Investment Income Reporting
From 1 April 2020 the way in which Interest and Withholding Tax is reported to the IRD is changing, through an IRD process known as Investment Income Reporting (IIR). Whilst this has been available since April 2019, it has been optional. From April 2020 it will become mandatory for all institutions paying interest where Withholding Tax is applicable.
New functionality has been added to support these changes, and will be available from version 3.02.01 of finPOWER Connect.
IIR within finPOWER Connect comes in the form of a new Report, and a new File Export process. This adds the ability to export up to three file types, one for each supported Withholding Tax Type.
- Resident Withholding Tax
- Non-Resident Withholding Tax
- Approved Issuer Levy
Forced Test Mode
Along with the introduction of "Cost Centres", finPOWER Connect version 3.2 also adds a new "Forced Test Mode" option.
This forces finPOWER Connect to use third party service "Test" environments, rather than the "Production" or "Live" environment - or to fail if they don't support a Test Mode.
finPOWER Connect version 3.2 introduces the concept of Cost Centres for tracking requests made to third party interfaces such as Credit Bureaus. In other words, finPOWER Connect now better supports users that want third party credentials and other settings to vary based upon their Business Units.
A new Admin file, "Cost Centres", defines these third party credentials and options, rather than one Global configuration. The trade off is each request to a third party must also define a Branch, which in turn defines the Cost Centre.
Rebate Processing - Recommended Procedures
Accounts with Elements setup with rebates on them will be automatically rebated when using the individual Account Close wizard.
The screen below shows an Element setup with a rebate, as per Admin, Elements, "Credit/ Rebates" page:
Optimising Account Processes
One of the most time consuming operations within finPOWER Connect is Account Processes.
Of course, for most Users, this is not really of any consequence. However, for Finance Companies with tens of thousands of Accounts, the time Account Processes takes may become more critical. Therefore, we have carefully reviewed this area with a view to optimising performance.
Account Processes are generally run once a day after that day has been closed off. This is typically after Bank Transactions have been imported and committed for the previous day, i.e. on Wednesday morning Tuesday's Bank Statement is imported and transactions committed to Accounts. At this point, Account Processes would be run to create Payment Due and Standard Transactions for Wednesday and close off Tuesday, including posting Interest Transactions.
Account Processes will run through every "Open" Account and post Transactions as they fall due. This means every Account is examined.
The optimisations made in finPOWER Connect version 3.2 mean that generally an Account will not be inspected unless it needs to be.
Xero General Ledger Interface
finPOWER Connect now directly integrates to Xero's web based Accounting application.
This means your Bank Transactions and Manual Journals can be posted directly into your Xero organisation.
User Administration in finPOWER Connect Cloud
finPOWER Connect Cloud has the ability to add and edit Users.
This includes re-enabling locked out Users and duplicating an existing User to create a new User.
finPOWER Connect Web Services Administration and Pooling Enhancements
With version 3.01.05, Web Services and the corresponding Web Administration facility have been enhanced.
This provides a simpler interface and more powerful tools for monitoring Web Services.
Business Layer Training - Wizard Validator Scripts
This Business Layer training session looks at the use of Wizard Validator Scripts in finPOWER Connect. It demonstrates the scenarios in which they should and should not be used, how the Script events work and what they can be used for.
Watch the video here.
finPOWER Connect Cloud 3.05.01 Enhancements
Payment Arrangements, Withdrawals and the ability to edit more Client information has been added to finPOWER Connect Cloud.
This is the first step towards being able to edit all of the main record types in finPOWER Connect Cloud.