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AcctTwo Blog

Sage Intacct's Release 2 2021 Review

Sage Intacct Release 2 for 2021 is live and AcctTwo's Customer Success Team is hosted an overview webinar on Thursday June 10th. Senior Customer Success Manager, Anthony Della Selva, reviewed the latest release and took a deep dive into some of the new features and benefits.

Features & Benefits in Sage Intacct's Release 2 2021

laptop-2562325_1920New features and benefits made this quarter give users increased visibility and flexibility across all areas of Sage Intacct. Take a closer look at the different features being offered:

Bank Feeds:

Bank feeds will now automatically refresh every 4 hours—no setting up needed! You can say goodbye to manually refreshing a bank feed every day. Data appears in your company within a day or so.

You can now use matching rules to expedite reconciliations. For example:
  • To ignore leading zeroes on incoming checks
  • To match by amount and document number simultaneously

After you create a rule, add it to a rule set. Rule sets act as containers for rules. Within the rule set, you can prioritize which rule you want to run first. As a best practice, make sure that your most specific rule runs first. When you’re satisfied with how your rule set looks, assign it to an account. An account can only have one rule set. However, you can assign one rule set to multiple accounts.

Changes you make to a rule or rule set only affect future transactions. Transactions already matched aren’t affected. Any change you make to a rule set, or the rules it contains, affects every associated account. After you use a rule or rule set to match transactions, you can't delete it. However, you can set it to Inactive.

Similar to matching attributes, if you manually un-match a transaction that was auto-matched by a rule set, this transaction is excluded from any future auto-matching. Previously, if you reopened multiple reconciliations to make a change, you had to start reconciling again from scratch. This made it hard to get the same opening or closing balances for each period.

Three-way Match for Purchasing Early Adopter Program:

With this release, three-way match is available for customers through an Early Adopter program.

Three-way match is the process of matching the invoice, purchase order, and receipt to validate the details of a purchase before making a payment. When you use three-way match, the quantities and unit prices that appear on the three transactions are automatically compared.

GL Posting Details:

These are now available on Order Entry transactions, Purchasing transactions, and Additional Cash management transactions.

Save time and validate the GL posting for a transaction from within the transaction. Instead of running a GL report, use the new Posting details tab to see how a transaction posted to the General Ledger and any associated journals. In R1, this feature was available on charge payoffs and credit card transactions. Now, in R2, it’s also available on funds transfers, other receipts, and bank and interest charges.

Other Use Cases:

Research an entry to see if you made a mistake – posted to the wrong account , etc.

View Your Books Close Status in a Dashboard:

Sage Intacct has added a component that you can add to dashboards that shows you the last closed date for each application area, as a top-level summary or by entity.

While checklists were added to help you handle the logistics, Sage Intacct took things a step further with visibility. They've added a component that you can add to dashboards that shows you the last closed date for each application area, as a top-level summary or by entity. Companies vary on how the close is managed. Sage Intacct has provided flexibility in the view to accommodate for those that manage the close per-entity and for those that manage the close across entities. When you add the Closed Thru Summary using the Entity view, you’ll see each application listed per entity, with the date of the last close. If the GL or a subledger was never closed, you’ll see No close performed. Select the view up front or edit it later from the dashboard component Settings icon.

When the dashboard is top level, choose from:
  • Summary View provides a summary of the information across entities. If the closed dates differ, you’ll see “Varies by Entity.” Move to the Entity view to see the information based on individual entities.
  • Entity View shows you the application close date information for each entity—in the example below, you see the two entities CORP and EUR. You can see entity information only for the entities you have permissions to access.
Include Billable Corporate Credit Card Transactions in Project Invoices:

Now, when you mark corporate credit card transactions as billable to a project, those transactions flow directly to project invoicing. You can also report on billable corporate credit card transactions or import those transactions using the import template or API.

Expenses are part of every business’ operations and some expenses might be related to your customer’s projects and you would need to include them in customer project invoices. Today, there is no easy way to invoice a customer for these charges. Now, when you mark credit card transactions as billable to a project, those transactions flow directly to project invoicing. You can also report on billable credit card transactions or import those transactions using the import template or an API.

Allow Project Managers to Edit or Delete Their Own Draft Project Invoices:

Before this release, a project manager (user type) could generate a project draft invoice but couldn't change that draft invoice after it's created. Now, you can assign new project permissions to project managers (user or user type). Prior to this enhancement, only a business user could do this.

Now, you can assign new projects permissions to project managers (user or user type) so they can:
  • Add and delete lines on their own project draft invoices.
  • Change their own project draft invoice information.
  • Delete their own project draft invoices.

Just set permissions to EDIT and DELETE for Invoices. However, the ability to create, update, or delete project invoices using an API is unavailable.

Corrected Display of Data in AP Ledger Report:

Includes improved AP ledger report filtering and better handling of external credits in AP ledger report.

Accounts Receivable Reporting Enhancements:

This release Sage Intacct enhanced the Accounts Receivable reporting experience to make your accounts receivable processes easier. Previously, in ledger reports, external credits amounts didn't appear as balance forward amounts for the next period. This made it difficult to tie out ledger and aging reports. Now, external credits appear in the appropriate period. The ending balance of that AP ledger period matches the beginning balance of the next period.

To view external credits from the top level, filter ledger reports by entity. External credits appear only in the period in which they occur. Also, please note that these external credits are also visible in AP ledger reports.

Sage Intacct Fundamentals Training is Now Free:

Now you have the flexibility to choose how you want to learn Sage Intacct Fundamentals and when without having to worry about the cost. Plus, you can access the Learning Center from within Sage Intacct in just two clicks.

The Learning Center offers training for all Sage Intacct customers and partners. Sage Intacct's courses provide you with the knowledge you need to help you get the most out of Sage Intacct and work efficiently and effectively. 

In the Learning Center, you can find a variety of training types:
  • Short video tutorials provide bite-sized nuggets of information to help you jump start your knowledge.
  • On-demand courses provide interactive lessons you can take on your own time and at your own pace.
  • Instructor-led training leads you through courses in real time, where experts offer their best practices and tips and tricks.
Introducing Sage Intacct Multi-Tax Application for Multi-National Companies:

Now, existing US companies can convert to a multiple tax jurisdiction configuration to apply a specific tax solution to each entity.

Specify Bill-To Contacts on Contract Lines:

Sage Intacct has added the ability to specify different bill-to contacts for different contract lines in the same contract. Use the contract line-level bill to contacts now for operational reporting or to prepare for future invoicing flexibility.

The Bill-to source options are:
  • Contract Value pulls the Bill-to information from the contract header
  • User-Specified Value indicates the user has selected a different contact or the contract line should retain the specified contract

Watch the on-demand webinar to learn more!

Watch the webinar >

About the Presenter 

Anthony AcctTwoAnthony Della Selva, Sr. Customer Success Manager at AcctTwo

Anthony has worked in a variety of industries ranging from hedge funds, telecommunications, and higher education, with specializations in financial modeling, financial reporting, budgeting, and cost optimization.

Anthony received an M.B.A and B.S. in Finance from Quinnipiac University, where he assisted Athletics head coaches in managing their annual operating expenditures against budget.

Anthony loves sports and lives in Shelton, Connecticut with wife Katie and sons Jack and Eli.

Topics: General Not-for-Profit and Faith-Based Customers