Announcing Sage Intacct R2 2021 – A Little Something for Everyone
It’s release time again! Sage Intacct issues updates to the application every quarter, and this quarter’s release debuted May 21, 2021. Below are the highlights you’ll find in this update, which include a little something for everyone. Some features, as noted, apply only to the early adopter program.
Enhanced General Ledger Approvals
- GL Outlier Detection is extended to all allocation transaction lines. Any lines outside the historical norm from a coding or amount perspective will be flagged as outliers.
- As a journal entry is submitted for approval, the name of the pending approver is now visible.
- If a submission has an attachment, such as supporting documentation, you can view and access it directly on the Approvals list.
Streamline the Company Close Process
Enhancements to closing Checklists include import and export, finer control over who can update checklists and assignments, and the ability to create dependencies between assignments as needed.
Multinational Tax Support
Global operations? You can now configure each Sage Intacct entity to use different tax setups. There are prebuilt tax setups for specific regions to determine and capture taxes for transactions. You can also setup custom tax solutions for regions that don’t have prebuilt tax setups.
Expanded Contracts Billing Flexibility
- Currently, you can specify the Ship-to contact at the contract line level. With the new release, you can also specify the Bill-to contact.
- Quickly adjust billing rates by importing billing price lists entries using a CSV file.
- Clear the last allocation for Multiple Element Arrangements (MEA) allocations that include contract lines that use quantity-based revenue recognition. Clearing the allocation resets the applicable revenue schedules to the amounts that existed prior to that specific MEA allocation.
Enhanced Inventory Features
- A newly added Posting tab will save you time by providing the ability to validate a GL posting for a transaction from within the transaction.
- Sage added over 40 standard fields to the item record to enhance comprehensive item tracking, as well as visibility into item bin location information directly from the item detail screen.
Three-Way Match for Purchasing (Early Adopter)
Three-way matching is a valuable operational control that validates that the purchase order, receipt, and invoice transaction all match. With this release, you can now match the vendor invoice, purchase order, and receipt to validate a transaction. If all match, the system creates the bill for payment.
Standard and Financial Reporting Enhancements
- New options to the Dimension Balances standard report support a trial balance-style view, a budget summary view, or a comparison of budget and actual view without having to build a financial statement.
- Now you can include alternate books as a default in reporting to track alternate accounting treatments or to preserve before-and-after views for large-transactions like allocations. These alternate books could include GAAP, Tax, and user-defined books.
Report Joining — Interactive Custom Report Writer/Interactive Visual Explorer
This new function allows you to create a new report joining two or more existing reporting areas, such as joining transaction amounts for both AP purchase invoices and AR sales invoices, per location, into a new report.
Streamline Project Invoicing
- In Cash Management, new changes allow you to invoice customers for project more efficiently and accurately. You can designate corporate credit card transactions as billable, associate them with a project or customer, and have those transactions flow automatically from Cash Management to Projects — ready for invoicing.
- With this release you can assign new project permissions to project managers so they can now edit or delete their own draft project invoices.
Construction (Early Adopter): Capture Price Changes
- With this release, you can now create a change request to capture a requested change and visualize its impact on the project estimate. Change requests help you to identify how changes impact your project profitability and allow you to communicate those changes to your customers.
- You can also manage change orders on order-entry documents. From the original order entry document, you have visibility into summary information such as the original amount, total of draft change orders, total of posted change orders, and current revised amount and more.
And That’s Not All
We’ve just hit the highlights, here. There’s much more in Sage Intacct Release 2 2021, contact us for a complete list. We also recently held a webinar covering the enhancements. If you missed it, you may view the recording of the webinar here: Sage Intacct 2021 Release 2 - Learn What's New!.