<img src="https://certify.alexametrics.com/atrk.gif?account=YiINr1zDGU20kU" style="display:none" height="1" width="1" alt="">

AcctTwo Blog

What's new in Sage Intacct's Release 1 2021

Sage Intacct Release 1 for 2021 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 1, you'll notice cash management, general ledger, accounts receivable, and financial reporting updates. These are just a handful of what's new in the 2021 Sage Intacct Release 1.

Cash Management

Sage Intacct Release

Save time and streamline the reconciliation process with increased automation and expanded actions directly on bank feed transactions. In addition, get a whole new, more reliable way to streamline electronic payments to your vendors.

Highlights:
Bank Feed Enhancements:
  • On the Bank Transactions page, click View for the appropriate transaction, then click the More actions menu to select the matching transaction of your choice. With appropriate permissions- create more transactions from your bank transaction list.
  • With automatic refreshes, your bank feeds are refreshed every 4-hours so you can say goodbye to manually refreshing a bank feed everyday.
  • You also won't need to wait to act on transactions or access the reconciliation page to refresh a feed. Instead, your transactions flow seamlessly into the system behind the scenes, freeing you up to tackle other tasks and speeding up the reconciliation process.
  • You can still pull new transactions into the system on an as-needed basis by clicking the Refresh button on the account record page or accessing the reconciliation page.
Charge Payoff Enhancements:
  • Save time and validate the GL posting for a credit card transaction or charge payoff from within the transaction.
  • Instead of running a GL report, you can use the new Posting details tab on these transactions to see how a transaction posted to the General Ledger and any associated journals.
Early Adopter Electronic Vendor Payments via CSI:
  • Vendor Payments provides a seamless experience from entering bills to sending and confirming payments, so you can pay your vendors quickly without ever leaving Sage Intacct.
  • Once you complete the CSI onboarding process, Vendor Payments makes it easy to set up your vendors and bank accounts, fits into your existing workflow, and can potentially free up significant time by eliminating manual processes. On the Pay Bills page, just select CSI as your payment provider, click "Pay now" within Sage Intacct, and let Vendor Payments handle the rest.
  • Check with your AcctTwo CSM to see if you’re eligible for the early adopter program. Then subscribe to Vendor Payments by CSI, register for a CSI account, complete the onboarding process (there is a checklist), wait for status and subscription to be updated (this can take several days) complete the setup of banks and vendors.

General Ledger

Enhanced approvals - Reduce approval bottlenecks with group approval and approval delegation.

Highlights:
Assign Groups to Approve Journal Entries:
  • When the submitter of a Journal Entries restricted from approving their own transactions, the submitter can approve own entries checkbox is clear, and the approver and substitute approver options are available.
  • Why designate a group as an approver or a substitute approver? Designate a user group as the approver to help spread the workload so that any member of the group can approve a transaction. However, if the submitter can’t approve their own submissions, no member of the group can approve the transaction and the substitute approver is notified.
  • When the submitter of a journal entry is also an approver and the submitter can approve their own entries, the transaction is automatically approved when the approver submits the transaction. No action is needed.
  • When the submitter of a journal entry is also an approver but can’t approve their own entries, then the substitute approver is notified to take the approval action.
 

Accounts Receivable

Enhanced Receive Payments This release includes more enhancements to our new Receive Payments feature. Now, add attachments to payment receipts, filter for posted payments faster, filter for specific invoices with column filters, filter set inline item details, sort invoices and invoice line items, and use additional dimensions for overpayment information.

Projects Accounting Module

You can now include original copies of Expense Reports, AP bills, and timesheets with invoices to customers that are generated out of the Projects Accounting module.
 

Contracts Enhancements

You can now choose different billing frequencies for different contract lines and the Billing frequency on the contract header is no longer a required field.
 

Consolidations

Sage Intacct Domestic Consolidations allows companies consolidating across a single currency to drive a more accurate and faster close with auto-eliminations. 
  • Benefits:
    • Faster Close
    • Accurate Real Time Reporting
    • Easy Setup and Maintenance
    • Reach out to your CSM for subscription costs for your organization

Financial Reporting

New call-to-action

This release includes several financial report enhancements that you've been requesting, such as: report distribution, column date calculation, filter parameter viewing, and custom reports and analysis.

Highlights:
Financial Reporting Enhancements:
  • Sage Intacct made it easier to understand the dates within your reports
  • Replace zero value with a dash
  • Now includes the ability to see what filters and prompts were selected
  • Get reports out easier and more quickly
  • Includes the ability to see what filters and prompts were selected
  • You can easily send reports to management


Watch the On-Demand Webinar

On Thursday, March 18th, we hosted a live webinar outlining the updates with a lively Q&A.

Watch the full on-demand webinar here >

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.

Topics: Intacct Releases Faith-Based cloud accounting Accounting Release General