WHAT'S NEW IN THE LATEST RELEASE
The first release of Sage Intacct 2022 (Release 1) brings you new features across core financial management and reporting, contracts, construction, inventory and more. Here’s a look at some of the highlights in the latest version of Sage Intacct.
FEBRUARY 2022 UPDATE - Intacct 2024 Release 1 Now Available!
FEBRUARY 2022 UPDATE - Intacct 2024 Release 1 Now Available!
AP Automation and Electronic Payments
Sage Intacct 2022 R1 boasts a collection of new features that streamline and automate even more of your accounting, reporting, and financial management tasks. In particular when it comes to accounts payable, too many businesses are spending countless hours entering bills and processing payments manually - in some cases, bouncing back and forth between different between different, disconnected systems.
But with the new AP Bill Automation (Early Adopter program), you simply upload your bills and let Sage Intacct automatically create a draft bill from the data read and captured from the document. Then, using Artificial Intelligence, Sage Intacct matches the bill to the correct vendor record and suggests GL accounts and dimensions based on your bill history. Each automatically created draft includes the original bill as an attachment, for easy reference.
You can then review and adjust the bills before submitting them for approval. It’s almost entirely hands-free without the hassle or potential errors of manually entering bills into the system. So rather than spending most of your time entering data and processing, you can focus more on accuracy and handling exceptions uncovered by the software.
But with the new AP Bill Automation (Early Adopter program), you simply upload your bills and let Sage Intacct automatically create a draft bill from the data read and captured from the document. Then, using Artificial Intelligence, Sage Intacct matches the bill to the correct vendor record and suggests GL accounts and dimensions based on your bill history. Each automatically created draft includes the original bill as an attachment, for easy reference.
You can then review and adjust the bills before submitting them for approval. It’s almost entirely hands-free without the hassle or potential errors of manually entering bills into the system. So rather than spending most of your time entering data and processing, you can focus more on accuracy and handling exceptions uncovered by the software.
And by the way, paying your bills is also easier than ever with Electronic Payments for U.S.-based vendors and suppliers. Vendor Payments Powered by CSI is an electronic payment service that allows you to pay vendors directly from Sage Intacct (previously early adopter, now generally available).
The new Vendor Payments functionlity streamlines your payment process from bill to reconciliation. The entire process takes place within Sage Intacct with full visibility at every step. No jumping between applications for payment status or to run reports. And reconciliations are easier with auto-matched payment transactions right within Intacct. Get more details.
The new Vendor Payments functionlity streamlines your payment process from bill to reconciliation. The entire process takes place within Sage Intacct with full visibility at every step. No jumping between applications for payment status or to run reports. And reconciliations are easier with auto-matched payment transactions right within Intacct. Get more details.
General Ledger Enhancements
Introduced in the 2020 R4 release, the GL Outlier Detection feature uses machine learning to review journal entries and flags anomalies to help you proactively catch errors and identify potential issues and risks prior to approval. Sage Intacct 2022 Release 1 extends this powerful functionality by introducing an Outlier Assistant.
When Outlier Assistant is enabled, entries that are flagged as outliers are now sent back to the submitter instead of moving to the approver for review. This allows the submitter to verify that the entry is correct … or change it before the approver receives it. This can significantly reduce the workload for subsequent approvers. The Outlier Assistant also ensures that submitters know when an entry has been flagged as an outlier.
Sage Intacct 2022 R1 also adds more flexibility to reclassify posted Journal Entries that have already gone through an approval process. The reclassify feature allows you to add missing information, fix coding errors, fix allocations, add comments, and more. You can reclassify as long as the journal entry is in an open period, the totals remain unchanged, and the changes do not substantially affect the entry. And rest assured that all changes are retained in history with a full audit trail.
When Outlier Assistant is enabled, entries that are flagged as outliers are now sent back to the submitter instead of moving to the approver for review. This allows the submitter to verify that the entry is correct … or change it before the approver receives it. This can significantly reduce the workload for subsequent approvers. The Outlier Assistant also ensures that submitters know when an entry has been flagged as an outlier.
Sage Intacct 2022 R1 also adds more flexibility to reclassify posted Journal Entries that have already gone through an approval process. The reclassify feature allows you to add missing information, fix coding errors, fix allocations, add comments, and more. You can reclassify as long as the journal entry is in an open period, the totals remain unchanged, and the changes do not substantially affect the entry. And rest assured that all changes are retained in history with a full audit trail.
