Sage Intacct 2023 Release 3 Is in the Building

What’s New and Improved in the Quarterly Update

Sage released Sage Intacct 2023 R3 on August 18, 2023. We’re impressed by the depth and breadth of the new functionality R3 2023 delivers. Below is an overview and demo of the new features. You can also watch our on-demand webinar, Sage Intacct 2023 Release 3, or access the full release notes.

AP, AR, and GL Enhancements

  • Vendor Approvals
    This feature is in response to numerous customer requests (Sage listens to you!). You can now configure your Accounts Payable module to enable vendor approval. This will send your vendor set up thru an approval process similar to transaction approvals in the system. Once a vendor is approved, you are able to pay bills for that vendor.
  • Match Tolerance for Purchasing
    Introducing match tolerances for Purchasing transactions! Now, Sage Intacct will automatically compare the quantities and unit prices coming from converted Purchasing transactions. For example, if your workflow is to convert purchase orders to vendor invoices, the application now compares the quantities and unit prices between the two transactions. This comparison verifies that the quantity and unit price details agree on the purchase order, PO receipt, and vendor invoice.
    What makes this feature even better is that you can specify match tolerances (as a percentage) for both the quantity and unit price. When the transaction is converted, the application will flag any line that exceeds your tolerance.
  • Vendor Compliance (Sage Intacct Construction)
    The 2023 R3 update lets you set up rules for what paperwork vendors need to show you. For instance, you can ask contractors to prove they have the right insurance or licenses. You’ll start by defining compliance categories (e.g., insurance) and then listing what contractors must provide. You can decide if you want to check by document or due date and can even stop payments to vendors who don’t meet the rules. You can set up these rules for all or only specific vendors.
  • Single Payments For Multiple Customers (Early Adopter)
    This release introduces a new feature that allows you to receive payments for multiple customers in a single request. Use this option when you receive a single payment but need to apply the amount to invoices that belong to different customers. A real-world example of when you’d want this type of functionality is when an insurance company sends you a single payment for multiple patients or claims. This early adopter program is currently full but watch for this coming soon for general release.
  • Multi-Currency Payment Application
    When paying Accounts Receivable invoices, you can apply payments directly from the Invoices list. Previously, this was not an option for multi-currency companies.
  • Bank Transaction Assistant (Early Adopter)
    This feature allows you to associate customers with a payment transaction right from the Bank Transaction page. After you receive the payments, the posted payments in Sage Intacct transactions and bank transactions are auto-matched for reconciliation. Want in on this feature now? Contact us about joining the Early Adopter Program.
  • AP and AR Inter-Entity Drill Downs
    In both Accounts Payable and Accounts Receivable, you can now drill into invoice details directly from a bill that was created through the inter-entity bill back, viewing the corresponding inter-entity invoice with just one click.

New General Ledger Features

  • If you work with multiple entities in Sage Intacct, you can now restrict the creation of General Ledger transactions to the entity level.
  • A new option allows you to exclude adjustments from the Trial Balance report.

New for Inventory

Sage continues to flesh out its distribution industry offering. With this release, there’s a new Advanced Kit Assembly add-on module for Sage Inventory Automation.

New (and Improved) Integrations for Healthcare, Education, and Payroll

  • New EMRConnect integration for Sage Intacct will automate the flow between your healthcare company’s medical records and Sage Intacct. 
  • New FACTS Management integration will streamline financial processes and reduce manual data entry.
  • Improved Sage Intacct Payroll powered by ADP adds several new features that flesh out this integration further. The features primarily focus on human resource management including benefits management, recruitment, and timekeeping.

There’s something of value to every organization in Sage Intacct 2023 R3. Check out the demo below and register to watch our on-demand webinar to learn more and see some of the new features in action. As always, reach out to our consulting team with your questions.