lease Component assignments. These have been added and are most visible on the Accounting RollForward (FX) reports.

The affected entries are listed below:

For additional reference, the LEDGER_ENTRY_ID and SEQUENCER columns in the above screenshot relate to the numbers on either side of the first decimal in the LedgerEntrySubId column on the Ledger Export (and Journal Entries Report). Most of these (500/501) are related to Balance Adjustments.

Guardrails

Bulk Imports

New Portfolio (PIW) and Asset (ADI) import validations exist for price and quantity combinations. The validation guardrails were implemented to limit occurrences that significantly hamper performance in a client environment because the system attempts to process the accounting for many journal entries. Incorrect data entry in the imports caused most of these occurrences.

These are the three new rules:

1. When the quantity for a single Schedule on the Details tab exceeds 20,000, the system will return the following error:

   1. Quantities greater than 20,000 are not allowed.

2. When the quantity is greater than or equal to 1,000, the price is over 0.01, and the amount is greater than or equal to 100 times the Unit Price, the system will return the following error:

   1. Quantity and unit price appear to be reversed. Please check the data. When the quantity is over 1,000 and the unit price is over 0.01, and when the quantity is also 100 times the unit price, imports are not allowed.

      1. Example:

         1. Unit Price of 244.77 – meets the condition “price is over 0.01”

         2. Quantity of 999,999,999 – meets the condition "quantity is greater than or equal to 1,000”

         3. 100 X 244.77 = 24477 – meets the condition "the amount is greater than or equal to 100 times the unit price”

         4. Then, the error above will be returned in the import.

   2. This guardrail is intended to assist clients in identifying situations where services or other soft components are quoted in external systems impractically for leased asset management.

      1. For example, some systems quote support services as quantity 20,000 at 1.00. However, this should be considered a single support service valued at $20,000.

3. When the quantity for a single Schedule on the Details tab is greater than or equal to ten (10) and the Unit Price is between 0.01 and 5.00, the system will return the following warning:

   1. Quantities greater than or equal to 10, with a Unit Price between 0.01 and 5.00, may generate a considerable number of journal entries for zero materiality.

Note: The quantity can be listed in a single row or the sum of all rows for a single schedule.

Other Reporting Updates

Home Workspace Logi Dashboard

Successfully addressed an issue affecting the loading of the My Dashboard tile on the home workspace and My Reports tile in Reporting. Previously, users encountered difficulties accessing these workspaces when using a URL for LeaseAccelerator that did not include the 'www' portion of the address.

Allocation-Level Changes on the Asset Change Report

We want to inform you that we have recently addressed the issue you reported in the Asset Change Report. In our previous communication for 23R4, we mentioned that a correction had been implemented; however, it was brought to our attention that the issue persisted despite efforts. From now on, allocation-level updates, which can include changing the cost center, for example, will be reflected in the Asset Change Report, and these changes will promptly appear.

EOT Templates

Extended the Effective Year and Ledger Year out to 2050 on the EOT Recordation report and Record Asset Event template. Extended the Effective Year out to 2050 on the EOT Notification report and added a comment regarding valid years to the Ledger Year column.

Post-Processing Notes

Recalculations: All schedules active in the current fiscal quarter that include any renewal event.

Accounting refresh: All schedules (active or terminated) that include Balance Adjustments for the following accounts:

• Accumulated depreciation - Finance Lease

• Accumulated depreciation - Operating Lease

• Accumulated depreciation: Step payment timing adjustment - Operating Lease

• Allowance for Leased Asset Impairment-Finance Lease

• Allowance for Leased Asset Impairment-Operating Lease

• Or have a Gain/Loss on Impairment

Upcoming Report Retirements

With the addition of the parameter tab to the four accounting ‘v2’ reports, we plan to retire the original four existing versions of the reports below with the 24R3 release currently targeted for November 2024.

Reports targeted for retirement with 24R3 (targeted Nov 2024):

• Portfolio: Trial Balance Report

• Schedule: Trial Balance By Account for a Single Month Only

• Schedule: Account Activity Trend

• Schedule: Account Balance Trend

The dynamic scheduling capabilities of the original four reports (allowing for automatic ‘shifting’ of the Start and End dates based on the system date and parameter selection) are currently being addressed and expected to be available before the 24R3 Release.

