Sage Intacct Release 4 for 2020 is live and we are here to give you an overview of the new features you rely on to make your job easier. In Release 4, you'll notice accounts payable enhancements, more flexible vendor aging reporting, a new look for the "Receive payments" screen, and the expanded availability of transaction allocations rules. These are just a handful of what's new in the 2020 Sage Intacct Release 4.
A More Flexible Bill Approval Process
Sage Intacct released a more flexible bill approval process with this latest release. On our webinar, Anthony Della Selva, Sr. Customer Success Manager at AcctTwo, shared this use case:
Suppose you have a bill that you're approving and notice a small error or need to add a new attachment. Instead of declining the request, business users with permissions to “Edit” and “Approve” AP bills can make changes to bills right at the point of need. When you make updates without changing bill totals, you no longer need to reject, correct, and restart the entire approval process.
Now you can:
- Add, edit, or remove line items as long as there are no changes to the original bill amount
- Add an attachment or edit a reference number
- Change the due date or place the bill on hold
Exclude Credit Card Transactions on Vendor Aging Reports
When running aging reports, credit card transactions post to the AP subledger immediately, but don’t post to the GL until the charge is paid. Now you can exclude these transactions when running aging reports, so that you don’t see discrepancies between the GL and AP subledger reporting that would be caused by “posted but unpaid” credit card amounts.
"Receive Payments" Gets a Makeover
Below are a few highlights from the new "Receive Payments" user interface:
- No configuration is required
- User needs to have the “Manage Payments” permissions
- The new experience automatically applies the payment amount to selected invoices
- The payment amount value defaults to the full payment. To partially pay an invoice, adjust that payment amount
- When you apply only credits to an invoice without a payment, enter “0” in the Payment amount column and enter the credit value in the “Credits to Apply” column
- There's now advanced filtering for invoices - for example, you can now filter for a specific customer with a specific due date, that’s over a specific amount
- You can drill down to the line details of a specific invoice and apply credits and payments by invoice line item
- Bulk action for multiple invoices
Automatic Price Proration for Partial Month Billing
Sage Intacct can now automatically calculate prorated prices when a contract line starts after the 1st day of the first billing month, and/or ends before the last day of the last billing month. However, this new feature currently only supports where Billing Frequency = Monthly (on the 1st day of every month) & for Contract lines where flat/fixed amount frequency = Include with every invoice.
In 2020 Release 1, Sage Intacct enabled transaction allocations for Purchasing transactions that posted to Accounts Payable. Now, you can assign allocations to all transactions in the workflow – whether they’re posting transactions or not!
Do away with tedious and time-consuming spreadsheets and error-prone manual journal entries. Enjoy enhanced business intelligence and insight through automated period-end allocations by AcctTwo.
Key benefits are:
- Flexibility: Allocate to multiple dimensions at once with unlimited dimension filters. Automate reversals. Allocate groups of accounts at once in a single allocation. Allocate directly within your GAAP accounting books or to separate management reporting books.
- Ease of Use: Create your allocations quickly with a simple single page user interface. Run all of your allocations at once, in sequence, so that results can be used by subsequent allocations.
- Error Reduction: Speed up period-end processing while increasing accuracy by minimizing manual processes and offline spreadsheets.
- Seamless Integration: The AcctTwo Allocations module is built on the Sage lntacct platform and natively integrates with Sage lntacct like any add-on module.
Sage Intacct really blew it out of the water on this release that we have a healthy honorable mentions section! We're excited to see what they do in 2021 to top all the improvements in 2020.
The Interactive Custom Report Writer (ICRW) now includes:
- Time attributes, such as Year, Quarter, and Month that are calculated by the system based on the dates in the report.
- New reporting areas added for use within the module such as “GL Budget vs Actuals” and “VAT/GST Tax”
Early Adopter programs available for:
- The GL Outlier Detection functionality
- Sage Intacct Intelligent Time
- Sage Intacct Visual Explorer (IVE)
Sage Intacct Budgeting and Planning (SIBP)
- 50% discount on the SIBP module (and the accompanying user licenses) for the lifetime of the active subscription, if purchased on or before December 31st.
Watch the On-Demand Webinar
On Thursday, December 10th, we hosted a live webinar outlining the updates with a lively Q&A.
AcctTwo is focused on delivering the future of finance and accounting to its customers. AcctTwo has three main solutions – Cloud Accounting Software, Managed Accounting Services, and Software Development, all built around Sage Intacct’s best-in-class financial applications. Our dedicated team of more than 100 ERP and accounting experts has helped nearly 1,000 organizations in the SaaS, Nonprofit, Faith-Based, and Oil & Gas industries optimize finance and accounting through software implementations, accounting outsourcing, and consulting. AcctTwo has been recognized as the Sage Intacct Partner of the Year from 2014 – 2020 and by our customers as a leader in overall satisfaction and popularity through their reviews on G2.
Please contact us to learn about all that we can do for your accounting and finance department.