CRIO’s latest update to our finance module marks one of the most significant enhancements to our platform to date, built to align with GAAP (Generally Accepted Accounting Principles) and make your revenue tracking and reporting more transparent, accurate, and audit-ready.
What’s Changing
If you’re a current CRIO user, here’s a breakdown of what’s changing, why it matters, and what you can expect when it goes live.
New Reconciliation Screen with clearer transaction visibility
All revenue items (holdback, autopay, invoiceable items) are now shown in one filterable table. You can search, sort, and apply payments without jumping between tabs.
The new reconciliation view also allows users to apply over and under payments and view the details quickly without needing to expand the row. Additionally, you can now speed up your payment workflows by using the ‘Select All’ functionality to easily reconcile and unreconcile all items on the page at once. No more jumping between sections to reconcile revenue. This new view improves efficiency, reduces missed items, and ensures you always have full visibility into the status of each transaction.
Invoicing is More Transparent
CRIO’s new finance module displays each revenue component (like upfront fees and holdbacks) as separate line items. This replaces the old “bundled” format where amounts were harder to distinguish.
With this update, you get a clearer view of what’s been invoiced, what’s still outstanding, and how each charge is structured, making it easier to track billing and communicate with sponsors.
Apply Credit Memos and Refunds
You can now apply credit memos or refunds directly from the Add Payment modal. Credit memos reduce revenue and are recorded in your reports. Refunds behave like negative payments and can be applied to correct overpayments.
This highly requested enhancement gives your team the tools to handle real-world payment adjustments without workarounds, making reconciliations more flexible and accurate.
Apply Multiple Payments to Individual Autopay and Invoiceable Items
Previously, CRIO only supported multiple payments for invoiceable items at an invoice level. With this update, users may now apply multiple payments at an invoiceable item level.
This change supports complex payment situations, including staggered sponsor payments, split checks, or mid-study transitions.
Overpayment at an Item Level
You can now apply overpayments directly at the line item level using a simple modal, and the system will track the overage. Previously, overpayments could only be applied at the check level.
This gives you pinpoint accuracy in managing excess funds, especially when sponsors pay more than expected or when adjustments are needed mid-trial. The overpayment is tied to the exact service performed, improving your audit trail and financial clarity.
Transaction-Level Month-End Reporting
Our new transaction-level reporting tracks every change, amount edits, date changes, and reversals as discrete events. This ensures that month-end and quarterly reports reflect exactly what happened and when, even if updates were made after the books were closed.
You get a reliable, auditable history of your revenue activity. For organizations that reconcile monthly, this means no more retroactive confusion or manual notes to explain revenue shifts.
Rollout Plan
If you’re currently using CRIO’s finance module, here’s what to expect:
- The New Finance module will be rolled out in waves starting June 14th
- System upgrades will take place during mid-month and weekend windows to minimize disruption
- During upgrades, there will be a brief period of downtime
- You will receive a 2-week advance notice before you receive the new module
- All your existing data remains intact
- No action is required on your part to enable the new functionality
This update brings CRIO’s finance module in line with how real-world accounting teams already operate, especially those following GAAP. With our new finance module, you’ll gain:
- GAAP compliant transactional reporting
- Line item level over and under payment tracking
- Ability to record credit memos and refunds
- Improved workflow for creating and reconciling invoices
We know financial accuracy is critical. These improvements are designed to help your team work more efficiently, and with more confidence.
Questions?
If you have any questions, please reach out to your Implementation Manager, Customer Success Manager, Support or email us here.