Financials v2 Release Notes

Latest Version: 2.0

Release Date: April 6, 2021

Production Link: Please reach out to your CSM or Litify Account Manager.

Sandbox Link: Please reach out to your CSM or Litify Account Manager.

The latest version of Litify Financials focuses on improvements to deployments and configurations. These upgrades were added to allow Litify’s very own Product Services team (also known as ProServ) to reach a wider audience and to set new and returning Litify customers up for success.

Post-Install Steps

In order to support some of the new functionality included within this release, users will need to perform some additional setup after installing the latest package. To ensure that things run smoothly, please follow the steps below after upgrading to Financials v2 (expand tab to view steps).

Steps
  1. Click the Setup cog and click Setup.
  2. Search the Quick Find bar for Custom Settings and click on it.
  3. Click Manage next to Transaction Trigger Custom Setting.
  4. Click the uppermost New button.
    • The one above Default Organization Level Value, not below it. 
  5. Click Save.
  6. After it has saved, navigate back to the Custom Settings menu.
  7. Click Manage.
  8. Click Edit to uncheck or check the value to enable the trigger.

New Features

Store Transaction Context

  • We’ve added the ability to store contextual information for transactions. Starting with this version every transaction will come with a field that records from what tab a transaction was created—more specifically the group_template in the schema. The lookup to the group_template provides all the data needed around the tab name. This in turn can be used to infer the function and context of that transaction.
  • This can be helpful in determining which transactions are relevant to which parts of a case. For example, in looking at several payments it’s now easier to understand which are related to settlements, and which are related to verdicts. This information can then be used to update the original record. Learn more about this feature in our Transaction object overview article

Transaction Object Updates

  • We’ve added the Check #, Memo, and Notes fields to the Transaction object. The Check # field is especially helpful, as it can store information from external systems such as pieces of accounting software (like Accounting Seed and Quickbooks).
  • We’ve also updated the Transaction object to handle voiding. This way if Litify receives a message telling it that a transaction has been voided (or if a user manually changes a transaction to Voided), the system will update that transaction to reflect this and will change the amount to 0 (zero). This can be helpful in retaining that transaction as a line-item, while not letting the value of that transaction impact your records. Learn more about Transaction objects in our dedicated article.

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Object Mapping Now Supports An Additional Layer Deep

  • With this release we’ve updated the way that Litify handles transaction mapping. You now have the ability to reference separate object fields on lookups stored on the financial object by selecting from a list of available objects. This list is populated based on the financial record object type of the transaction.
  • These additional mapping options will allow you to decide to use the fields available on the financial object, or to select one of the other objects referenced. Doing so will grant you access to those additional fields to pull values from.
  • Overall this new functionality should allow more front-end flexibility and improve performance by reducing the need for memory-hungry automation. 
  • Learn more about object mapping in our dedicated article

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Reorder Tabs on Set Up

  • We’ve added the ability to rearrange the order of tabs on the Summary page. Gone are the days of having to delete rows and re-add them so that they appear in the correct order. Now you can simply click the Modify Tab Order tab and rearrange the tabs in the box that appears—using the up or down arrows. Learn more about rearranging tabs in our article on configuring summaries

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Picklists Now Respect Default Values

  • A smaller (but no less important) update ensures that picklists respect items marked as default. This is something that Salesforce does by default but was not working properly within our system.

We have identified a known issue regarding this functionality. For the Method field on the Transaction object, we’ve noticed some issues when setting the default value to Transfer. Setting this as the default will prompt you to enter a value (which is not ideal). As such, the recommended action is to set the default as something else (or not at all).

Usability Update

  • Financials v2 also includes a handful of usability updates for forms. These include the addition of Select All and Copy Down buttons. Learn more about these updates and more in our article on Creating Transactions in Litify Financials

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Name Summarized Field Columns on Multi-Item Groups

  • We’ve added the ability to name Summarized Field columns. Previously you could do this with all other column types but this one. Learn more about naming columns in our balance and summary builder setup article

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Default Account Per Tab for Transactions

  • We’ve added the ability for you to choose the default account value for each tab. This should help you to save time if you know that all transactions on a certain tab will be processed using the same value. Learn more about setting default values in our article on configuring summaries

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Filter out Financial Records in Summary Table

  • Finally, we’ve added the ability to further refine items displayed in the Summary table by hiding records that you do not wish to see. This should offer admin users greater flexibility in displaying exactly the results that they’re looking for. Configure this option using the Hide Records section on the Edit Item screen of the item you wish to change. Learn more about hiding unwanted data in our article on configuring summaries

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