Before we get into the details of the new features, here is a quick glance at some milestones we hit over the past year with ERPNext.
In the V15 upgrade, we have given a refreshed look to ERPNext with our new UI system, Espresso. The new design is all about getting you more information in a cleaner way.
With this version, ERPNext will give our users efficient and precise financial control, enable them with one-stop inventory management, and push the asset management module a notch higher. There have also been multiple performance improvements in the efficiency, speed, and overall functionality of the app.
Migrate to V15 on Frappe Cloud
ERPNext users hosting their system on Frappe Cloud can easily update to V15 and keep a continuous check on upcoming updates through the simple ‘Show Updates’ button.
Image: 'New Updates' tab on Frappe Cloud
Users on Frappe Cloud not only get all the updates promptly, but can also easily host other B2B Frappe Apps needed to run their business operations smoothly. Frappe Cloud hosting starts at just $10/month. The pricing for Hosting + Frappe Support starts at $50/month which offers all the hosting benefits along with product support for unlimited users.
You can explore all Frappe Cloud benefits and choose the correct plan for yourself to get started in minutes.
Let’s get into ERPNext V15 updates now.
1. A more efficient and precise financial control
In this version, our team has fine-tuned the accounting module with some new features to bring you an efficient, robust, and intuitive system.
1.1. New ‘Account Closing Balance’ doctype
To improve the performance of reports and functions related to calculating opening balances or account balances, a new document type called "Account Closing Balance" is introduced. Now, users can only make changes or add new entries after they have finished the closing process for a specific time. Once that's done, they can update entries whenever they need by canceling the closing process.
Without the "Account Closing Balance," running the trial balance report takes around 21 seconds, whereas with the "Account Closing Balance," it is reduced to 8 seconds. This indicates a substantial enhancement in processing speed, particularly for sites with a considerable number of GL entries.
Know more about the performance improvements
1.2. Book Advance Payments in Separate Party Accounts
This feature addresses a common challenge in accounting workflows related to advance payments. Previously, users faced complexities in managing advance payments received from customers and advance payments paid to suppliers. The conventional approach treated these advances as positive assets and liabilities, which sometimes led to confusion in financial reporting. With the new functionality, users can now seamlessly record advance payments by designating them as negative assets and liabilities in the General Ledger. This ensures a more accurate representation of the company's financial position.
Vid : Record advance payments as liability
Moreover, the introduction of separate party accounts offers enhanced flexibility. Users can now specify default advance accounts at the company level or customize them for specific customers, customer groups, suppliers, or supplier groups. This granular control simplifies the process and ensures that advance payments are appropriately accounted for, streamlining financial management for a more efficient and precise accounting experience.
1.3. Financial Reporting
The Financial Ratios Report provides a clearer picture of your company's financial health. With a few new enhancements, the financial analysis has become more straightforward.
Changes Made:
→ New Report: We have added the Financial Ratios Report to the Reports module. It's designed to give you insights into your company's liquidity, solvency, and turnover by analyzing data from the Chart of Accounts and GL Entry.
→ Account Type Updates: Introduction to new account types like "Current Asset," "Current Liability," "Direct Income," and "Indirect Income." aims to ensure that our report covers all the necessary aspects for a more accurate analysis.
→ Method Support: We tweaked the "get balance on" method in the account utils, now supporting the "account type". This enhancement ensures more precise balances for your financial ratios.
Vid : Generate financial ratio reports
1.4. Reconcile Payment in background
To tackle timeouts with extensive invoices and payments, we have added a 'Reconcile in Background' feature. This includes two new doctypes for seamless processing, with payments allocated in FIFO order.
Effortless Trigger:
→ Submit the "Process Payment Reconciliation" with familiar filters.
→ Initiate background reconciliation with the 'Reconcile in Background' button.
Configuration Control:
→ Enable/disable the feature conveniently using a new checkbox in Accounts Settings.
Job Management:
→ Validate and prevent conflicts by checking for running jobs with the same filter in Payment Reconciliation.
This enhancement streamlines reconciliation for large datasets, providing a smoother and more efficient workflow.
1.5. Editable Sales and Purchase Invoice
With the new E-Invoicing system rolling out in India and other places around the globe, we wanted to make the invoicing experience smoother. Dealing with invoice details, especially cancellations, for government portals can be a bit of a headache.
Now, the users can tweak certain details like account heads and cost centers without going through the hassle of canceling and regenerating E-invoices. The invoice number stays put, and you get to make those important changes easily. From discount accounts to banking details, ERPNext has got you covered with fields you can edit even after hitting that submit button.
Vid : Editable Sales Invoice
1.6. Automate invoice generation for Subscriptions
Users can now easily test and replicate future-dated subscription scenarios right from the user interface with the introduction of a new process document. ERPNext has refined the invoice generation process.
The "Generate Invoice At" option has been enhanced with three choices – end of the current subscription period, beginning of the current subscription period, and days before the current subscription period. For the last option, specify the number of days before the invoice should be generated. With this feature it's all about flexibility and ease in managing your subscription processes.
Vid: Automating invoice generation cycle
1.7 More Updates
→ Provision to send Accounts Receivable Reports using Process SOA
→ Automate exchange rate revaluation
→ Update items for sub-contract Purchase Order
→ Item-wise TDS calculation
→ Ledger Previews
→ Ledger Payment Report
→ Payment based Dunning
2. A better and more robust Inventory Module
The V15 upgrade has brought in the missing pieces in our inventory module, and have attempted to make it a full-fledged inventory management system.
2.1. Multi-level BOM creator
We added the Multi-level BOM Creator to simplify the process of creating multi-level Bills of Materials (BOMs) on a single screen. Traditional BOM creation needed some back and forth, requiring users to first create sub-assembly BOMs before final product BOMs. This felt a bit time-consuming and challenging to visualize. The Multi-level BOM Creator streamlines this by allowing users to construct a complete hierarchy using a tree component. Now, users simply have to select the final product, add raw materials and sub-assembly items, and, if needed, convert raw materials into sub-assembly items with a click. Adjust quantities as necessary, and when done, submit the BOM Creator. The system will then generate BOMs seamlessly in the background.
Image: BOM Creator
2.2. Stock Reservation against Sales Order
The main goal of Stock Reservation is to guarantee that the materials you want to keep aside for some purpose are available when you need them. With the Stock Reservation feature, this process has become easier. In the new Stock Reservation Entry, a new tab is added in Stock Settings, giving an option to easily Reserve and Unreserve Stock directly in your Sales Order. With validations at various stages, such as Delivery Note creation and Stock Ledger Entries, ERPNext ensures that reserved stock is delivered first and not used in unauthorized transactions.
The Stock Reconciliation process now prevents reconciliation for reserved items. The added smart check in the Stock Settings option will prevent enabling both Stock Reservation and Allow Negative Stock simultaneously. To reserve stock against a Sales Order, simply enable Stock Reservation in Stock Settings, create a Sales Order, and click on Stock Reservation to specify the quantity and warehouse.
Vid : Stock Reservation
2.3 Serial and Batch bundle
This feature will help manage serial and batch numbers in a more efficient and user-friendly way. Now, the Serial No field is a linked field, eliminating the need for small text entries. You can easily rename and maintain valuation rates for serial numbers. Plus, there's no more hassle of adding multiple rows for batch items in transactions like Purchase Receipts, Delivery Notes, and Stock Entries. Users can conveniently bundle multiple batches in a single record linked to the child table in transactions.
Vid : Serial Batch Bundle
2.4 More Updates
→ Multiple item prices
→ Support for alternative items in quotations
→ Audible indication of barcode scan status
→ Support more barcodes in an item by validate the barcode with the barcodenumber module
3. Simpler Asset Management
3.1. Daily Asset Depreciation
Users can now opt for ‘daily depreciation’ for their assets. This is a method where we spread out the depreciation amount of an asset over the days in a specific time frame, usually a month. This means that the amount of depreciation an asset experiences can change based on how many days are in that particular month.
For instance, let's take February and a month with 31 days as examples. In February, the depreciation amount would be less than a month with 31 days simply because February has fewer days. This way, we're accounting for the varying number of days in different months and ensuring a fair distribution of the asset's depreciation.
Image: Daily depreciation
3.2 More Updates
→ Separation of depreciation schedule from assets
→ Asset Capitalization
→ Asset activity
4. India Compliance App
Our Indian users can access India-specific compliance features by installing the India Compliance app from Frappe Marketplace. The app is built on ERPNext + Frappe Framework and is designed to make compliance with Indian rules and regulations simple, swift, and reliable.
We are thrilled to share the latest updates from version 15 with you. Our team is working hard, continually adding new features and enhancing existing ones. Follow us on GitHub to stay in the loop.
