Version 2.4

The latest release of Magnetic 2.4 contains the following list of new features and improvements:

Updated Xero Integration
We've added the following features/improvements as part of our latest Xero update:

1. Expenses can now be exported as supplier invoices. (a contact will be created in Xero with the details of the user who created the expense)

2. Expanded the item code list beyond standard Sales and Purchases categories allowing for more account types to be linked to Magnetic item types

3. Added the ability for automatic & manual Journal creation for the recording of financial transactions. These journal entries can also be synced to Xero if you have an active integration.
   

Multi-Account References on Contact Companies

Companies now support distinct Accounting Platform References per Billing Entity. This effectively allows you to have one company in Magnetic but link it to their respective companies in different Xero organisations. We've also introduced a Fallback Reference for cases where no entity-specific reference exists.

Inter-Company Billing

Your users can now be assigned to a specific billing entity, which will allow for the creation of "inter-company" invoices. This allows you to bill internally between your different Magnetic billing entities - for example when you need to bill an entity for work done by a user in another billing entity.

Outlook Calendar Integration

You can now sync your Outlook calendar events to Magnetic as well as sync your time allocations in Magnetic to your Outlook Calendar.

Note the following:
To avoid having two "sources of truth", updates made to calendar events in Magnetic won't re-sync to Outlook and similarly, changes made in Outlook to your time allocation events won't resync to Magnetic.

Billing Entity Currencies

Billing Entities can now define their own currency separate from the system base currency as well as its own exchange rate.  

Jobs with different currencies can lock in exchange rates instead of using live rates during creation.

Rate Cards

Rate cards now include currency definitions, which are prioritized when creating jobs or accounts in Magnetic

Approval Engine 1.0

A new extension of our "Workflows" feature.You can create custom approvals(linked to a workflow) that allows you to set up complex approval graphs to ensure no action can proceed before the prerequisite approval steps have been met
 

Other Enhancements & Fixes

1. Finance documents now preserve line items after an error during save.

2. Ability to prevent tag creation on a user level

3. Xero connections and disconnection improvements

4. General API upgrades

5. Implemented Magnetic webhook infrastructure, forming the base for integrations like Zapier or custom triggers.

6. Expanded workflow triggers to include:

   • File linked to an entity

   • Leave request updates

   • User creation events

7. Added audit logs for expense modifications to improve traceability