Release Notes: Version 3.5.0 (Financio-UOB integration)

Release Date: 5^th December 2022 (Monday)
Version: 3.5

Introduction
The document communicates the new features and updates in this release of the Financio v3.5.0

Compatibility

These features and enhancement updates have been tested and made available on the following product plan: 

1. New Feature: Financio-UOB integration

Financio is now integrated with UOB. You can save more time when you connect and link your UOB bank accounts to Financio. Simply perform a one-time set-up to enable seamless bank transactions to flow through a secure connection into your accounting system. With accurate daily view of your business finances, you can make informed business decisions each day with more confidence!

• To set up, navigate to Integrated Apps > UOB > Find Out More (refer to IMG 001).
• On the UOB SME web page, log in to authorize the connection (refer to IMG 002). Once successfully connected, you will see a green "Connected" button on the Integrated Apps screen on Financio (refer to IMG 003).

IMG 001

IMG 002

IMG 003

Click here for the tutorial guide.

• The next step is to link your UOB accounts. Click on Setting (refer to IMG 003).
  On the UOB Bank – Setting pop-up screen, choose the relevant bank account to link with Financio (refer to IMG 004)

IMG 004

For a detailed step-by-step guide, click here.

This integration enable data to flow seamlessly between two platforms. With this, you will now be able to view a dashboard on the UOB SME apps featuring the below business overview:

• Cash Balance Forecast (refer to IMG 005)
• Account Receivables/Payables (refer to IMG 006)
• Top Customers/Suppliers (refer to IMG 007)

IMG 005

IMG 006

IMG 007

2. New Feature: UOB bank feeds and account balance

Once you link Financio with your UOB bank account, you no longer need to go through the hassle of login on to both platforms just to review your bank balances and bank transactions. Just activate the bank feed, and your bank transaction shows up automatically in Financio daily, ready for quick reconciliation.

• To do so, navigate to the preferred Bank Account in Balance Sheet Accounts. Click on the dropdown icon > Reconcile. Here you will need to select the bank account from which you want the transactions to feed into your Financio.
• Click on Request Bank Feed, select a date range up to 60 days on the pop-up screen, and click Confirm. (Refer to IMG 008, IMG 009, IMG 010).

For a detailed step-by-step guide, click here.

IMG 008

IMG 009

IMG 010

To view your bank account balances, navigate to the preferred Bank Account in Balance Sheet Accounts. Click on the dropdown icon > Reconcile. Here you will need to select the intended bank account and click on the "Request Live Account Balance" button. (Refer to IMG 011)

IMG 011

To learn more, please click here.

3. New Feature: Financio-UOB payments

This integration allows you to send bill payment instructions from Financio directly to UOB account for authorization.

This new feature eliminated the need to switch back and forth between your accounting software and online banking portal to initiate payment instructions. No more re-entering the same info on two platforms. This feature surely helps you save time and reduce data entry errors too!

To initiate a payment, go to Purchase Bill > View > Three dots icon > Payment via UOB. On the pop-up screen, you may choose one of the various payment transaction types available (varies by country).

For Singapore (refer to IMG 012):

IMG 012

For Malaysia (refer to IMG 013):

IMG 013

Click here to learn more.

4. New Feature: Credit/ debit notifications

Once your UOB account is linked, you will receive real-time credit/debit notifications of the account transaction activities. These notifications provide real-time visibility of your business cash flow, and you can be informed of which customers have paid, and all the bill payments initiated.

The notifications are accessible via the "Notification" icon on the top right of Financio's home page. (Refer to IMG 014)

IMG 0014