Release Date: Sunday, November 15
At Sage Intacct, the product investments they make are all about your success. They are working right alongside you, helping transform the way you work by providing features that enable you to work from anywhere and do it smarter and more efficiently than ever.
The following features are only a few of what 2020 Release 4 has to offer. To read about all features and enhancements in this release, go to Overview of 2020 Release 4 changes
- General Ledger: GL Outlier Detection (Early Adopter)- Help ensure the accuracy and integrity of your financial information. GL Outlier Detection, which includes AI (Artificial Intelligence) and ML (Machine Learning) to proactively catch journal errors, uses your historical transaction patterns, evaluates transactions during the approval cycle, and notifies approvers of transactions that don’t match the regular pattern.
- Accounts Receivable: Brand new Receive Payments UI – Get more control over how you find invoices and apply payments and partial payments. Specifically, you can apply payments by line item, apply credits and discounts in bulk to multiple invoices, and use our new advanced filtering method that enables you to hone your list of selected invoices with custom filters that you can define and save.
- Accounts Payable: Get flexible, streamlined workflow in approving bills. Instead of declining bills for required modifications, you can now modify bills on the fly during approval time and quickly move to the next level of approval in the bill-processing flow. When you make updates without changing bill totals, you no longer need to reject, correct, and restart the entire approval process.
- Reporting: Get greater visibility into your business with expanded reporting areas in
- Interactive Custom Report Writer – Sage Intacct added a new GL budget vs actuals reporting area in the Interactive Custom Report Writer. You can perform flexible slice and dice analysis to gain insight into spend-down on expense budgets or build-up towards revenue goals.
- Standard Custom Report Writer – