Fixes
[VA-10162] - Bin Location Import shows an error message when the new_bin_location_identifier is the same as the current bin
Release Notes
[VA-10118] - In the default income statement, allow the user to choose the format of the report based on the template
Background and Business Need
Previously, all firms used the same fixed Income Statement structure: Revenue → Cost of Goods Sold → Gross Profit → Expenses → Net Profit. This "one-size-fits-all" approach had several limitations:
- Service companies (consulting, legal, accounting) had no products to sell, making the "Cost of Goods Sold" section irrelevant and confusing
- Investors and lenders often require EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization), which wasn't calculated
- Complex businesses with significant non-operating income/expenses couldn't distinguish between operating profit and overall profit
- Industry standards vary - different sectors present their Income Statements differently
What This Feature Does
This feature allows users to choose from 4 different Income Statement formats (templates) for their default Income Statement report:
| Template | Best For | Key Characteristics |
|---|---|---|
| Standard (with COGS) | Retail, manufacturing, wholesale | Shows Gross Profit as Revenue minus Cost of Goods Sold |
| Service Company (no COGS) | Consulting, professional services | No COGS section - just Revenue minus Expenses |
| Multi-Step | Complex businesses, bank reporting | Separates Operating Income from Other Income/Expenses |
| EBITDA | Investor presentations, valuations | Highlights EBITDA and separates Depreciation & Amortization |
Key Terminology
| Term | Definition |
|---|---|
| Template | A pre-defined structure that determines how sections are organized on the Income Statement |
| Section | A grouping on the report (e.g., "Operating Revenue", "Cost of Goods Sold", "Operating Expenses") |
| Section Assignment | Specifying which section a Report Group or GL account belongs to |
| Report Group | A named collection of GL accounts that appear together on reports |
| Gross Profit | Revenue minus Cost of Goods Sold |
| Operating Income | Gross Profit minus Operating Expenses (profit from core business) |
| EBITDA | Earnings Before Interest, Taxes, Depreciation & Amortization |
| D&A | Depreciation & Amortization (non-cash expenses) |
| Other Income/Expenses | Non-operating items like interest income, investment gains, bank fees |
| Fallback Section | Default section used when an account has no explicit assignment |
| Custom Section Labels | User-defined names to replace default section names |
[VA-10182] - Create name, total field for opportunity
- Versa has added a field opportunity name and amount columns for the opportunity imports.
- In addition, users can also now export the existing opportunities in the system
[VA-10193] - Add new columns to report Sales Agent Summary by Customer and by Product
- Versa has added new columns for commission and commission rate, as well as payment on the invoice item.
- In addition, Versa has added a new filter to exclude service charges for users to exclude charges like shipping from the invoice. Also, add a payment date filter for the user to filter payment date on the invoice (for the case user pays commission on payment received).
[VA-10194] - Add new option to show item not fully paid to report Purchase Backorders by Item
- Versa has added a new parameter. In this report called "Show Not Fully Paid Items," when this is on, the report will also include items that have outstanding payment, even if the PO is fully received.
[VA-10199] - Enable AI summary of reports
- Versa has enabled AI summary for reports (not financial reports and not firm custom reports). After the report is run, Versa will now provide a summary of the data analysis by AI. This analysis is based on the report's primary purpose and key facts about the data presented.
- To turn this on, the user needs to go to setup>feature settings>AI agent>AI Summary of Report
[VA-10177] - Letter Head For Easy Post when shipping internationally
- Versa has added a new setting to the EasyPost carrier to attach Signature and Letterhead to the Commercial Invoice for International Shipments
[VA-10144] - Include inventory adjustments in the event log with the user
- The user can adjust inventory from the products menu. A new adjustment, currently, Versa does not log who does the adjustment.
- Versa has now added the ability, where there will be a user id tagged with the inventory item variance record (created as part of product adjustment). When viewing a product adjustment (from the product menu, view all adjustments), Versa will display the user who did the adjustment.
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