Sage Intacct 2023 R3 is now available. This third update for v2023 boasts new features that span financial reporting, cash management, payables, contracts, construction and more. Here’s a closer look at what’s new in Sage Intacct 2023 R3.
New! Vendor Approval Process
One of the most requested features among the Sage Intacct customer base, Sage Intacct 2023 R3 now allows you to manage your vendor approval process directly within the software.
Using the new Vendor approval page, you can review new vendors and update existing vendor records. While a vendor record is pending approval, new Accounts Payable and Purchasing transactions for that vendor can be saved as drafts, but they cannot be posted. After the vendor is approved, the transactions can be posted.
Using the new Vendor approval page, you can review new vendors and update existing vendor records. While a vendor record is pending approval, new Accounts Payable and Purchasing transactions for that vendor can be saved as drafts, but they cannot be posted. After the vendor is approved, the transactions can be posted.
Financial Management Enhancements
Sage Intacct now features match tolerance functionality that compares the quantities and unit prices that appear on converted Purchasing transactions to ensure your company pays the proper amount for what you ordered.
For example, if your workflow is to convert purchase orders to vendor invoices, Intacct compares the quantities and unit prices between the 2 transactions. This comparison verifies that the quantity and unit price details agree on the purchase order, PO receipt, and vendor invoice.
In addition, new document sequencing in accounts receivable allows you to track and reconcile payments more easily. Let’s say, for example, you have a posted payment that was applied to multiple invoices and adjustments. Now, you can run a custom report based on the Payment ID to see which transactions the payment was applied to.
Lastly if you use electronic bank files, you can now use them in Time and Expenses to pay employee expense reimbursements.
For example, if your workflow is to convert purchase orders to vendor invoices, Intacct compares the quantities and unit prices between the 2 transactions. This comparison verifies that the quantity and unit price details agree on the purchase order, PO receipt, and vendor invoice.
In addition, new document sequencing in accounts receivable allows you to track and reconcile payments more easily. Let’s say, for example, you have a posted payment that was applied to multiple invoices and adjustments. Now, you can run a custom report based on the Payment ID to see which transactions the payment was applied to.
Lastly if you use electronic bank files, you can now use them in Time and Expenses to pay employee expense reimbursements.
Vendor Compliance Tracking in Construction
Sage Intacct 2023 R3 helps ensure that your vendors provide the required compliance documents before you pay them. The Vendor Compliance subscription (included with Construction subscription) helps you track compliance-related documents, such as proof of liability insurance or business licenses including these features:
- Set up compliance definitions to establish how documents are validated and what happens when a document is missing or expired.
- Specify whether payments are blocked, or a warning appears in Accounts Payable if a vendor has an expired or missing document.
- Create compliance types for each type of document that you need to track.
- Create one compliance record for each of the vendor's documents that you need to track.
Industry-Specific Enhancements
For companies in the medical industry, you can now integrate with EMRConnect to simplify the process of moving general ledger data from your electronic medical records (EMR) system into Sage Intacct.
For schools, Sage Intacct now integrates with FACTS Management software to streamline your financial processes, get real-time insights to support decision making, and enhance stewardship and compliance.
And for companies managing contracts in Sage Intacct, you can now modify workflow to eliminate the previous requirement to defer revenue for a contract line. This was an idea generated by Sage Intacct customer feedback.
For schools, Sage Intacct now integrates with FACTS Management software to streamline your financial processes, get real-time insights to support decision making, and enhance stewardship and compliance.
And for companies managing contracts in Sage Intacct, you can now modify workflow to eliminate the previous requirement to defer revenue for a contract line. This was an idea generated by Sage Intacct customer feedback.
Other notable Updates
A range of smaller, but collectively impactful new or enhanced features in Sage Intacct 2023 Release 3 include:
- For companies using inter-entity bill back, you can now drill into invoice details directly from a bill that was created with bill back. You can view the corresponding inter-entity invoice with just one click.
- In multi-currency companies, you can now apply payments for individual invoices directly from the Invoices list. Previously, you could only do this if your company uses a single currency.
- If you work with multiple entities in Sage Intacct, you can now restrict the creation of General Ledger transactions to the entity level.
- If you manage inventory, a new Advanced Kit Assembly add-on module automates kit building with a range of new features introduced in Sage Intacct 2023 R3.
- Several new features for Sage Intacct Payroll powered by ADP, mainly focused on human resource management including benefits management, recruitment, timekeeping, and more.
- A handful of new user interface improvements such as list enhancements that allow you to drill down more easily to transaction detail.
Questions About Sage Intacct 2023 R3
Sage Intacct 2023 R3 was released on August 18th.
Contact your Sage Intacct Partner if you have any questions about Sage Intacct 2023 R2 or to request a copy of the release notes for full details of all changes in the latest version.
Contact your Sage Intacct Partner if you have any questions about Sage Intacct 2023 R2 or to request a copy of the release notes for full details of all changes in the latest version.
