What's new with Paragon - June 8, 2021
GL Balances WIGO report
Standardized financial reports may give you a snapshot of your business's financial health, but aren’t as useful for analyzing and investigating the activity within each GL account down to the journal level. Paragon’s new GL Balances WIGO provides insight for all the financial details, where other financial reports like the balance sheet, income statement, and trial balance focus on summary information
While a trial balance shows you the balance of each account to date, you cannot easily see the individual journals that make up these balances. On the other hand, the balance sheet and income statement provide external information with comparative information for a specific period at a time. This new WIGO report can do so much more! It works as an auditing tool to track down variances in your accounts and shows rolling monthly balances, making it something that should be in every accountants’ back pocket.
Generate an aged AR report
Some clients are punctual and pay you on time, but this is sadly not always the case and you need to know when to send out payment reminders. Using the new action button on the customer module, you can generate a standard aged AR report. It contains all of your customer’s outstanding invoices, taking into consideration on-account credits and payments, organized by the length of time that they have been outstanding.
The aged AR report is also a crucial tool for deciding how much money to set aside in anticipation for doubtful accounts. For example, if a particular customer has a history of overdue invoices based on the aged AR, a decision may need to be made to only continue business with them on specific terms.
As a plus, Paragon is a multi-currency system, and the aged AR report is designed to account for this!
Bugs
Here's a list of bugs we've eliminated with this update:
- User configuration settings on the add item modal are now saved, regardless of whether the advanced add item modal is used by default.
- Inheritance of attributes created by integrations has been fixed.
- The PDF templates used when generating an income statement or balance sheet will always be the ones specified in the selection modal.
- The signs for the balances on the income statement now follow standard accounting logic.
- A note was added to the journal entries created from imported full physical inventory counts, allowing you to trace back the import that generated the journal.
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