Sage Intacct's 2022 R1 is live! Read on best-in-class financial improvements and enhancements, and best-in-class cloud platform updates.
The following post will highlight the major features that Sage Intacct has to offer in their 2022 Q1 release. This release includes best-in-class financial improvements and enhancements, deep cross-industry functionality, and several best-in-class cloud platform updates that were driven by customer ideas.
Building on already impressive analytics and accounting tools, Sage Intacct upgraded their engine for the 2022 Release 1 with the following notable features:
We’ve highlighted the features which we think will have the most significant impact on your financial and Sage Intacct platform experience, but if you still want to read all the changes related to this latest release, visit Sage Intacct 2022 R1 release notes.
The new AP Automation feature allows users to streamline the bill creation process, automatically creating Sage Intacct bills from vendor-provided bills. You can add bills for automated processing in either of the following ways:
Intacct creates a draft bill for each uploaded or emailed document, using data captured from the bill. Based on your bill history, the system matches the bill to the correct vendor record and suggests GL accounts and dimensions. Each draft created automatically includes the original invoice as an attachment for ease of reference.
The GL Outlier Assistant has been created for organizations using the GL Outlier Detection functionality. As part of the approval process, it evaluates submissions that are configured for approval.
Enabling the Outlier Assistant feature allows entries flagged as outliers to be sent back to the submitter instead of moving to an approver — even a self-approver — for review. This lessens the workload for subsequent reviewers by allowing the submitter to verify if the entry is correct or change the information before the approver sees it. The Outlier Assistant also ensures that submitters know when an entry has been flagged as an outlier.
The reclassification feature allows you to make immediate changes to posted and approved journal entries, as long as the period is open. The reclassification applies to journal entries, statistical and adjusting journal entries, and user-defined journal entries.
Top-level transactions will need to be reclassified from the top level, and entity-private transactions from within the entity. However, just like in non-approval entries, you will not be able to reclassify across entities.
This new automation feature is designed to make your reconciliation even smoother with creation rules.
Building upon the functionality of matching rules, users can now add a new type of rule that automates the creation of journal entries in the system to match incoming bank transactions. This saves time and eliminates manual data entry processes. For instance, there may be a need to automatically create journal entries for bank fees and daily deposits.
The creation rules are able to analyze bank transaction data and create a matching journal entry within Sage Intacct for reconciliation. Currently, this new feature only allows automated creation of new journal entries, but Sage Intacct has promised further functionality in the future.
In addition to billing, revenue, and payment data, you can now forecast contract renewal data as well. This provides visibility of what is booked and what is expected to be booked. The Interactive Custom Report Writer and the Interactive Visual Explorer can be used to build visual reports that show booked and forecasted value. Alternatively, the Customer Report Writer can also be used to output the data for use with your preferred planning tool. This release is really great to improve your tech stack.
With Sage Intacct’s new release, you can now track more accurate information details for your organization’s grants and restrictions in new project fields and generate detailed reports.
The grant fields, such as revenue restriction and expiration date, can be set up when configuring the project. While the intended use for grant fields is to track nonprofit federal grant information, any company with a project subscription can enable and use grant fields.
Sage Intacct has enhanced its functionality with Inventory Items to increase visibility into supply and demand.
Instead of running complex reports, you can now see at a glance the sales orders that need an item, the purchase orders issued for an item, and the in-transit warehouse transfers in process for any item. All this information is accessible directly from the Item record.
For users with a Construction subscription, this release allows you to create a PDF of a project change order and choose to print or email it to internal and external contacts.
New functionality also allows users to create Purchasing and Order Entry (OE) change orders using the transaction currency and exact exchange rate from the source order document. Before this release, you could only create change orders using the entity’s base currency.
Users can now identify a ‘primary’ document created from a Purchasing transaction definition as a base document or reference point. Any subsequent document created from the primary one automatically links back to it.
The new Notations tab is designed to help users explain and clarify their data in their report columns.
Users can add a notation for a single account or any number of accounts in their report. Multiple notation columns can also be created and placed in different areas of the report. These can also be created and saved for later use.
Key enhancements in Sage Intacct now allow users to quickly drill down to get to the desired data. To repeat this process regularly, users can save the view and have the resulting data at their fingertips as needed.
Some of the new functionalities include:
Sage Intacct users can now import customer payments in bulk, saving them time and trouble of entering each payment individually.
The CSV import template allows input of payment information, designed to import the data into Intacct. Imports up to 5,000 lines per file are allowed.
If you’ve read this far, you pretty much know everything there is to know about the Sage Intacct R1 2022 that went live on February 18, 2002. The updates were automatic, required no action on your part, and included significant new features and product enhancements. 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 R1 release notes
Tour the release with VP of Product Management, Julie Adams.
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