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Sage Intacct 2022 R3 – New Release Highlights

In Sage Intacct by Philippa

Reading Time: 6 minutes

It’s here! The latest of the Sage Intacct 2022 release has arrived. As I am sure you already know, one of the perks of Sage Intacct is that it has quarterly releases giving you access to the most updated version of Sage Intacct, automatically! Yep, automatically, meaning there is no action needed from you to benefit. As of August 19th 2022, you will have access to all of Sage Intacct’s new features and enhancements.

There are lots of new features being released this quarter, in this blog we are going to have a look at some of our personal favourites. For the full list of features being added or enhanced click here. Let’s get started!

General New Features

Page Tours

Sage will be releasing a  new ‘Page Tours’ feature for all your new starters. This will prompt when you enter a page which includes the feature page for you to ‘Start page tour’  or access later from the option at the top of the page, as shown below.

Once selected you are able to gain an overview of the key concepts for the page and it will also provide links to short videos that demonstrate the applicable task. There will also be new ‘Basics’ help topic links that have all the essential task information your new starters will need.

If you want to access the page tours on-demand you can do so by selecting the bullhorn icon on the top toolbar and selecting ‘Product tours’ as shown below.

Accounts Payable 

Your AP Advances have been given a facelift!

With product enhancements and increased functionality,  the Advances List and Transaction Page now looks a lot more like some of the other payment transaction screens you are used to seeing in Intacct, such as audit history, ‘post and new’ and payment application tabs on transactions.

With the new release you can now create an advance for a Supplier with a different transaction currency to your base currency, you’re able to capture in the advance both currencies and the exchange rate used in the header field, and when you add the transaction amount in your entry table the respected base currency is automatically calculated by the system using the above exchange rate.

In addition to this, you are now able to add advance transactions in a ‘draft’ state, meaning you can save your work and go back to amend and post at a later date if needed.

The AP Advance list page also displays some more of this useful information, meaning you can see what you need at a glance. The newly added ‘State’ column allows you to track the progress of your advance displaying options such as draft, partially applied, and pending approval. The ‘Payment currency’, ‘base currency’ and ‘base amounts’ are now also displayed on the AP Advance list, meaning you don’t need to go into each transaction to get this information.

Split the Bill!

Sage has made it easier for you to view your attachments in Accounts Payable. You are able to ‘split screen’ to show your invoice attachment in the same view as your invoice entry screen, you no longer have to open multiple screens which is going to make your reviewing process a lot easier.

Eventually, this is going to be available on all records which include attachments, to enable this feature go into your user preferences and enable it.

Accounts Receivable 

Receiving payments just got easier!

As of the new release if you are receiving and payment for a customer and they only have one open invoice, once you go to the AR payments screen and select the customer, this invoice will now auto-populate in the invoice grid below, meaning you don’t have to go looking for it and making it easier to match up!

You will also have more visibility into the auto-apply settings of credits for customers, If your customer does not have the auto-apply selected for credits and discounts there will now be an option in the receive payments to see this without going into the Customer information screen.

Sage has also added an ‘Additional information’ section for easier readability, this contains information such as the date received, payment date, and payment memo.

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Cash Management

Reconcile your Credit Card Transactions

Improve your reconciliation process by setting up a creation rule to automatically create credit card transactions to match transactions coming in from your bank feed/import file. Creation rules analyse your bank transaction data and create a matching transaction within Intacct for reconciliation. You can use your systems creation rules to create journal entries automatically for you.

All you will need to do is set up a journal entry transaction template, then set up your creation rule, add it to a rule set and away you go!

Dynamic Allocations

Allocate from Employees and Projects

Increased Dynamic Flexibility supports per dimension value allocation for Employee and Project. With this release, you can more easily allocate for Employees and Projects. This is useful when you need to focus the allocation basis per employee or per project but don’t want to maintain individual allocation definitions, for example, allocate rent across employees or software costs across projects.

By using the dimension treatment of Per dimension value, you can set up the allocation definition Source and Basis options to use all values or dimension groups (based on your filter selection). This tells Sage Intacct to perform an individual allocation per dimension value within that dimension selection. For ease of traceability, Intacct uses the single allocation definition to generate a journal entry for each “per -dimension” dimension value.

Restricted Users Allocations

As part of the ongoing enhancements to account (dynamic) allocations, we’ve added the ability for restricted users to create and use entity-level allocations. Until this release, restricted users could not take advantage of dynamic allocations. Now, they can. For restricted users, entity restrictions are retained.

Entity-restricted users can create and edit allocation definitions, but find these limitations:

  • Dimension treatment: Whether a dimension is within one entity or crosses several entities, the restricted user can only select locations within entities for those they have access to.
  • Source and Destination: Only entities or locations to which the user has permissions are listed for selection.

Contracts

Automate! Automate Automate!

Increase your efficiency and remove the task of manually invoicing from your current billing process by scheduling automatic invoice runs. The new release allows you to create invoice policies with custom schedules and filters to only target the invoices you want.

Evergreen Enhancements

In Release 2 Evergreen contracts were introduced as a contract type for you to manage open-ended contracts for new projects, Sage have enhanced this further in Release 3 by allowing you to easily transition your existing contracts to leverage the latest ‘Evergreen’ capabilities by converting your existing termed contracts to ‘evergreen’ contracts on renewal. So say for example you have a customer who has signed up for a product trial period of 6 months at a fixed price, and they decide after the trial period, they would like the product to be billed monthly, you can change this in Intacct and this will exist until the user terminates the contract.

Termed contract with child evergreen contract

Conclusion

Above is only a brief insight into what we think are the most useful additions in the new 2022 R3 release. If you would like to see a full list of all the changes, click here. If you have questions about any of the above changes please do get in touch.

If you are not a current Sage Intacct customer and would like to learn more about the product, click here. You can also watch an on-demand demo of Sage Intacct in your own time, this demo is 25 minutes long and will give you a great understanding of the product, you can watch it here.

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