Sage Intacct 2023 Release 3: Highlights, Features, and More
The ever-evolving world of accounting and finance software has seen yet another milestone with the recent unveiling of Sage Intacct 2023 R3. This latest version promises a suite of enhancements aimed at maximizing efficiency, streamlining operations, and catering to the nuanced needs of its global user base. Key highlights include AP vendor approval, bank transaction assistance, EMRConnect integration, and more. All designed to foster greater financial intelligence and business agility.
Notable features for this release
Accounts Payable vendor approval
You can now manage your vendor approval process directly within Sage Intacct, ensuring the correctness of vendor records before the information is used in Accounts Payable and Purchasing transactions.
Users with the proper permissions use the Vendor approval page to review new vendors and updates to 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.
Introducing match tolerances for Purchasing transactions
Take control of outgoing payments and make sure that your organization pays the proper amount for what you ordered. With match tolerances, Sage Intacct automatically compares the quantities and unit prices that appear on Purchasing transactions. 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.
Bank transaction assistant — Early Adopter
Streamline your receive payments workflow while accelerating your reconciliation process with the Bank transaction assistant workflow. Join the Bank transaction assistant Early Adopter program to get started.
Easily and quickly assign customers to bank transactions and then receive multiple payments for multiple customers, all from the Bank transaction page. After you receive payments, the posted payments in Sage Intacct and the bank transactions automatically match for reconciliation.
Industry Highlights
Recognize sales revenue on contract line invoice
Sage Intacct’s Contracts application includes both a powerful subscription billing engine and fully automated revenue management. os that work seamlessly together. But what if you do not always need to defer revenue and simply want to record revenue when you bill a contract line? In this release, Contracts includes a streamlined workflow that eliminates the requirement to defer revenue for a contract line. And if you have some contract lines that do need deferred revenue, no problem—you can mix and match revenue workflows in the same contract.
Construction vendor compliance
Ensure that your vendors provide the required compliance documents before you pay them. The Vendor Compliance subscription, which is included with your Construction subscription, helps you track compliance-related documents, such as proof of liability insurance or business licenses.
Set up compliance definitions to establish how documents are validated and what happens when a document is missing or expired. Validation is based on either receipt of a document or an expiration date. And much more!
EMRConnect integration for Sage Intacct — US only
Automate the data flow between your healthcare company’s electronic medical records and Sage Intacct. Optimize your workflow and reduce the chance of data entry errors. Integrate EMRConnect with Sage Intacct to simplify the process of moving general ledger data from your electronic medical records (EMR) system into Intacct.
- Save time by scheduling automatic data imports.
- Take advantage of comprehensive Intacct reporting using financial, clinical, and statistical data for a complete view of your organization's health.
- Connect to multiple data sources if your healthcare organization uses more than one EMR.
All Changes
Below is a comprehensive list of changes made in Sage Intacct during the 2023 Release 2.
Company and Administration
Configure the number of decimal places to increase data accuracy: Data Delivery Service now lets you configure the number of decimal places used in rounding your data. Coming soon: Enhanced email delivery service: Sign up to be an early adopter of our enhanced email delivery service that uses DKIM authentication! |
| Permission changes: We changed permissions for Accounts Payable, Cash Management, Purchasing, and Time & Expenses. |
Accounts Payable
Bill uploads for restricted users: Users restricted to entities or departments can now upload bills for AP Automation.
Vendor approval: Verify accuracy of vendor record changes through an official review process.
Inter-entity drill down link: Drill down to invoice details from a bill that was created through inter-entity bill back.
Accounts Receivable
Bank transaction assistant: A new workflow to speed up and provide flexibility for Accounts Receivable and Cash Management users—Early Adopter
Document sequencing for payments: Track payments more easily with document sequencing for Accounts Receivable payments.
Single payments for multiple customers: We’re launching an Early Adopter Program to support single payments for multiple customers. This is useful when you receive a single payment, but need to apply the payment to from different customers.
Inter-entity drill down link: Drill down to invoice details from a bill that was created through inter-entity bill back.
Enhancement to paying invoices: You can now pay individual directly from the list in companies where multiple currencies are enabled.
Budgeting and Planning
More budget options in Sage Intacct Planning: We’ve added more options for saving and duplicating budgets. |
Cash Management
Bank transaction assistant: A new workflow to speed up and provide flexibility for Accounts Receivable and Cash Management users—Early Adopter
New bank transaction import experience: Save time and increase control when you import bank transactions from a centralized location— Early Adopter
Pay employee expenses using bank files: Now, you can use bank files to reimburse employee expenses.
