Sage Intacct 2021 R1
Sage Intacct’s latest release is packed with many enhancements and new features, many based on direct feedback and interactions with Intacct end users. This release brings tremendous business value by saving time and clicks, increases accuracy, traceability, and visibility to users and businesses, and provides the tools needed to expand and scale your business.
Examples of some of these enhancements include:
- Increased automation in Bank Feeds and Reconciliation
- Greater visibility and traceability in GL posting
- Improved approval processes
- Domestic Consolidations
- Project Invoice Supporting Documents
- AR enhancements
- Inventory enhancements
- Introduction of Checklists for managing internal processes
The below summarizes some of the key changes included in this new release, but is certainly not a complete list. To view the complete release notes, click here.
Sage Intacct 2021 Release 1 Review Video
Cash Management Bank Feeds and Reconciliation
Release 1 increases the automation in bank reconciliation through automation to save time and streamline the reconciliation process. Bank feeds are automatically refreshed every 4 hours. Instead of going into the reconciliation process, users can create Intacct transactions directly from Bank Feed transactions. You can add matching rules to auto-match to existing Intacct transactions that exist in the system with lump sum reconciliation matching rules.
GL Posting Details
Greater visibility and traceability are attained in GL Posting. Inside the credit card transaction and charge payoff screen, a new GL Posting tab has been added to provide a 360° view. Users can view an AP bill that was created for a charge payoff or drill down to posted journal entries. Note this feature is only available on accrual books.
GL Approvals Enhancements
Relieve bottlenecks in the approval process with three key changes:
- GL Outlier Detection – outlier transactions are flagged so approvers can take a closer look. This new feature leverages the power of AI (Artificial Intelligence) to proactively catch journal errors. This relies on one month’s worth of transaction details to “learn”. As journal entries make their way through Sage Intacct, GL Outlier Detection learns from your historical transaction patterns, evaluates transactions during the approval cycle, and notifies approvers of transactions that don’t match the regular pattern.
- GL Approvals:
- Delegation for Out of Office with an easy-to-use On/Off option with pre-defined delegation.
- Shared Approval Responsibility allows approval rights assigned to groups rather than individuals to approve transactions which will allow for faster movement through the approval process. This is similar to Purchasing delegates.
Sage Intacct’s Global Consolidations provides advanced multi-entity support, global financial consolidations, and sophisticated reporting and analytics for multi-currency businesses. Now domestic businesses with multi entities in a single currency can take advantage of Domestic Consolidations to simplify the close process with automatic eliminations, streamlined consolidation group reporting, and auditable processes with consolidation history.
Project Invoice Supporting Documents
Not for Profit (NFP) organizations have been requesting this new feature though many will benefit from streamlining the process of gathering the supporting information for invoices. When an invoice is generated for a project or grant, the backup documentation can be easily available to explain what and why something is being charged. When an invoice is emailed out, the option is available to include or exclude the source document attachment. When reviewing invoices, visibility to source transactions/documents such as the expense reports, AP bill, purchasing, time sheet, or journal entry, can be viewed for quick access.
A number of AR enhancements were made with this release. Briefly, these enhancements include:
- Ability to add AR attachments on Receipt and utilize email templates to determine if the attachments are included when emailing
- AR Filtering on Receipt provides the ability to create filter sets similar to AP filter sets
- AR overpayments will display the Class and Projects dimensions (improvement from only Location and Department)
Deeper capabilities for management & costing capabilities are included in this release. The ability to cross-reference vendor or customer items by mapping an item ID with multiple vendor/customer item ID is now available along with expanded costing capabilities for FIFO by serial number, lot, or bin tracking plus OE transaction serial/lot lookup.
Effectively manage and track internal processes with the new Checklists functionality. Break down high level processes into simplified, granular assignments by creating a checklist, delegating multiple assignments or users, and tracking progress against the checklist. Notifications can be received regarding new assignments and progress made along the way. Checklists can be brought into Dashboards for even greater visibility.
Financial Reporting Enhancements
By popular demand from many end users, financial reporting enhancements include streamlined report distribution options. Schedule reports to run and distribute individually by department manager or location manager (Location Manager must be set). Financial reports also have increased readability and understanding so users know what they are looking at such as allowing dashes for zeros or the option to include filter parameters. Reporting dates will be easier to understand with the as of date preview enhancement.
Sage Intacct 2021 R1 – More Features
There are many other great enhancements included with Intacct 2021 R1 that we didn’t cover here including cash management, inventory management, reports, multi-tax, and more. Contact us with questions.