Sage Intacct continuously improves its best-in-class cloud platform to bring you financial enhancements, cross-industry functionalities, and more updates. Our Sage expert, Julie, selected the following product feature updates as the ones to watch for in this first new release of 2023:
- Best-in-Class Financial
- Deep Cross-Industry Functionality
- Best-in-Class Cloud Platform
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 Cloud Platform:
General availability of AP Automation
Sage Intacct has made its Accounts Payable automation feature, known as “AP Automation,” generally available to US-based customers. This add-on feature streamlines the data entry process for bills by automatically creating draft bills using data from bill documents, vendor information records, and previous bills. Users can review the drafted bills, make any adjustments, and submit them for approval or post them. The system will detect and inform users of any issues that arise during analysis, such as duplicate bill submissions or file format problems. AP Automation aims to save users time and money by simplifying the data entry process.
Apply credits usability in Pay Bills
The process of applying credits to bill payments has been simplified. Users can now select a date range for credits to be included and applied to open transactions, with the option to exclude credits created before, after, or matching the date of the selected AP Bills. This new feature provides greater flexibility and saves users time, eliminating the need to manually exclude specific credits. By reducing the need to drill into the details of each credit, users can now apply multiple credits more efficiently, streamlining the bill payment process.
Vendor Usability Enhancements
The 2023 Release offers usability improvements for more efficient viewing and management of vendor information. By clicking on the link from the Vendors list screen, users can activate the beta interface and personalize their list views with drag-and-drop interactions. This feature allows for easy addition, removal, reordering, and resizing of columns directly on the screen. Advanced filtering capabilities enable users to slice and dice data with ease, while the list/details split screen mode provides a seamless view of vendor details information. These enhancements make it easier to navigate vendor lists and manage information in a more streamlined way.
Deep Cross-Industry functionality
Construction enhancements
Sage’s module for construction has undergone significant improvements.
Experience an improved workflow and greater project contract visibility, including the ability to release retainage within project contract billing and access billing details directly from the contract. Additionally, project contracts now automatically post to the GL budget, and custom reporting for Construction Payroll has been expanded.
Enhancements for Subscription-Based Businesses
Benefit from enhanced usability and flexibility for your contracts, which now includes support for a wider range of evergreen billing scenarios. You can also model various billing plans using the billing schedule preview, without impacting the subledger. Additionally, best practices for contract journal configuration are now more clearly defined. Finally, open-ended subscriptions now allow for the inclusion of variable usage charges.
Project-Based Businesses
The 2023 Release 1 offers enhancements for customers using the Project Module, providing additional visibility into source transactions when generating invoices for projects. This information allows users to make informed decisions about which transactions to include. Sage has expanded permissions for project manager users, enabling them to produce quotes and orders in the Order Entry module if required by the organization’s workflow. These changes provide greater flexibility and control for project managers, allowing them to manage projects more efficiently and effectively. With these enhancements, customers using the Project Module can make better-informed decisions and streamline their project management processes.
Best-in-Class Cloud Platform
Launch of Sage University
The first release of the year 2023 is highlighted by the launch of Sage University. You will be able to find in one place the training of the entire Sage ecosystem, access your certificates and course evaluations and much more to focus on your success.
Improved handling for amounts imported using CSV
The handling of imported CSV amounts has been standardized to ensure data integrity. Previously, transactions with imported amounts exceeding 2 decimal places were handled inconsistently, and could be truncated, rounded, or rejected depending on the transaction type.Now, all imported amounts for transaction types will be rounded, except for imported journal entries. Journal entries exceeding 2 decimal places will continue to be rejected, as before. This change aims to improve the consistency and accuracy of data in the system.
New Payment object for reporting
Sage Intacct has added a new feature to its software that allows for centralized and detailed reports of all AR payment transactions. This feature is designed to streamline the reporting process by eliminating the need for separate reports for each payment object. Users can select the AR Receivables Payment Details as the data source for their custom reports, and all relevant payment details will be included in the report, regardless of whether the payment started as an adjustment, advance, posted payment, or overpayment.
Sage Intacct 2023 Release 1 Next Steps
We’ve summarized for you the new features and enhancements of the Sage Intacct R1 2023 live on February 17, 2023. 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, here are a few resources:
