What’s New in the Latest Software Release
Sage Intacct 2021 Release 1 (R1) is now available with new features and enhancements spanning financial management, construction, contracts, inventory and more. Here’s a look at what’s new in the latest release of Sage Intacct cloud ERP.
- Cash Management Enhancements
- New Reporting and Analysis Features
- Streamlined Electronic Vendor Payments
- Enhanced GL Approval Process
- Improvements in Contracts
- Other Notable New Features
Cash Management Enhancements
Building on the cash management enhancements and electronic bank feeds functionality rolled out last year, the process is now even faster and more efficient. Bank feed transactions benefit from the following additional automation and expanded functionality:
Automatically Download Transactions in the Background
Bank feeds now download transactions every four hours in the background. You save time by eliminating the need to manually initiate and wait for transactions to download as part of your reconciliation process.
Faster and More Direct Reconciliation
Now you can create new journal entries, manual payments, or other receipts directly from the bank transactions list page. Keep up with managing bank feed transactions on a continuous basis without having to go to the reconciliation page.
Enhanced Matching Rules
New and improved matching rules automatically match bank feed transactions that are lump sums to multiple transactions within Sage Intacct.
GL Posting Tab on Transactions
A new GL posting tab is available on credit card and charge payoff transactions that provides greater visibility and traceability into resulting AP and journal entry transactions.
Reporting and Analysis
In addition to several reporting enhancements that customers have requested such as column date calculation and the ability to view report filter parameters in the report footer, the Intacct Interactive Custom Report Writer (ICRW) and Interactive Visual Explorer (IVE) have been updated with the following features:
Custom reports categories – find your custom reports and analysis faster by categorizing them by specific report types and audiences.
Expanded prebuilt reports and analytics – an expanded library of prebuilt reports and analytics include new IVE visual boards that provide insight into projects and timesheets and new ICRW reports that provide insight into customer profitability, purchased items, sold items, and sales orders. Flexible date-based analysis – performing date-based analysis in ICRW and IVE is now easier than ever using new prebuilt time measures, such as yesterday, last week, current or prior month, quarter, year, and more.
Streamlined Electronic Vendor Payments
Through a new partnership with CSI – a payments platform – Intacct 2021 streamlines electronic payments to your U.S. vendors that’s all seamlessly integrated to your existing Accounts Payable module and workflow.
After payments are submitted, you can check to see where a payment is in the process using the ‘Payments’ screen in Intacct. Supported payment methods include automated clearing house (ACH) transfer, printed check, and virtual card.
See Also: Intacct ACH Payments Setup
Enhanced GL Approval Process
Sage Intacct 2021 R1 introduces a couple of enhancements to GL approvals that streamline the process and remove common bottlenecks. With the new Multiple and Substitute Approvals functionality, you can set up shared approval responsibilities by assigning approver groups. Any member of the assigned group can then approve the transaction to share the workload more efficiently and keep the process moving.
In addition, you can now Delegate approvals to an authorized team member when you’re out of the office or unavailable, thus extending the delegation concept beyond purchasing to the general ledger. Intacct 2021 will now use these pre-configured delegation assignments instead of stacking up journal submissions waiting for approval as was the case previously.
Improvements in Contracts
Sage Intacct 2021 includes several enhancements in Contracts that provide even more control over contract and billing with customizable functionality for:
Flexible Billing Frequency
Previously, all contract lines in a contract had to use the same billing frequency, which was set on the contract header. But in this newest Intacct release, you can now select different billing frequencies for different contract lines.
Enhanced contracts usability
Configure your contract line layout to focus on your most important data and, with the new MEA tab, get visibility into the MEA details directly from the Contract transaction page.
Enhanced Contracts billing
Use line-level recurring billing schedules to reduce implementation time and ongoing complexity for subscriptions with different recurring billing schedules. And, with partial period billing, get the flexibility to partially bill based on your company’s billing schedule.Multi-element arrangement (MEA) fair value price – for companies with complex revenue requirements, Sage Intacct 2021 R1 delivers more control over how to define the fair value of a specific item without the need for custom applications or third-party systems.
Other Notable Updates and Improvements
A few other areas of improvement in Intacct 2021 include the following:
Domestic Consolidations – new domestic consolidations provide a powerful tool for inter-company reporting where there’s only a single base currency required.
Working Checklists – Checklists is a new feature that helps you manage and track internal processes within Sage Intacct. For example, you can use checklists to manage and track the close process and even break down the process into granular assignments.
Project or Grant Invoice Supporting Documents – Automatically link source document attachments to project invoices and easily access them with a click.
Inventory enhancements – new ability to track bins, lots or serial numbers using the FIFO costing method. Also, item cross-references can now associate your internal item numbers or SKU’s with those of your customers or suppliers.
It’s difficult to fit the detail of all the new features and enhancements included with the Sage Intacct 2021 R1 release. So be sure to get in touch with a Sage Authorized Partner if you have questions, want a copy of the full release notes, or need help upgrading to the latest release.