It’s Sage Intacct users’ favourite time of year… New release! You’ll be pleased to hear that means new features and big improvements.
August 18th sees the release of the latest quarterly enhancements, designed to help you get the best from your accounting software. The following are our favourite highlights from this release!
You can find the full release notes from Sage here. Now, let’s dive into the best bits!
Supplier Approval
This one is a new feature that was commonly requested so a few of you will be pleased! All new suppliers can now go to a single approver before transactions can be posted against them. Any changes to supplier details will be resubmitted to the supplier for approval.
Whilst a supplier is pending approval, all transactions against the supplier must be posted in a draft state.
Match tolerances
We all want to reduce the risk of fraud and tighten controls so we predict this new feature will be one of your favourites!
With match tolerances, Sage Intacct automatically compares the quantities and unit prices that appear on purchase transactions. For example, if your workflow converts purchase orders to Purchase invoices, Sage Intacct will compare the quantities and unit prices between the two transactions. This comparison verifies that the quantity and unit price details match the purchase order, PO receipt, and vendor invoice.
When you enable Match tolerances, you specify the transaction definitions to confirm and set a percentage tolerance, for the quantity and price.
When a transaction is converted, Intacct flags any line where the percent tolerance is exceeded, as an exception. These exceptions are handy because they help show frequent mistakes which may be a sign of a broader business issue!
Account Receivable payments ID
You can now track Accounts Receivable Payments much more easily! Applying a unique reference to a single incoming receipt that has been applied to multiple AR invoices allows better tracking of individual allocations, which in turn gives better visibility in the auto-apply setting.
So for example, if there is an allocation query, you can now run a custom report based on the payment ID which will show you which transactions the payment was applied to.
EURO Currency support on UK Bank files
Until this update, UK Bank Payment files would only support payments in GBP. You can now set up your suppliers for payment in Euros and pay them directly from a EURO Bank Account set up to use the SEPA bank file payments.
Time and Expenses
For those of you who don’t know, Sage Intacct’s Time and Expenses module already streamlines your company’s expense reporting, approval, and reimbursement process.
Well, it’s had a little upgrade to save you even more time on payment processing! If your payments team uses Bank Files, you can now select the employee expenses to reimburse and generate the bank file payment.
Data Delivery Service
Data Delivery Services now provide the ability to configure the number of decimal places used in rounding your data.
The current defaults are:
Entity-based rounding automatically uses 2 decimal places when rounding all your data, except for columns with non-configurable / standard precision.
Configuration-based rounding allows you to set the number of decimal places on an application-by-application basis. The default is 2 decimal places.
Revenue Recognition
Sage Intacct’s Contracts application includes both a powerful subscription billing engine and fully automated revenue management. This combination supports a multitude of billing and deferred revenue scenarios that work seamlessly together.
Well, it’s being enhanced even more in this release! Contracts include a streamlined workflow that drops the requirement to defer revenue for a contract line.
And if you have some contract lines, that do need deferred revenue, no problem —you can mix and match revenue workflows in the same contract!
Conclusion
This is a summary of our favourite bits from the August 2023 release, and what’s apparent is the best ideas come from end users such as yourselves. With that in mind, if you are a current Sage Intacct user with ideas for any improvements click here and have your say on what features you would like to see developed for future updates!
For members of the Sage early adopter program, there are more updates for Cash Management, and Tiered Consolidations as well as other ‘easter eggs’ on offer for beta testing. If you are interested in joining the early adopter program, please feel free to contact us, if you need any help with this new release or have any further questions.
If you’re not already signed up for our Sage Intacct newsletter, what are you waiting for?! These newsletters will be sent to you monthly, with all the latest blogs, webinars, and free downloadable guides, to help you get the most out of your Sage Intacct system.
And finally, if you’re not a Sage Intacct user but enjoy having a nosey at the new features in Sage Intacct, we have an on-demand demo that allows you to pick the features you’re interested in learning more about, you can check it out here!
Nathan is one of our Sage Intacct Technical Consultants and is a qualified Sage Intacct Implementation Specialist responsible for delivering product training and enhancements. A graduate with a degree in Economics and Finance and firmly believes that learning never stops. When he is not working hard at his desk, he enjoys watching anything and everything to do with rugby – especially Wales.’
