Sage Intacct’s second release of the year is here! The automatic update hits your screens on May 10th 2024, with even more new features and updates to make the most of! You may have seen the announcement on your Sage Intacct homepage – these are our top highlights.
We’re excited to announce Sage Fixed Assets Management (SFAM), a new solution designed for Sage Intacct.
Now you can stop using spreadsheets or other systems that are manual, costly, and difficult to reconcile. Instead, automate and simplify the management of your assets from acquisition to disposal.
Please contact your customer success manager for more information and pricing on this module.
Memo reclassification change
Avoid needing to complete this update in multiple places! Now when reclassifying an AP purchase invoice and changing the memo, the memo is updated on the corresponding AP purchase invoice payment in addition to the AP purchase invoice.
It is important to note that if the AP purchase invoice was posted to a period that is now closed, you cannot update the memo field.
Easier access to payment files
Reduce clicks with the ability to generate and access payment files for ACH and bank file payments in Accounts Payable, without needing to switch to Cash Management. A useful tool when wanting to manage the payment workflow within Accounts Payable, instead of accessing the Cash Management application.
Edit tax information in draft AP purchase invoices
Get ahead in your workload by now being able to create draft AP purchase invoices without entering tax solution information. You can update the draft later to enter a tax solution, tax schedules, and tax details.
Users can now get organised by entering draft payments that you have received but are not quite ready to post. This is especially useful when you want to review payments that were imported in bulk through the Bank Transaction Assistant, a CSV file, or the API as drafts.
You can post draft payments in bulk from the Posted payments page. If you decide you no longer need a draft, you can simply delete it from the list.
We are very excited to introduce new functionality for blanket PO price conversions. Users wanting to enter purchase orders and Sales invoices for Non inventory items, can now track in terms of price rather than quantity. This allows users to manage the partial conversion price. Users can easily find the default conversion by selecting either the price or quantity.
When setting up and managing blanket sales orders you’ll complete the following tasks:
Note that price conversion is not supported in recurring non-inventory transactions and once price conversion is selected, it cannot be deactivated
There’s a new way to import your bank transactions for reconciliation that focuses on flexibility, control, and visibility and it’s now generally available.
This import experience takes the place of the classic import process. You can use one method or the other, but not both at the same time.
Bank transaction assistant for file imports introduces a fresh approach to importing, with imported transactions appearing in a centralised location for all bank accounts on the Bank transactions page. The transactions you import remain in Sage Intacct, even after reconciliation. The update supports more file formats, using bank standard file types and user modified excel templates, giving you extra flexibility and visibility.
This import experience also works with Sage’s workflow, Bank transaction assistant – Now available by default – to streamline your AR receive payments workflow while accelerating your reconciliation process.
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.
Now, you can run a pre-built custom report to see which Sage Intacct transactions matched to which bank transactions.
How it works:
Capturing the appropriate taxes can be challenging when a portion of a purchase is exempt. With this release, entities operating in the UK can set partial exemption percentages at the tax detail level. Then you can apply those partial exemptions to line items in Accounts Payable and Purchasing.
By enabling partial exemption by entity and defining percentages in the tax details lets you do the following:
When you enter an AP purchase invoice in an entity enabled for partial exemption, each line item displays the Partly exempt checkbox. Select the checkbox only if the item qualifies for partial exemption. Intacct applies the partial exemption rate for the associated tax detail.
Note you can only enter AP purchase invoices with partial exemption line items at the entity level. If you’re working at the top level, partial exemption line items do not apply.
You can also configure partial exemption so that it’s checked by default in all transaction lines. Previously, you could only set partial exemption percentages at the entity level. With this enhancement, you can leave the entity setting as the default, or you can set different percentages for each tax detail.
Introducing the new Revenue recognition schedules list! Use this list to easily find and maintain your revenue recognition schedules. From this list, you can edit or view a revenue recognition schedule or export a selected list view.
The Revenue recognition schedules list is also an enhanced list, giving you the power to use advanced filters, personalise your list view, and view list and record details side-by-side.
Another idea that came from you! Sage have expanded finance reporting options for projects so you can save time by creating a single Financial report for project performance and generate hundreds of individual project reports.
You can now also schedule and deliver reporting in excel, pdf and HTMF formats, the HTML format also provides the ability drill down into further details for users.
In the Financial Report Writer, the Project filter (on the Filters tab) has a new Run as individual reports option. If you filter by all projects or by a project group, you can select this option to divide the report into separate sections for each project.
Generating individual reports for each project in a group works for project groups with up to 500 projects.
Sage have now added enhanced help and training for existing Intacct features, such as: How users, roles, and permissions work together, Create a spreadsheet for importing budget data, Void payments in Accounts Payable, Import General Ledger journal entries
There are also new videos in the Video Library
A reminder of the 2024 release calendar
Should you want to discuss any of the changes or have any question please feel free to send us a message at customersuccess@acuity24.com or call us on 01932 237110 .
See our new Sage Intacct content and free training videos, so you can get the most from your solution.
