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Sage Intacct 2021 R1 New Release

In Sage Intacct by Callum Edwards

Reading Time: 6 minutes

February 19th brought us the latest Sage Intacct release! Sage Intacct releases updates to its services each quarter. These updates are automatic, require no action on your part, and include new features and product enhancements. For the release calendar please see here, for the full release notes please see here the 2021 R1 Release Video.

Below is a summary of our favourite features!

Accounts Receivable

Add Payment Attachments

Sage has now given you the ability to add attachments to your payment receipts. You can add an existing attachment or create a new one when you receive payment.  You can add attachments to payment receipts in the new Receive payments experience. As a result, you can save any important payment information for future reference.  After the payment is posted, you can view the attachment from the Posted Payments list.

Sage Intacct 2021 R1 Update - Add Payment Attachments

Usability Enhancements

Sage has also added the following Enhancements;

  • Additional dimensions for overpayments – You can now assign Class or Project dimensions to any overpayment balances for future use.
  • Column filters – Use column filters in the Select AR sales invoices for Payment window to quickly filter for specific AR sales invoices based on the columns available when you select AR sales invoices.
  • Drill down to AR sales invoice details – From the AR sales invoice Details page, you can drill down to the original AR sales invoice for more information by clicking the AR sales invoice link in the summary header.
  • Line detail dimensions – When viewing the line items of an AR sales invoice on the AR sales invoice Details page, click Show details to view the dimension details of specific line items.
  • Sort AR sales invoices and AR sales invoice line items – Sort your AR sales invoices and line items based on fields like the customer name, AR sales invoice date, AR sales invoice number, and due date.

Posted Payments Enhancements

Sage has added the following columns to the Posted Payments list. This is to help give you more visibility into the position of your posted payments:

  • Account ID – See which GL accounts your payments posted to from the list.
  • Deposit status – Get visibility into each payment status. There are 3 Deposit status’s; Undeposited (The payment is in the Undeposited account), Bank (The payment was deposited directly into a bank account), Deposited (the payment has been deposited from the Undeposited account into a bank account).

Sage Intacct 2021 R1 Update - Posted Payments

Another feature is advanced filtering in the posted payments list. This allows you to filter multiple posted payment fields at once, even when those fields don’t appear in any columns.

Cash Management

Bank Feeds Set to Automatically Refresh

Sage has now added functionality that allows bank feeds to automatically refresh in the background, whilst you work. This will help to save time and removes the task of having to manually refresh the bank feeds. The system will automatically refresh every 4 hours, but you will still be able to pull new transactions into the system manually if required. You can do this by clicking the refresh button on the account record page or accessing the reconciliation page.

Enhancements for bank feeds and matching transactions

In addition to the above, users that do not have reconciliation permissions are now able to create additional transactions from bank feeds. They can do this directly from the Bank Transactions list.

Sage will now let you create funds transfers, services charges, and interest fees without having to go to the reconciliation page. Go to the Bank Transactions page, click View on the selected transaction > More actions menu to select the matching transaction. Also, transactions that are created from a bank transaction will automatically be matched for reconciliation. This will help to speed up your month-end process.

Sage Intacct 2021 R1 Update - Enhancements for bank feeds

General Ledger

Intacct GL Outlier Detection

Intacct GL Outlier Detection is a machine learning service. It uses your historical transaction patterns to evaluate transactions in the approval cycle, if anything appears to be out of the ordinary,  Outlier will send the approver a notification. The machine will help to identify any errors and therefore improve accuracy. Transaction patterns can be different, depending on your company. The more you respond to notifications from Outlier and the more data that is gathered will help the machine to evolve and adjust its evaluation. To enable this feature go to your Company > Subscriptions menu.

QuickStart Categories

The label for categories has changed and now appears as Quickstart categories. This ensures that it’s clear that Intacct uses this concept of account categorization for QuickStart content delivery.

Reporting Enhancements

Advanced Reporting

Sage has made changes to Advanced Reporting. It is now easier for you to navigate and there are more options for categorizing and filtering reports.

When you go to Reports > All menu, you’ll now see the Reports separated by Core and Advanced, previously it was separated by Operational and Financial reporting. By doing this it lets you know immediately the level of the report included.

Sage Intacct 2021 R1 Update - Advanced Reporting

Sage has extended the ability to categorize reports beyond financial reports. Custom Report Writer, Interactive Custom Report Writer, and Interactive Visual Explorer now have the option to add a Report type or Report audience. The reports lists now display these properties for each report.

Financial Reports

Sage is working to improve the Intacct Financial Report Writer, making it easier to use and understand. In this release, they have added several features to make reports more accessible.

  • When you’re creating a report, you can now see a preview of the dates that each column in a report will include before you run it.
  • Optionally allow users prompted for a date at runtime to also get a preview of the column dates to be included before the report is run. Optionally use the footer area to see what filters have been set on the Filters tab and in the report prompt. Perfect when troubleshooting report output.
  • You can optionally use a dash instead of a zero in reports.
  • To understand how budget-actual difference works, there are two column type selection changes in reports.
  • Associate scheduled reports to location or department managers automatically.

Taxes

Automatic partial exemption in AP (United Kingdom)

In most cases, not-for-profit organizations will not have profitable sales from which they can recover their input VAT. According to HMRC rules, non-for-profit organizations may claim a percentage of the input VAT they pay on qualifying purchases, this is known as a partial exemption.

Sage has implemented support for partial exemption in Accounts Payable. This has now made it much easier to reclaim a portion of your input VAT on purchases.

When your organization is configured for partial exemption and you enter an AP purchase invoice, you can mark a line item as eligible for partial exemption. Sage Intacct automatically handles the details of managing the partial exemption:

  • Calculates the recoverable and non-recoverable portions of the input VAT.
  • Captures the recoverable amount for reporting in your VAT return.
  • Expenses the non-recoverable amount to the GL account for the line.

Sage Intacct 2021 R1 Update - Tax automatic partial exemption in AP

Checklists

Checklists were brought in to help effectively manage your processes, such as General Ledger period close, yearly close, creating supplier or other activities around complying with regulatory agencies. They will ensure you have consistent implementation of business processes across your organization. In checklists you breakdown high-level processes into more manageable tasks with categories and specific statuses

Sage Intacct 2021 R1 Update - Check lists

Conclusion

We hope you find our release blog useful! If you would like any help or support with this release please get in touch with us. If you are not a current Sage Intacct customer and would like to learn more about the product, click here. You can also take a free tour of Sage Intacct and see if its the right fit for your business, here.

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