UK bank files support EUR currency: You can now make bank file payments for UK in the EUR currency.
Consolidation
Introducing partial ownership through tiered consolidation—Early Adopter: We’re previewing a new financial consolidation offering that supports different entity ownership percentages and multiple levels of consolidation through defined parent-subsidiary relationships. |
Construction
Do you vendors have the right compliance documents? Ensure that your construction vendors have provided the necessary compliance documents before you pay them.
Enhancements in Sage Field Operations: Recent enhancements save time in the office and provide more flexibility for mobile workers.
Contracts
Do not defer! Recognize revenue on invoice: You now have the option to recognize revenue when a contract line is invoiced.
Dashboards
SaaS Intelligence dashboard subscription: This SaaS metrics tracking dashboard is now available in Australia, Canada, South Africa, and the United Kingdom.
General Ledger
Restrict GL transactions to the entity level: Set up your system so that GL transactions can be created only at the entity level, not at the top level.
| Exclude adjustments from the Trial Balance report: A new option lets you choose whether or not the Trial Balance report includes adjustments. |
Healthcare
Announcing EMRConnect for Sage Intacct: Looking to streamline processes and reduce the chance of data entry errors? EMRConnect automates the flow of data from your electronic medical records (EMR) system to Sage Intacct.
Help and Training
New Sage Intacct glossary: Look up terminology or browse the glossary to learn more about Intacct.
Navigate your learning experience: Sage University’s learner home provides you with a personalized and intuitive hub to help you navigate and customize your learning.
Inventory Control
Announcing Advanced Kit Assembly: Save time by automating kit building with the new Advanced Kit Assembly module in Sage Inventory Automation.
Improved prevention of negative inventory: Users can no longer backdate a transaction that would result in a negative inventory amount if you don’t allow negative inventory. Learn more
Nonprofit
Announcing EMRConnect for Sage Intacct: Looking to streamline processes and reduce the chance of data entry errors? EMRConnect automates the flow of data from your electronic medical records (EMR) system to Sage Intacct.
Announcing FACTS solution for schools integration: Integrate FACTS with Sage Intacct to reduce manual data entry by importing data from FACTS to your general ledger in Intacct.
Payroll
New Payroll features: We’re excited to announce several new features in Sage Intacct Payroll powered by ADP that will enhance human resources (HR) functionality, allow customers to better engage with employees, and save time and money in the hiring process.
Purchasing
Introducing match tolerance: Take control of outgoing payments with match tolerance and pay the proper amount for what you ordered.
Vendor approval: Verify accuracy of vendor record changes through an official review process.
Reporting - Advanced
Interactive Custom Report Writer (ICRW): New in ICRW, Apply XML allows you to modify ICRW custom SQL reports and retain all the formatting.
Sage Intacct Real Estate
More flexibility and control Sage Intacct Real Estate: We’ve made some changes to Sage Intacct Real Estate so that you have more flexibility and control when managing your business.
Sage Intacct Real Estate—easier to use than ever: We’ve made improvements so that you can complete tasks quicker and with greater ease in Sage Intacct Real Estate.
Greater visibility into your organization: Recent enhancements in Sage Intacct Real Estate provide greater visibility into your organization to help ensure that you’re always up to date with your business.
Taxes
Preview your UK VAT return: Gain greater insight into your VAT return details with the VAT100 custom reports and dashboard.
Time and Expense
Announcing Sage Intelligent Time embedded experience: Access Sage Intelligent Time directly from the Time and Expenses or Projects applications in Sage Intacct.
Bank files for employee expenses: Now, you can pay employee expense reimbursements with bank file payments.
User Experience
Lists enhancements: Get key improvements to more easily drill down to view required data. Learn more about the enhanced list features.
Funds hidden from entity navigation When an entity is designated as a fund, the entity selection dropdowns hide the funds from view. Learn more!
Updated user interface labels: We updated labels in Accounts Receivable, Cash Management, Company, and General Ledger. Learn more about label changes.
Web Services
Watch the Sage Intacct Developers portal blog to stay up-to-date on great new features in Web Services.
And Much More!
To access all the details, comprehensive descriptions, and instructional videos about the product’s improvements, refer to the complete list of changes in Sage Intacct 2023 Release 3.
