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 โ 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 Intacctโs 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 problemโyou 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 โ US only
Automate the data flow between your healthcare companyโs 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. โ
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 youย configure the number of decimal placesย used in rounding your data. Coming soon: Enhanced email delivery service:ย Sign up to be an early adopter of ourย enhanced email delivery serviceย that uses DKIMย authentication! |
| Permission changes:ย Weย changed permissionsย for Accounts Payable, Cash Management, Purchasing, and Time & Expenses. |
Accounts Payable
Billย uploads for restricted users:ย Users restricted to entities or departments can nowย uploadย billsย for APย Automation.
Vendorย approval:ย Verify accuracy ofย vendorย record changes through anย official review process.
Inter-entity drill down link:ย Drill down toย invoiceย details fromย a billย that was created through inter-entity bill back.
Accounts Receivable
Bank transaction assistant:ย A new workflowย to speed up and provide flexibility for Accounts Receivable and Cash Management usersโEarly Adopter
Document sequencing for payments:ย Track payments more easily with document sequencingย for Accounts Receivable payments.
Single payments for multiple customers:ย Weโre launching an Early Adopter Program to support single payments for multiple customers. This is useful when youย receive a single payment, but need to apply the payment to from different customers.
Inter-entity drill down link:ย Drill down toย invoiceย details fromย a billย that was created through inter-entity bill back.
Enhancement to payingย invoices:ย You can nowย pay individual directly from the listย in companies where multiple currencies are enabled.
Budgeting and Planning
More budget options inย Sage Intacctย Planning: Weโve addedย more options for saving and duplicating budgets. |
Cash Management
Bank transaction assistant:ย A new workflowย to speed up and provide flexibility for Accounts Receivable and Cash Management usersโEarly Adopter
New bank transaction import experience: Save time and increase control when youย import bank transactionsย from a centralized locationโ Early Adopter
Pay employee expenses using bank files:ย Now, you canย use bank files to reimburseย employee expenses.
UKย bank files support EURย currency:ย You can nowย make bank file payments for UKย ย in the EURย currency.
Consolidation
Introducing partial ownership through tiered consolidationโEarly Adopter:ย Weโre previewing a newย financial consolidation offeringย 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?ย Ensure that your construction vendors have provided the necessary compliance documentsย before you pay them.
Enhancements in Sage Field Operations:ย Recent enhancementsย save time in the officeย and provide more flexibility for mobile workers.
Contracts
Do not defer! Recognize revenue on invoice: You now have the option toย recognize revenue when a contract line is invoiced.
Dashboards
SaaS Intelligence dashboard subscription:ย This SaaS metrics tracking dashboardย is now available in Australia, Canada, South Africa, and the United Kingdom.
General Ledger
Restrict GL transactions to the entity level:ย Set up your system so thatย GL transactions can be created only at the entity level, not at the top level.
| Exclude adjustments from the Trial Balance report:ย A new option lets youย choose whether or not the Trial Balance report includes adjustments. |
Healthcare
Announcing EMRConnect forย Sage Intacct:ย Lookingย to streamline processes and reduce the chance of data entry errors? EMRConnect automates the flow of data from your electronic medical records (EMR) system toย Sage Intacct.
Help and Training
Newย Sage Intacctย glossary:ย Look up terminologyย or browse the glossary to learn more aboutย Intacct.
Navigate your learning experience: Sage Universityโsย learner homeย provides you with a personalized and intuitive hub to help you navigate and customize your learning.
Inventory Control
Announcing Advanced Kit Assembly:ย Save time by automating kit buildingย with the new Advanced Kit Assembly module in Sage Inventory Automation.
Improved prevention of negative inventory:ย Users can no longer backdate a transaction that would result in a negative inventory amount if you donโt allow negative inventory.ย Learn more
Nonprofit
Announcing EMRConnect forย Sage Intacct:ย Lookingย to streamline processes and reduce the chance of data entry errors? EMRConnect automates the flow of data from your electronic medical records (EMR) system toย Sage Intacct.
Announcing FACTS solution for schools integration:ย Integrate FACTS withย Sage Intacctย to reduce manual data entry by importing data from FACTS to your general ledger inย Intacct.
Payroll
New Payroll features:ย Weโre excited to announce severalย new features inย Sage Intacctย Payroll powered by ADPย 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:ย Take control of outgoing payments with match tolerance andย pay the proper amount for what you ordered.
Vendorย approval:ย Verify accuracy ofย vendorย record changes through anย official review process.
Reporting - Advanced
Interactive Custom Report Writer (ICRW):ย New in ICRW,ย Apply XMLย allows you to modify ICRW custom SQL reports and retain all the formatting.
Sage Intacct Real Estate
More flexibility and controlย Sage Intacctย Real Estate:ย Weโve made some changes toย Sage Intacctย Real Estate so that you haveย more flexibility and controlย when managing your business.
Sage Intacctย Real Estateโeasier to use than ever:ย Weโve made improvements so that you canย complete tasks quicker and with greater easeย inย Sage Intacctย Real Estate.
Greater visibility into your organization:ย Recent enhancements inย Sage Intacctย Real Estate provideย greater visibility into your organizationย to help ensure that youโre always up to date with your business.
Taxes
Preview your UKย VAT return: Gain greater insight into your VAT return details with theย VAT100 custom reports and dashboard.
Time and Expense
Announcing Sage Intelligent Time embedded experience:ย Access Sage Intelligent Time directlyย from the Time and Expenses or Projects applications inย Sage Intacct.
Bank files for employee expenses:ย Now, you canย pay employee expense reimbursementsย with bank file payments.
User Experience
Lists enhancements: Get key improvements to more easily drill down to view required data.ย Learn more about the enhanced list features.
Funds hidden from entity navigationย When an entity is designated as a fund, the entity selection dropdowns hide the funds from view.ย Learn more!
Updated user interface labels:ย We updated labels in Accounts Receivable, Cash Management, Company, and General Ledger.ย Learn more about label changes.
Web Services
Watch theย Sage Intacct Developers portal blogย 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 productโs improvements, refer to the complete list of changes in Sage Intacct 2023 Release 3.
