2022-02-10

🚀 New Features

✔️ Support for onboarding, underwriting & monitoring solutions in Microsoft Dynamics 365 Business Central

Railz now supports onboarding, underwriting & monitoring solutions in Microsoft Dynamics 365 Business Central. Customers will be able to retrieve the below through the Dashboard & API:

For more details, see the Dynamics 365 Business Central integration.

✔️ Update (PUT) customer, vendor & inventory records in accounting service providers

Railz now supports updating customer, vendor & inventory records in QuickBooks Online, Xero, FreshBooks & Oracle NetSuite.

Customers can use the PUT endpoints to reconcile & update information from their application back to these accounting service providers. For more details, see Pushing Data & the updated API reference.

✔️ Support cash & accrual-based financial statements

Railz now supports pulling accrual & cash-based financial statements & trial balances. The main difference between cash & accrual accounting is in the timing of when revenues & expenses are recognized by a business.

Customers will be able to choose the accountingMethod of choice when retrieving data through our API & Dashboard. For more details, see the updated Financial Statements endpoints.

✔️ Apply accounting classifications to bank transactions retrieved through Plaid (Beta)

Railz now supports applying accounting classifications to bank transactions retrieved through Plaid based on our universal & normalized chart of accounts. This feature is currently in open beta.

Customers can now access classifications similar to the level they would expect in the financial statements pulled from a business' accounting service provider through Bank Transactions in the API & Dashboard. For more details, see Bank Transaction Classifications.

✔️ Bank reconciliation and accounting accuracy score (Beta)

Railz now supports reconciling bank & accounting transactions of a business to ensure the fidelity & accuracy of a business's financial data. This feature is currently in open beta.

Customers will be able to access a mixture of banking accuracy scores & descriptive statistics concerning bank reconciliation through the API. For more details, see Bank Reconciliation & Accounting Accuracy Score.

✔️ Generate financial fraud risk metrics

Railz now supports generating fraud risk metrics for a business based on its financial statements & ratios.

Customers will be able to access a score & metrics that indicate potential fraud to help detect if their business customers have done any sort of manipulation with their earnings or financials through the API. For more details, see Fraud Risk Metrics.

✔️ Trigger webhook events in Sandbox

Railz can now support webhooks in Sandbox using the /sandbox/fireWebhooks endpoint to manually trigger webhook events.

Customers will be able to test webhook events in their development environment to test that their code correctly handles webhook events before making them available in production. For more details, see Testing Webhooks in Sandbox.

✔️ Probability of Default based on multiple definitions of default

Railz now supports calculating a business's probability of default (PD) by considering multiple definitions of default to provide customers with more confidence in their decisions knowing they are based on up-to-date & accurate data.

Customers will be able to access multiple PD models for each definition & a constructed aggregate PD through the API. For more details, see Probability of Default.

🚨 Changed Functionality

✔️ Parent reference in chart of accounts

Railz now returns an account's relation through the parentRef object in the chart of accounts response payload.

Customers can use this data to infer relations between accounts. For more details, see Chart of Accounts data model & the updated Chart of Accounts endpoint.

✔️ Currency reference in Accounts Payable & Receivable aging reports

Railz now returns currency used through the currencyRef object in the aging reports response payload.

Customers can use this data to access & display the proper currency for multi-currency aging report values. For more details, see the aging reports endpoints.

✔️ Query data sync status by data type, frequency, status & date

Railz now supports querying the /data/syncStatus endpoint bydataType, reportFrequency, currentStatus & endDate.

Customers can now refine their queries to limit the data returned in the response. For more details, see /data/syncStatus.

✔️ Fixed: Railz Connect auto redirect when banking integration is off

An issue that prevented Railz Connect from auto redirecting to the specified redirectUrl when banking integrations are disabled has been fixed in this release.

✔️ Fixed: Railz Connect connected pill brand settings

An issue that caused the connected/disconnected pills in Railz Connect to be overridden by the customer's brandColor has been fixed in this release.

✔️ Overall improvements & non-breaking changes

Released overall improvements & optimizations to:

Data extraction & normalization improvements.
API endpoints & data models.
Overall UI & UX improvements to Railz Dashboard & Connect.