August 30, 2024: Collaborative AR Updates

We're excited to announce the latest enhancements to Collaborative AR, designed to improve integration, flexibility, and control across various platforms. These updates bring new capabilities to our NetSuite, MRI, and Sage Intacct connectors, addressing key customer needs and expanding the functionality of our AR Automation Suite.

1. Support for Reallocation of Collaborative AR Payments in NetSuite

Previously, fully applied invoice payments within Collaborative AR could not be reallocated within the platform, whether through the user interface or the connector sync from NetSuite. Changes to these payment records in NetSuite were not reflected in Collaborative AR, limiting visibility and control.

With this release, our NetSuite Connector now supports the reallocation of invoice payments from NetSuite. These reallocations will be visible in the Customer Portal, providing greater transparency and flexibility.

Please note that this is an opt-in feature and will not be enabled by default.

To opt into this feature, please contact your Customer Success Manager or email us at [email protected].

2. Support for Not Importing Draft Payments from Sage Intacct to Collaborative AR

Previously, all payments — whether posted or non-posted — were imported from Sage Intacct to Collaborative AR, as Sage Intacct did not support Draft Payments.

With Sage Intacct's recent update (details here), Draft Payments are now supported. In response, this release ensures that non-posted or draft payments will no longer be imported from Sage Intacct to Collaborative AR.

This enhancement offers greater flexibility for Sage Intacct Connector users, allowing you to utilize the Draft Payment feature without prematurely publishing these payments to Collaborative AR.

3. Ability to Pass Multiple Pre-Paid Rent Categories to MRI

In MRI, regular (non-prepaid) payments are typically categorized based on the type of income, like rent or parking fees. However, pre-paid payments need to be handled differently, as they are recorded in a separate pre-paid income category. 

Previously, Versapay only supported a single general pre-paid income category for all types of payments (e.g., pre-paid rent, pre-paid insurance).

With this release, Versapay now includes a mapping table where each income category can be matched to its corresponding pre-paid category. Instead of relying on a single default value, Versapay can now assign different pre-paid categories based on the specific income type.

This enhancement gives you more control over how pre-paid income is categorized, allowing for greater accuracy in financial reporting.

Please note that this is an opt-in feature and will not be enabled by default.

To opt into this feature, please contact your Customer Success Manager or email us at [email protected].

4. Sales Tax Enhancement for Collaborative AR and MRI

Collaborative AR provides a feature to manage the payment of tax line items, but support for this feature was previously unavailable through the MRI Connector. As a result, tax charges generated in MRI would sync to Collaborative AR as regular line items, bypassing tax control.

With this enhancement, the MRI Connector now supports the proper handling of tax charges. When this feature is enabled, the connector will check two specific fields in the MRI charge: RentTaxAmount and ParentTransactionID:

• Tax Charges: If both fields are populated, the charge is considered a tax charge and will be mapped to Collaborative AR accordingly.

• Non-Tax Charges: If ‘RentTaxAmount’ is non-zero but ‘ParentTransactionID’ is null, the charge will not be treated as a tax charge.

If this feature is disabled, the connector will ignore these fields, and tax charges will continue to be treated as regular line items. 

If you handle tax charges, you can now implement more precise payment controls for tax-related items in the Collaborative AR Customer Portal.

Please note that this is an opt-in feature and will not be enabled by default.

To opt into this feature, please contact your Customer Success Manager or email us at [email protected].

For more information or to activate any of these features, please reach out to your Customer Success Manager or email us at [email protected].