As Sage continues its quarterly releases to Sage Intacct, we follow right along to highlight the improvements and offer a bit of perspective on how and why they’re important. With that said, let’s get acquainted with Release 3 2020, making its debut August 21st.
Credit Card Feeds — that’s Feeds, not Fees
Remember last fall, when Sage Intacct introduced bank feeds? It is such a simple, yet game-changing function that we wondered if it could actually make reconciling your bank accounts fun. Well now, what Sage Intacct did for bank feeds and bank reconciliation, they are now doing for credit cards. Credit card transactions are automatically matched to what’s already entered in your system, speeding and streamlining the reconciliation process.
Dynamic Allocations goes global
Dynamic Allocations is a relatively new subscription module of Sage Intacct that enables organizations to represent their financial performance more efficiently and accurately through allocation of indirect revenue and costs. We talk more about it here, if you’re curious (which you should be). Release 3 2020 of Sage Intacct builds additional functionality into the module with support for cross-entity and multi-currency.
General Ledger step savers
Journal entries are few people’s idea of fun, so improvement that streamline the process are always welcome. Now you can generate a recurring entry from any direct posted journal entry. The basic information gets prepopulated from the selected journal entry into the new recurring journal entry.
The new release also adds automation to GL, AR, and AP Revaluation reports. Simply select your journal and unrealized gain and loss account in GL configuration, then run your revaluation reports. You can run them live or offline, with an option to automatically create the unrealized gain or loss journal entry. The journal entry is created in draft state so that you can review it before posting.
Additional GL automation perks
Here are a few additional automation perks added in Release 3 to make GL living easier:
- Enhancements that include drill-down on the contract line number in a contract line grid
- Honed permissions for editing contract schedules
- Support for automatic application of inline credits
- Automatically taking each applicable dimension into account when summarizing billed AR amounts.
Quickly clear an unwanted Multiple Element Arrangement (MEA)
We can all relate to the hassle of having unwanted Multiple Element Arrangement hanging around (well, maybe not all of us). But those Contracts users among you who can relate will appreciate this feature. If you need to change your latest straightline or daily rate MEA allocation, Release 3 allows you to clear it without having to clear any other MEAs associated with the contract.
Let’s get straight to the bin
Now, instead of identifying items by aisles, rows, and bins, the bins by themselves pinpoint the specific location of items. You associate each bin to a specific warehouse, and can then assign zone, aisle, row, and face attributes to each bin. Now that bins are unique across warehouses, the warehouse transfer task was changed so you specify the from and to bins on the transfer.
Efficiency boosters in the Interactive Custom Report Writer (ICRW)
The ICRW was introduced in late 2018, and quickly took Sage Intacct reporting capabilities to new heights. Release 3 2020 reaches a bit higher with two new features.
- Combine reporting areas on the fly to report across workflows and business processes. You can use Union, Union all, Intersect or Minus on the reporting areas to get maximum insights right in Intacct.
- Use account groups to consistently include the same account groups in creating your custom reports as you do in creating your financial reports. You can now select account groups wherever you can select accounts, making it easier to do roll ups and simplifying your ability to tie out reports regardless of where they are built.
Attention construction companies and nonprofits
This release continues the Construction Early Adopter program. The Early Adopter program provides qualified functionality to a specific set of new Sage Intacct customers who represent the Construction industry. Contact us to determine your eligibility.
Release 3 2020 also adds some new enhancements to the Salesforce Integration for non-profits, which is also in the Early adopter phase. The changes enable nonprofits the flexibility to integrate at the detail level as well as the aggregate level. Contact us if you’d like more information about the integration.
The above features are only a few of what our 2020 Release 3 has to offer. We cover much more in our Release 3 webinar, which you can view here. To read about all features and enhancements in this release, go to Overview of 2020 Release 3 changes or get in touch with us.