Forecasting Renewal Revenue
For businesses that operate on a subscription model, Sage Intacct now provides more ways to analyze billings, revenues, and payments for upcoming contract renewals. These powerful new insights can accessed through Custom Report Writer, Interactive Custom Report Writer, and Interactive Visual Explorer. It’s now even easier to report, slice and dice, and visualize forecasted contract renewals.
How it works
When a contract line is set up to renew, Intacct creates a renewal forecast schedule for up to 60 months from the current date. The initial renewal forecast takes into account the renewal template's renewal period and pricing options, any custom renewal amounts on the contract line, and future-dated billing price list changes. This renewal forecast schedule data is then accessible via reports.
When a contract line is set up to renew, Intacct creates a renewal forecast schedule for up to 60 months from the current date. The initial renewal forecast takes into account the renewal template's renewal period and pricing options, any custom renewal amounts on the contract line, and future-dated billing price list changes. This renewal forecast schedule data is then accessible via reports.
Intacct Construction Updates
In Sage Intacct Construction, the 2022 R1release improves change management and conversion workflow tracking in purchasing documents.
Change management enhancements include the ability create PDFs of your project change orders, and then print or email them to your internal or external contacts. In addition, Sage Intacct has improved muti-currency support for change orders in purchasing and order management for Intacct customers with international requirements.
For improved conversion workflow tracking, Sage Intacct 2022 adds primary document tracking for purchasing transactions. Simply configure purchasing transaction definitions to indicate which documents are primary and then Intacct will maintain a link to any transactions that happen downstream from that primary document. Now, tracking your invoices, bills, and receivers back to their original source is easier than ever.
Change management enhancements include the ability create PDFs of your project change orders, and then print or email them to your internal or external contacts. In addition, Sage Intacct has improved muti-currency support for change orders in purchasing and order management for Intacct customers with international requirements.
For improved conversion workflow tracking, Sage Intacct 2022 adds primary document tracking for purchasing transactions. Simply configure purchasing transaction definitions to indicate which documents are primary and then Intacct will maintain a link to any transactions that happen downstream from that primary document. Now, tracking your invoices, bills, and receivers back to their original source is easier than ever.
Better Inventory Visibility
With Intacct 2022, you get even more visibility into what's going on with an inventory item - such as its supply and demand - directly within the item record. Depending on the configuration of your company, up to three tabs now appear on the Inquiry tab including:
Sales Orders
The Sales orders tab displays details about the open sales orders for the item, including the original quantity ordered and the quantity on hold.
Purchase Orders
The Purchase orders tab displays details about the open purchase orders for the item, including the original quantity ordered and the quantity on order.
In Transit
The In transit tab displays details about the in-transit warehouse transfers that are in process, including the quantity that's currently being moved from the source warehouse to the destination warehouse.
Sales Orders
The Sales orders tab displays details about the open sales orders for the item, including the original quantity ordered and the quantity on hold.
Purchase Orders
The Purchase orders tab displays details about the open purchase orders for the item, including the original quantity ordered and the quantity on order.
In Transit
The In transit tab displays details about the in-transit warehouse transfers that are in process, including the quantity that's currently being moved from the source warehouse to the destination warehouse.
You can use the filtering capability on the tabs to display just the information you need. For example, if you are a warehouse manager, you can view the information for a specific warehouse to tie the item total to the warehouse's total.
Enhanced Lists Screen
Building on the new list experience that was introduced in Intacct 2021 R4 to early adopters, Sage Intacct 2022 continues adding even more enhancements. For example, bulk delete support has been added as well as hierarchical views on the full list and combined list detail screens.
In addition, you can now sort columns, move or resize a column, or even freeze a column in place to display information the way you like it. Plus, you can easily add columns that aren't currently displayed and even drag and rearrange them to your desired location on the list.
Lastly, you can apply fast and simple filtering from any column or use more advanced filtering that works across columns. You can even save your filter on into a custom view for repeated use.
In addition, you can now sort columns, move or resize a column, or even freeze a column in place to display information the way you like it. Plus, you can easily add columns that aren't currently displayed and even drag and rearrange them to your desired location on the list.
Lastly, you can apply fast and simple filtering from any column or use more advanced filtering that works across columns. You can even save your filter on into a custom view for repeated use.
Sage Intacct 2022 R1 Release Date:
February 18, 2022
These are just some of the highlights sampled from a wide range of other new features included in this latest release.
Click below to get in touch with a Sage Intacct Partner to request a copy of the detailed release notes or if you need help upgrading to the latest version of Sage Intacct.
Click below to get in touch with a Sage Intacct Partner to request a copy of the detailed release notes or if you need help upgrading to the latest version of Sage Intacct.
