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AcctTwo Blog

Sage Intacct 2021 Release 3: What’s New?

This quarter, we welcomed our third release of Sage Intacct 2021! This release provides deeper support for our verticals and reduces manual processes with automation. Here are some major highlights:

  • Save time on running invoices and gain more insight into billing cases
  • Track inventory when in transit between warehouses more accurately
  • Spend less time on reconciliations by automating transaction matching
  • Save time reviewing journal entry anomalies with GL Outlier Detection
  • Gain efficiencies in construction change management

Continue reading to deep dive into how these recent updates will affect your day-to-day operations within Sage Intacct. And join our AcctTwo Webinar Sept. 23 at 1 p.m. CT to hear more details of the new release.

Contracts and Subscription Billing

Save time on running invoices and gain more insight into billing cases with new advancements in the Contracts and Subscription Billing module. These enhancements cover more billing use cases across a wide variety of businesses.

Streamlined invoice aggregation and disaggregation has been added to support businesses who use a reseller model. You can now group invoices by “bill to” dimension to push out invoices faster. By grouping invoices, you can eliminate the need for multiple invoice runs for the same bill to contact, and allows you to quickly find the right customer, right invoice, and right charges in just a few clicks.

Sage Intacct also now supports committed usage billing, which bills customers for committed quantity at a specifies rate that you can configure on a line level based on your company’s billing methods. Get fast and easy visibility into invoicing with detailed costs, send these invoices directly to customers, and report any deferred revenue as needed. Sage Intacct now covers a majority of billing cases with this update.

Track Inventory More Accurately

If you have an operational process or a warehouse that requires more time between a transfer from the originating warehouse to the receiving warehouse, this update is for you.

You can track inventory more accurately now by eliminating the gap between reducing the source warehouse inventory when it ships and accounting for it at the destination warehouse on arrival. You can now show items as “in-transit” while they are traveling between warehouses if an item requires transit time or has a cost associated with a transfer. This allows for a more exact inventory on hand at both warehouses.

Automate Transaction Matching

You can automatically match more incoming bank transactions to Sage Intacct transactions than before by using the powerful new filtering options in matching rules. There are options to match bank and credit card data to corresponding transactions. For example, you can set filters to match the document number of Sage Intacct transactions to the incoming bank transactions with the same number.

You can also group both Sage Intacct and bank transactions with improved grouping options. Group many-to-many, many-to-one, and one-to-many matching to cover all scenarios with complex banking transactions. If you have three bank transactions that are recorded in Sage Intacct as one transaction, you can group them together for better visibility and reduce manual effort.

GL Outlier Detection

Outlier Detection for General Ledger is Sage Intacct’s machine learning solution that helps ensure the accuracy of your approval process. It helps you proactively catch errors and identify issues and risks by reviewing journal entries before your approval. With Release 3, there are new options for configuration and at-a-glance insights.

New icons provide you with visual insight and allow you to quickly understand why journal entries were flagged as outliers, saving you the time of investigating anomalies yourself. The icons tell you if the outlier is an unusual amount, a coding anomaly (account/dimension), or if multiple outlier conditions are present. More details are presented when you hover over line level outliers.

You also have more control over what gets flagged as an anomaly with configuration settings. Dimension priority can be set so the system more aligns with your needs when it comes to evaluating accuracy. Customize thresholds for outlier evaluation based on materiality and dimensions per journal. This helps limits the amount of outliers that require your attention.

If you are an existing Sage Intacct customer, you can self-subscribe to Outlier Detection for GL within your Sage Intacct instance.

Conclusion

These are only a few highlights of the many new enhancements and features that have come to Sage Intacct with the new release. Machine learning, automation, and new cross-industry functionality increase trust and accuracy, deliver time savings, and provide new insights. If you want to learn more, join us Sept. 23 at 1 pm CT in our Sage Intacct Release 3 2021 Update Webinar.

Topics: Intacct Releases General Not-for-Profit and Faith-Based