As of the posting of this article, there have been 2 releases of Sage Intacct 2018 that span Contracts and Revenue Recognition to Inventory and Global Consolidations. Let's take a closer look at what we think are some of the best new features in Sage Intacct.
Contract Revenue and Expense Management
With the new Bill-in-Advance feature, Sage Intacct 2018 enables you to automatically create billing schedules prior to the start of a contract or renewal. Then you can you can generate, print, and send out the invoices or renewals before they take effect. The benefits include:
Not only will you improve cash flow by minimizing the occurrence of payments that arrive long after the contract starts, you’ll also provide customers with a preview of the invoice and contract terms so there are no surprises or delays.
The bill-in-advance feature allows you to control the period for each contract and even set default bill-in-advance periods for each customer.
Also related to contracts and revenue recognition, you can now post revenue and expense recognition offline. This allows you to preview the schedules and start running offline (or “behind the scenes”) to avoid long screen delays and timeouts. When complete, you’ll be notified via email of all results and errors, if applicable. If an error does occur, the system will automatically skip to the next contract so posting can continue.
Not only will you improve cash flow by minimizing the occurrence of payments that arrive long after the contract starts, you’ll also provide customers with a preview of the invoice and contract terms so there are no surprises or delays.
The bill-in-advance feature allows you to control the period for each contract and even set default bill-in-advance periods for each customer.
Also related to contracts and revenue recognition, you can now post revenue and expense recognition offline. This allows you to preview the schedules and start running offline (or “behind the scenes”) to avoid long screen delays and timeouts. When complete, you’ll be notified via email of all results and errors, if applicable. If an error does occur, the system will automatically skip to the next contract so posting can continue.
Inventory Costing Improvements
In Sage Intacct 2018, several costing enhancements have been applied to improve the accuracy of your inventory valuation and cost of goods sold (COGS).
For example when you create an inventory adjustment now, you can specify the exact purchasing or inventory transaction to link the adjustment to with the benefit of more accurate costing results for FIFO and LIFO items, and a better audit trail for all cost methods.
While there is a wide range of inventory costing improvements across the board, here are a few highlights:
For example when you create an inventory adjustment now, you can specify the exact purchasing or inventory transaction to link the adjustment to with the benefit of more accurate costing results for FIFO and LIFO items, and a better audit trail for all cost methods.
While there is a wide range of inventory costing improvements across the board, here are a few highlights:
- An updated Recalculate tool
- Enhanced flexibility when Quantity and Value are split into different transactions
- Resolved issues in rounding and apportioned costs
- Zero dollar COGS posting
- COGS for non-inventory items
- “Value Only” transaction in Purchasing
- Many more ...
Global Consolidations
For multi-currency companies and organizations that perform global consolidations, Sage Intacct 2018 debuts a newer, streamlined version of Global Consolidations that’s easier than ever to use.
Here’s a quick look at just some of the new features and improvements:
In addition when Sage Intacct 2018 R2 is released (scheduled for May), Global Consolidations will see even more improvements including a brand new organization chart and a new page for viewing consolidation history by book.
Here’s a quick look at just some of the new features and improvements:
- A new user interface gives Global Consolidations the same look and feel as other Sage Intacct applications.
- Ability to easily duplicate a consolidation book with the click of the Duplicate button.
- Setting up multiple override accounts is much easier to use with a new bulk override page.
- Online help has been incorporated onscreen, making it easier and faster to get help.
In addition when Sage Intacct 2018 R2 is released (scheduled for May), Global Consolidations will see even more improvements including a brand new organization chart and a new page for viewing consolidation history by book.
NOTE: The current version of Global Consolidations will be retired later in the year. To begin using the new version, simply turn on the Action UI Beta option at the top of the page. You’ll discover that your data is already there and you can get right to work.
Other Notable Improvements
Here are a few other updates in Sage Intacct 2018 to be aware of:
- Enhanced AP Workbench that improves workflow and eliminates errors
- Sage Intacct Advanced CRM integration is even easier to use
- Project enhancements that improve usability, project management, and data entry control
Need Help or Support for Sage Intacct?
There are too many improvements in Sage Intacct 2018 to cover in just one article. But if you get in touch with your Sage Intacct partner, they can provide answers to your questions or provide additional detail and release notes.
If you aren't already working with a Sage Consultant, click below to find and connect with one in your area.
There are too many improvements in Sage Intacct 2018 to cover in just one article. But if you get in touch with your Sage Intacct partner, they can provide answers to your questions or provide additional detail and release notes.
If you aren't already working with a Sage Consultant, click below to find and connect with one in your area.
