With a goal to “Knock down barriers so everyone can thrive”, Sage Intacct keeps focusing on the success of its users. With the second release of 2022, the following three topics will witness enhancement and updates:
- Best-In-Class Financials
- Deep Cross-Industry Functionality
- Best-In-Class Cloud Platform
Let’s take a look at the components of these three topics. To view the full and detailed list of the updates related to the 2022 Release 2, visit the Sage Intacct website and select All Changes.
Expanded AP Automation Improvements:
2022 Release 1 witnessed the AP bill automation for early adopters. Since then, Sage Intacct has continued to develop the process of AP Bill Automation. In this new release, users will be able to experience the enhanced ability to get their bills into the system via email as well as an improved vendor matching for their incoming bills.
In addition to the features introduced in the 2022 Release I (Draft bill, auto-populating GLAs & dimensions, attachment of the original bill…), users will be able to review their draft bills using the new “Draft Bills” standard view. In the “Draft Bills” standard view, users will have the visibility of:
- All draft bills in addition to any incoming bills Sage Intacct is processing
- The source of the automatically generated bill (email or upload)
- The address of the sender of the bill
Last but not least, the “Import Exception” column will flag any bills that require the user’s attention, i.e. duplication of bills.
Enhanced dunning notice support:
With the 2002 Release 2, users will be able to manage their AR collections using the improved process with streamlined dunning notice management.
This process facilitates the communication with customers in order to collect unpaid balances. Users will be able to print or email notices to their clients in order to notify them of their overdues.
Several dunning notices can be configured to reflect the needs of a business based on:
- Overdue time
- Overdue amount
- Due date
Dunning notices can be tracked from the “Dunning Notices” list screen. In addition, users can have visibility of the Dunning Notices sent by “Customer” or “Invoice” through the “Dunning Notices” tabs on the screens of the “Customer” or “Invoice”.
VAT tax enhancements – default in AR/AP, reporting:
In this new release, both usability and reporting of VAT/GST have been enhanced.
When recording an AR or AP transaction, Sage Intacct will populate the corresponding tax information by default from the Tax Details based on the Tax Schedule configured for the user’s Customers or Vendors.
Tax reporting now offers detailed visibility on transaction information, with a drill-down ability. In addition, users will have access to the new reporting object for their custom reports: the “Tax Record Box”. From the VAT/GST submission form, this new object will retrieve the “box number” where the transaction is included. Custom reports can be generated based on the “Tax Record Box”.
Deep cross-industry functionality:
Evergreen subscription contracts:
In this new release, managing Evergreen contracts has been improved and simplified. Multiple child contracts have been removed, instead Evergreen contracts can now be managed as a single open-ended contract. This new feature allows:
- Range of vision over current contract period as well as Evergreen historical data
- Simplified recurring billing
- Enhanced billing and revenue forecast reports
- Management of changes throughout the contract period
Also, a new configuration has been added to the Contracts: “Term Type Options”. Users now can select to support:
- Termed Contracts: These contracts have a start and end date
- Evergreen Contracts: These contracts have no specific end dates
- Both: If this option is chosen, a contract can only be Termed or Evergreen (helpful when the user has several contracts per customer).
Construction project contracts & billing:
In this new release, “Construction Project Contracts” is introduced for managing the deliverables between the construction customers and the owner. This new functionality allows the user to:
- Introduce several billing classes within one project (time & material)
- Create a mapping between the Project Tasks & Project Contract Lines
- Generate invoice document template similar to the American Institute of Architects invoice format
- Utilize markups & rate tables on AP, timesheet, purchasing and general ledger entries as well as credit card transactions and employee expenses.
Inventory – Fulfillment, cycle counts, stockable kit tracking:
Sage Intacct 2022 Release 2 will introduce different improvements to facilitate managing, tracking and moving inventory. More specifically, the new release will:
- Enhance the Cycle counts: Quantity on hand (including zero and negative quantities), dimension values in order to reconcile cycle count
- Improve Stockable Kit tracking: serial & lot numbers, bins, expiration dates are among the options to be selected to manage stockable items
- Offer Inventory Fulfillment for Early Adopters: Sales Order management via pick, pack, ship, invoice procedures
Deep cross-industry functionality:
New Sage branding look and feel:
When logging into their accounts, users will notice many changes with the layouts of Sage Intacct. Some of these changes include:
- A new logo
- New Sign In screen layout
- Different colors in the header and footer
Specify fields/filters for Data Delivery Service:
With this new release, instead of exporting the whole object, users will be able to select which fields within an object to be exported.
Expanded new list user experience:
With the expanded new list user experience, users will be able to:
- Easily edit columns size, order
- Standard or custom list views
- Filter directly from any column, or apply filtering through “Advanced Filtering”
Sage Intacct 2022 Release 2 Next Steps
If you’ve read this far, you pretty much know everything there is to know about the Sage Intacct New Release R2 2022 live on May 23, 2022. The updates are automatic, require no action on your part, and include significant new features and product enhancements.
As always, if you have any questions pertaining to this release or Sage Intacct, talk to your administrator – and we’ll help you out.
For the detailed release notes: Sage Intacct 2022 R2 release notes