Sage Intacct 2023 R3 is now available. This third update for v2023 boasts new features that span financial reporting, cash management, payables, contracts, construction and more. Here’s a closer look at what’s new in Sage Intacct ERP.
This update is one of the most requested features among the Intacct customer base. Sage Intacct 2023 R3 now allows you to manage your vendor approval process directly within the software.
Using the new Vendor approval page, you can review new vendors and update existing vendor records. While a vendor record is pending approval, new Accounts Payable and Purchasing transactions for that vendor can be saved as drafts, but they cannot be posted. After the vendor is approved, the transactions can be posted.
Sage Intacct ERP now features match tolerance functionality that compares the quantities and unit prices that appear on converted purchasing transactions to ensure your company pays the proper amount for what you ordered. For example, if your workflow is to convert purchase orders to vendor invoices, the solution compares the quantities and unit prices between the 2 transactions. This comparison verifies that the quantity and unit price details agree on the purchase order, PO receipt, and vendor invoice.
In addition, new document sequencing in accounts receivable allows you to track and reconcile payments more easily. Let’s say, for example, you have a posted payment that was applied to multiple invoices and adjustments. Now, you can run a custom report based on the Payment ID to see which transactions the payment was applied to.
Lastly, if you use electronic bank files, you can now use them in Time and Expenses to pay employee expense reimbursements.
Continuing its commitment to always improve the accounting solution, Sage has added unique functionality for specific industry needs.
For companies in the medical industry, you can now integrate with EMRConnect to simplify the process of moving general ledger data from your electronic medical records (EMR) system into Sage Intacct ERP.
For schools, Sage Intacct now integrates with FACTS Management software to streamline your financial processes, get real-time insights to support decision making, and enhance stewardship and compliance.
And for companies managing contracts in Sage Intacct, you can now modify workflow to eliminate the previous requirement to defer revenue for a contract line. This was an idea generated by customer feedback and it’s great to see Sage bringing those requests into updates.
Sage has announced a new Early Adopter Program that provides access to the latest payment application. Now, you can effortlessly apply single payments to multiple clients when they are due, increasing your company's efficiency. It's a beautifully streamlined process, supporting parent/child customer invoices and invoices for numerous customers in kind.
Another Early Adopter program is for the new Bank Transaction Assistant with workflow improvements for payment receipt. With this feature, you can assign customers to bank transactions directly from the Bank transaction page. The bank and Sage Intacct transactions are automatically linked for seamless reconciliation after you receive payments.
New functionality in the Purchasing Module adds Match Tolerance in the 2023 R3 Release, helping to reduce fraud and financial loss while simultaneously minimizing transactional errors. Toggling this feature within the Purchasing setup, under Configuration, you can add oversight and prevent reimbursement for illegitimate purchases. With a set Match Tolerance, the function examines inventory amounts and unit prices that appear between two purchasing transactions and flags lines inside those transactions when quantities or unit prices (or both) are greater or lower than the tolerance.
A range of smaller, but collectively impactful new or enhanced features in the Sage Intacct 2023 Release 3 include:
The latest update is here and brings a wealth of quality-of-life adjustments for any business. With Sage Intacct 2023 R3, you can expect a lot more flexibility, no matter how unique your needs. Thanks to the power of the cloud, you will automatically have access to all these features in your newly enhanced toolset without even having to think about it. Whether you see something new you like or are unsure how something works, poke into each module and explore the new functionality. For extra support with any questions about Sage Intacct ERP or to request a copy of the release notes for full details of all changes in the latest version, please get in touch with the team.