UPDATE: Ledger Export and Payable Export – Integration Notification

Replacement columns for LedgerEntrySubId and LedgerEntryId

This release introduces two new columns that are available for GL and AP integration. Several releases ago, we announced that "LedgerEntrySubId" and "LedgerEntryId" would be discontinued as methods of GL reconciliation due to problems related to values possibly changing upon refreshes. As mentioned in past release notes, the discontinuation of support for these two fields was delayed until we could provide two new fields for client reconciliations. It was further communicated that discontinuing support of "LedgerEntrySubId" and "LedgerEntryId" would follow two release cycles (6 months) after the new fields go into Production. That being said, 24R2 is the release in which the two new options are available.

• The first new column, "LedgerEntryLineId," replaces LedgerEntrySubId.

• The second new column, "PostingEntryId," replaces LedgerEntryId.

  • PostingEntryId was modeled on PostingId but with rows grouped by Adjustment Date.

Both replacements give clients a new value to reconcile and suppress individual lines for ERPs. You must contact your CSM to have your reports configured using these new options.

Summary of the new columns:

While the use of LedgerEntryId and LedgerEntrySubId are still allowed for reconciliation at this time, when performing imports with the current columns' names, users will notice an informational warning to help them prepare to use the new options.

Capture Document Id Import

The ability to reconcile the CaptureDocument ID import by LedgerEntryId and LedgerEntrySubId is planned to be replaced. Consider using LedgerEntryLineId, PostingId, or PostingEntryId instead.

Disbursement Imports

The ability to reconcile the Disbursement import by LedgerEntrySubId is planned to be replaced. Consider using LedgerEntryLineId instead.

Reconciliation Summary (Bulk Import and API follow the same paths):

Capture Document Id Import Steps using "LedgerEntryLineId"

1. Using a Ledger Export, navigate to Bulk Import, Capture Document Id.

2. Look for the new column "LedgerEntryLineId"; pick any entry from the Ledger Export with a Status of "New. "

3. Perform Capture Document Id import by adding the "LedgerEntryLineId" in the Payment Reference Id column on the import template, along with the rest of the required information.

4. Validate the import template, and after a successful import, wait for the Accounting Refresh to finish.

5. Download the Ledger Export again and verify that the acknowledged entry has a status of "Posted".

Capture Document Id Import Steps using "PostingEntryId."

1. Using a Ledger Export, navigate to Bulk Import, Capture Document Id.

2. Look for the new column "PostingEntryId"; pick any entry from the Ledger Export with a Status of "New".

3. Perform Capture Document Id import by adding the "PostingEntryId" in the Payment Reference Id column on the import template, along with the rest of the required information.

4. Validate the import template, and after a successful import, wait for the Accounting Refresh to finish.

5. Download the Ledger Export again and verify that the acknowledged entry has a status of "Posted".

Disbursement Import Steps using "LedgerEntryLineId"

1. Using a Payables Export, navigate to Bulk Import, Disbursements.

2. Look for the new column "LedgerEntryLineId"; pick any entry from Payables Export with a Status of "New. "

3. Perform Disbursements import by adding the "LedgerEntryLineId" in the Payment Reference Id column on the import template, along with the rest of the required information.

4. Validate the import template, and after a successful import, wait for the Accounting Refresh to finish.

5. Download the Payables Export again and verify that the acknowledged entry has a status of "Paid".

Notes: 

The "LedgerEntryLineId" will be the most granular for each row when the report is downloaded (regardless of whether the entry is acknowledged). No other existing functionality is affected by these changes. All clients using "LedgerEntrySubId" or "LedgerEntryId" for other internal measurements should know that these values are not static, meaning they could change with accounting refreshes.

The "PostingEntryId" will only be generated if a Ledger Export is downloaded for a closed period or the latest ledger date in the report downloaded is within a closed period. No other existing functionality is affected by these changes.

• The set of lines associated with a single "PostingEntryId" may not comprise an overall balanced entry. For example: Because lines in a "PostingEntryId" must share the same adjusted period for adjusting entries, a balanced journal entry which reallocates an amount from one period to another will be split across two "PostingEntryIds", neither of which will be balanced in isolation. 

• A single "LedgerEntryLineId" refers to one, two, or three lines from a single journal entry and does not represent a balanced entry.

Both new data points are also now available in the Design Studio – Journal Entries Report template (associated business view: BVLedgerExport). Users can drag the items into existing saved reports or the Journal Entry template while creating a new custom report.

Important: “LedgerEntrySubId” and “LedgerEntryId” are being discontinued as methods of GL reconciliation with the 24R3 release targeted for November 2024. Customers using these values for GL reconciliation should work with their Customer Success Manager or Customer Support to switch to one of the options listed above.