MRI Software is proud to announce Version X.5, the latest release of our web-based real estate accounting and property management software. Building off the strong foundation of our popular Platform X, the most recent version combines powerful new functionality with feature enhancements to enrich the user experience and improve operational efficiency.
New features in Residential Management
Version X.5 delivers several new features to Residential Management within MRI as well as new capabilities for the UK market. Core functionality updates have been made to the batch entry process to allow users to disable cash types in batch entry and also create and post batches from multiple properties. Keeping with the theme of extended functionality across multiple properties, a new drop down box enables users to narrow searches for prospects and residents across multiple properties. Finally, from within the MRI-GO results screen, MRI has added the ability for users to create a service request from the GO Card without leaving the GO search screen. Once the service request is saved, the user returns to the MRI-GO search screen and can perform additional actions.
In the UK, MRI announced the general availability of the Residential Suite with features and functionality designed specifically for the UK residential sector. These include:
- Flexible rent dates: UK property managers have the flexibility to adjust the monthly rent due dates for any tenant.
- Proration: Real estate organizations have the ability to prorate on an annual or monthly basis.
- Step-ups: This solution enables the rent on a multi-year tenancy to increase annually, making it easier to manage three-year lettings.
- Break clause: Property managers can set the ability for a resident to break a lease without penalty after a certain amount of time in the unit.
- Common banking: Fee managers can collect rents into a common bank and then disperse the funds into the proper accounts afterwards.
Now available in Commercial Management
Updates to MRI Commercial Management are designed to make accessing information more efficient by assisting common user activities. For example, when a user is typing in a lookup field, MRI will intelligently attempt to find matching look up items based on user keystrokes.
New features include Multicurrency Recoveries, which enables users to calculate recoveries in a currency different from the base currency for that entity. This delivers the ability to capture expense pool amounts in the target currency based on the AP invoice date and using the daily exchange rate. This reduces the risk associated with fluctuations in exchange rate and results in a more accurate recoveries process.
Accuracy is a critical component in the development of a new CM/GL interface page that allows the user to review the interface details in a single grid and make any updates from this view. In this release, the calculation of Bad Debt Reserves is now automated. Users can now designate bad debt percentages by asset class or entity and automatically calculate and journalize those entries.
MRI Fixed Assets tightens the integration with MRI Financials
In MRI Financials, the X.5 release represents a significant step forward for the integration between MRI Fixed Asset Accounting and the General Ledger. Users can now create assets in MRI Fixed Asset Accounting by entering invoices and journal entries in MRI. This automated process will save hours of manual entry and reduce errors and reliance on spreadsheets.
Enhancements to Budgeting and Forecasting
In this release, Budgeting and Forecasting users will notice greater control over workbook functionality, including new check-in/check-out options, the ability to lock workbooks and delete a workbook from a budget. New fields, filters and column headers offer users greater visibility and flexibility across various time periods. Finally, enhancements continue to the Residential Management functionality as multiple collection frequencies can now be budgeted and users can enable step-ups from the Property Options tabs upon release.
What’s new in X.5 Reporting
The release of X.5 introduces a redesign of 50 of the most commonly run reports within MRI. This new, contemporary design delivers a streamlined and accessible look and feel to these reports. Additional information about the report itself is arranged so that users can recognize the key aspects or parameters of the report at a glance.
For users requiring additional detail, Advanced Filtering has been added to the runtime option page to allow users to run query-like parameters against reports to dig deeper into the requested data.
Introducing the web interface for Security Console
X.5 marks the first release of the web interface for Security Console and represents a major step toward combining the functionality of security console in windows and security manager. The new web interface improves the overall navigation experience as well as makes processes such as creating and setting up new users more efficient and intuitive.
Already an MRI Software client? Download Version X.5 from the MyMRI client portal.