Sage Intacct 2022 Release 3 Highlights

Sage Intacct continuously improves its best-in-class cloud platform to bring you financial enhancements, cross-industry functionalities and automation updates. Our Sage expert, Roshan, selected the following product features updates as the ones to watch for in this third new release of 2022:

• Best-In-Class Financials
  1. Streamlined Electronic Vendor Payments
  2. Increased Dynamic Allocations Flexibility
  3. Subledger Enhancements
  4. Canadian Input Tax Credits
• Deep Cross-Industry Functionalities
  1. Construction Enhancements
  2. Subscription Contracts
  3. Sage Intacct Mateo
• Best-In-Class Cloud Platform
  1. Analytics Time Series Support
  2. Bank Reconciliation Automation
  3. Subscription Billing Automation

As always, to view the complete and detailed list of the updates related to this release, visit the Sage Intacct website and select All Changes.

Best-in-class Financials:

Streamlined Electronic Vendor Payments

• A continued trend from previous releases, Sage Intacct enhanced its AP automation with increased functionality surrounding Electronic Vendor Payments powered by partner Corporate Spending Automation.
• Vendors receive enrollment emails with a link to register where they can set up their virtual cards and ACH info.
• Exception management has an improved functionality that allows you to resend enrollment emails, resend remittance emails, block or refund virtual cards and troubleshoot payment errors.

Increased Dynamic Allocations Flexibility

Dynamic Allocation rules have gained additional functionality where you can define more complex logic rules to fit in with more use cases such as per dimension value allocation for Employees and Projects and the ability to let restricted users leverage Dynamic Allocations.

Subledger Enhancements

Accounts Payable advances include an improved UI and support for multi-currency. We can now better track the state of payments and history of payment records. On the Accounts Receivable side, an enhanced UI allows for more efficient usability. When you receive a payment, your auto-apply settings are now visible.

Canadian Input Tax Credits

Sage Intacct has made enhancements for businesses operating in Canada. This is a big deal, as most ERPs struggle with taxes out of the box. The star functionality here is the ability to define recoverable vs non-recoverable taxes on transactions and to auto-calculate recoverable tax on partly exempt transactions.

Deep cross-industry functionalities:

Construction Enhancements

Key enhancements have been made to Sage’s construction-focused module. For example, you can now import and clone Contract and their respective Contract Lines. This allows for ease of data entry.

Moreover, it is now easier to view your list of Projects with an improved UI that gives you all the important project information at a glance. Also, the system will now automatically populate existing transactions with primary document references. This will facilitate the tracking of AP transactions.

Subscription Contracts

Piggybacking off last release‘s evergreen contracts functionality, we can now easily transition termed contracts into evergreen contracts. We can also set up templates for evergreen contracts.

Sage Intacct Mateo

With a focus on cross-industry functionalities, Sage Intacct introduces a new module: Mateo. It is a cloud savings & loans solution for Roman Catholic diocesan organizations that integrates seamlessly with Sage Intacct Accounting.

Best-In-Class Cloud Platform:

Analytics Time Series Support

As we can see in the screenshot, additional functionality has been included in the report builder to visualize your organization’s data better.

Bank Reconciliation Automation

Updated bank reconciliation automation allows you to match credit card transactions automatically. This can be a huge time saver for businesses that use Sage Intacct’s unique credit card functionality.

Subscription Billing Automation

Saving this important feature for last! Subscription-based businesses can set up invoice rules to automatically generate invoices on a set schedule. This allows you to save a lot of time doing invoicing runs every month.

Sage Intacct 2022 Release 3 Next Steps

We’ve summarized for you the new features and enhancements of the Sage Intacct R3 2022 live on August 19, 2022. The updates are automatic and require no action on your part. As always, if you have any questions about this release or Sage Intacct, talk to your administrator – and we’ll help you out.

If you are interested in digging deeper into the new functionalities, read the detailed release notes: Sage Intacct 2022 R3 release notes

Watch: Sage Intacct 2022 R3 Release Highlights Video