Sage Intacct 2022 R3: Core Highlights, Demos, and More
Sage Intacct 2022 Release 3 is now available and has tons of great highlights that we’re excited for. AP vendor payment workflow enhancements, role-based dashboards, and conversion for termed contracts to Evergreen are just some of the notable updates that come in this new release. Read on to get more details on the latest features and updates along with the full release notes.
AP advances now support multi-currency transactions
Transacting with companies that prefer foreign currencies? You’ll appreciate the new multi-currency support for AP advances. And, there’s lots of enhancements to make creating and managing advances a snap.
- Easily track an advance throughout its life cycle from the AP Advances page.
- Control GL summary posting frequency.
- Separate duties with straightforward and streamlined permissions.
AP vendor payment workflow enhancements
Simply your refund request workflow for virtual card payments. In the case where vendors don’t accept the original virtual card payment, the refund process enables you to put a block on paying the vendor with a virtual card for future payments.
And, get visibility into vendor discrepancies and how to correct them.
AR receive payments enhancements
Save time and get critical business information instantly with 6 out-of-the-box dashboards designed specifically for roles like AP and AR Managers, CFOs, Controllers, and Department Managers.
Canada Input Tax Credit (CITC) support
When a you make an expenditure that qualifies for a tax credit, you can recover a percentage of the taxes paid on that expenditure. This partial exemption is known as an Input Tax Credit (ITC).
When you enable the ITC for an entity, you can set the exemption credit percentage at the company level for tax details used by enabled entities. Setting ITC rates gives you more control of partial exemption percentage rates across multiple entities. ITC totals post to the GL account by default, but you can instead assign a specific GL account for ITC postings.
ICRW - Time series
Time Series functions has been added to Interactive Custom Report Writer and Interactive Visual Explorer, making it easier to create custom calculation columns for comparative analysis of specified time periods.
- AGO—calculates data from a specified time period, such as one month ago, one year ago, or one quarter ago, to the current date.
- TODATE—calculates data from a specified date to another date, such as from one year ago to the present date.
- PERIODROLLING—calculates data for a specified time period on an ongoing basis, by month, quarter, or year.
Reconciliation rules—Create credit card transactions
Creation rules analyze bank transaction data and create a matching transaction within Sage Intacct for reconciliation. You can use creation rules to create credit card transactions and journal entries. Look forward to more functionality in the future.
Creation rules require and rely on transaction templates that structure the transaction creation process. You already know you need a journal entry transaction template to create a journal entry for reconciliation. Similarly, you need a transaction template to create credit card transactions.
Auto-generate invoices in Contracts
Want to save time by removing a task from your billing process? You no longer need to generate all contract invoices manually. You can now use invoice policies to automatically initiate contract invoice runs on a set schedule. Define the filters and the schedule in invoice policies and then let Sage Intacct do the work.
Convert termed contracts to Evergreen
Last release, Sage introduced the evergreen contract type to manage open-ended contracts. In this release, you get the flexibility to renew a termed contract into an evergreen contract.
- You have a subscription that starts with a fixed term and then transitions to a monthly, quarterly, or annual subscription. For example, say you have a customer who signs up for a product trial period of 6 months at a fixed price. After the trial period, the product is billed monthly until the user terminates the contract.
Construction project contract import and duplications
With this release, you can import Construction project contracts and then import project contract lines with their corresponding entries.
Sage provides two new import templates, which are available from either the Construction project contract list or from the Import data menu (Company > Setup > Import data) in the Import Projects, Tasks, and Timesheet section. You can import multiple project contracts at the same time.
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 2022 Release 3.