Sage Intacct 2023 R1: Highlights, Demos, and More
Sage Intacct 2023 Release 1 is now available and has some great highlights that we’re excited for. AP automation, updated user interface, and industry updates are just some of the notable highlights that come in this new release. Read on to get more details on the latest features and updates along with the full release notes.
Core Highlights
AP Automation is now generally available
We’re pleased to announce that AP Automation is generally available to US-based customers. AP Automation, an add-on feature to Accounts Payable, streamlines your data entry process to save you time and money. All that’s left for you to do is to review the drafted bills, make any coding changes or adjustments, and either submit for approval or post them.
Filter available credits in Pay Bills
Previously, after filtering the bills by due date, you had to evaluate each bill with available credits individually. This meant drilling down to the line details and then the credit details, noting the transaction dates for the credits, and selectively applying credits based on that information.
Now, after filtering using the same date range for the due date and credits, you can select bills, click Apply credits, and be done.
Expanding Beta for Lists enhancements
Updated user interface labels across Intacct
In an effort to improve the all-around customer experience, we reviewed and updated the user interface text for consistency and clarity. You will notice the following changes to the user interface:
- Labels are now sentence case
- Spelling, punctuation, and grammar are now consistent and correct
- Terminology and formatting are consistent
- Some acronyms and abbreviations are now spelled out for clarity
- The use of symbols and punctuation are reduced for clarity
Industry Highlights
Subscription-based businesses
Enjoy improved usability and flexibility for your contract needs, including support for additional evergreen billing scenarios.
- Model different billing plans without affecting the subledger with a billing schedule preview.
- Clearer guidelines for best practices for contract journal configuration.
- Include variable usage charges in open-ended subscriptions.
Try out billing schedules before saving
New journal configuration validations keep reporting on track
Project-based businesses
Achieve more control and visibility for managing your project.
- Assign Project Manager users permissions to create and edit order and quote type transactions.
- View the payment status and approval status of source transactions before generating project invoices.
Expanded permissions for project manager users
See the transaction state of billable invoice lines in Preview
Construction
Get a streamlined workflow and increased visibility for project contracts.
- Release retainage in project contract billing.
- View project contract billing details directly from your contract.
- Project contracts post to GL budget.
- Expanded custom reporting for Construction Payroll.
All Changes
Below is a comprehensive list of changes made in Sage Intacct during the 2023 Release 1.
Company and Administration
Migrate to multi-entity: We’re migrating select single entity companies to multi-entity companies with a top level. Will you be among the first to upgrade?
Name and ID your entity: We’re upgrading select single entity companies to multi-entity companies with a top level. Now’s your chance to name and provide an entity ID for your newly upgraded entity.
New and updated permissions: We changed permissions for Projects.
New permissions reports: We’ve added two new reports to simplify tracking and managing user permissions.
Accounts Payable
AP Automation: Announcing general availability of our automated bill creation service.
Enhancements to Vendor Payments powered by CSI: Vendor Payments now supports setting up an additional email address for remittances. For companies new to the service, enjoy a streamlined setup experience with easy access to help topics.
Save time applying credits to bills: Restrict available credits to a date range using the new Pay bills filter.
Security control for summary batches: To reduce discrepancies in your transactional data, the option to edit summaries and payment summaries is now available only for manual summaries.
Accounts Receivable
New payment object for reporting: We added a new Accounts Receivable payments object so you can run a centralized and detailed report for all AR payment transactions.
Security control for summary batches: To reduce discrepancies in your transactional data, the option to edit summaries and payment summaries is now available only for manual summaries.
Budgeting and Planning
Sage Intacct Budgeting and Planning is an add-on application that offers a collaborative environment for creating and managing budgets.
Talk to your account manager for more information.
Cash Management
Connect a French bank account to a bank feed: Use the service provider, Nordigen, to connect your French accounts.
Creation rules and VAT and GST: Use transaction templates to capture VAT and GST in transactions created for reconciliation.
Construction
Post Construction project contract entries to GL budgets On Construction project contract lines, post line entries to General Ledger (GL) budgets and change request entries. Budget entries post to the GL budget account and appear on financial reports.
Introducing Sage Intacct Construction Payroll: Use Construction payroll functionality to automate and simplify payroll tasks associated with Construction projects.
Bill Construction retainage on project contract invoices: You can release and include billed retainage with your regular project contract billing when you generate project contract invoices.
See project contract billing and payment details from your project contract: View invoices, retainage releases, and payments for project contract and project contract lines directly from the contract Billing details tab.
Contracts
Billing schedule preview: Model different billing plans for the contract term without affecting the subledger.
Usage billing with evergreen contracts: Include fixed charges and variable usage charges in open-ended subscriptions.
New validations in Contracts journal configuration: We added safeguards that clarify the best practices for accurate contract reporting.
General Ledger
Choose how the Trial balance report shows opening and closing balances: We added a new checkbox that lets you choose to show opening and closing balances as debits and credits combined or as debits and credits separately.
Inventory Control
Fulfillment for sales orders: We’re continuing to offer fulfillment (Pick, Pack, Ship, and Invoice) in an Early Adopter program.
Commit quantities during order entry: We’re continuing to offer the ability to dedicate quantities for specific orders in an Early Adopter program.
Lease Accounting
Sage Intacct Lease Accounting: We are continuing to offer Lease Accounting in an Early Adopter program.
Mateo
Streamlined process for closing savings periods: You can now close a savings account and distribute the account balance in one step.
Enhanced interest and statement-generation features: We’ve improved the processes for closing savings periods and correcting transactions from closed savings and loan account statement periods.
New data import options: We’ve expanded the list of data types that you can import and added options for posting the data.
Order Entry
Fulfillment for sales order management: We’re continuing to offer fulfillment (Pick, Pack, Ship, and Invoice) in an Early Adopter program.
Commit quantities during order entry: We’re continuing to offer the ability to dedicate quantities for specific orders in an Early Adopter program.
Projects or Grants
See the state of project billable lines: You can now see payment status and approval status before creating transactions for project invoices.
Expanded project manager permissions: Assign Order Entry (OE) permissions to your project manager users so they can add, edit, and delete Order Entry transactions (Quote and Order template types).
Reporting - Advanced
Construction reporting areas in ICRW: ICRW offers new Construction payroll reporting areas to enhance managing and tracking direct and indirect labor costs for your projects.
New payment object for reporting: We added a new Accounts Receivable payments object so you can run a centralized and detailed report for all AR payment transactions.
New permissions reports: We’ve added two new reports to simplify tracking and managing user permissions.
Taxes
Electronic filing for South African taxes: Submit VAT taxes manually or electronically for South African multitax entities with our new electronic filing workflow.
Time and Expense
Security control for summary batches: To reduce discrepancies in your transactional data, the option to edit summaries and payment summaries is now available only for manual summaries.
Training
Sage University is here!: All your training needs are now at Sage University. Learn about the benefits of Sage University and what you need to do to access your training.
We added new training courses and videos: Check them out here.
User Experience
Lists enhancements: Get key improvements to more easily drill down to view required data. Learn more about the enhanced list features.
Updated user interface labels: In this release, we updated UI labels throughout Intacct for clarity and consistency. 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!
For all the specifics, in-depth descriptions, and demonstration videos of the improvements coming to the product, see to the complete comprehensive list of changes made in Sage Intacct 2023 Release 1.
