Release notes May 6, 2024

New look

As you might already have noticed, we have started introducing the new look for the Finstack platform. In the coming months, we will replace each page one by one. Next to the renewed design, we are taking this opportunity to review and improve some of the user interactions. Of course, the existing functionality will remain working as is.

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New authentication

The login flow has already been renewed, including the password reset and 2FA input. Besides the new look, we have improved the underlying logic to provide a robust and secure authentication process for all users.

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Multi currency support

Finstack now offers a new and improved way to handle multiple currencies. Our earlier approach of static FX rates will still be supported, however we now introduce the new Equity method. The only configuration needed is to set the Reporting currency. Press save and the system will automatically process the currency effects in your Balance Sheet and Cash Flow Statement, using Average and Closing rates that we retrieve daily from ExchangeRate.host

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Reporting: column width

You are now able to switch between a wider and more narrow column width in Reporting, to cater for the display of values in thousands or millions. Use the icon top right to toggle between the two options.

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Current Year Earnings

On the Balance Sheet, there are two system generated classes: Current Year Earnings and Retained Earnings. The former will incorporate the Profit & Loss Result of previous months into the Balance sheet by month. The latter will incorporate the Profit & Loss Result of previous years into the Balance sheet (this number will reset after a year-end closing entry). We have now introduced that Current Year Earnings will now also be calculated and available for previous years. Just change the calendar period to see it in action.

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Expected sign across the tool

Across several pages we have made the use of positive and negative values more consistent. In drilldowns, we have introduced a Debit and Credit side to entries (instead of Amount), to clearly show how the entries are built up.

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PHP 8.3 update

We have updated the backend of Finstack to a new version of PHP. The platform will now run more efficiently and respond faster because of this update.

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Feedback
As always, don’t hesitate to contact us with suggestions or missing features! Please reach out to sebastiaan [at] instack.io directly.

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What’s next

The coming month we are working on the revamp of our Analysis page (variance analysis). We will also introduce a new section: Working Capital. This will include a reworked Relations and Aging page, and a new Cash overview page. We are planning to release a new approach to grouping entities (sub consolidations) at the end of this quarter.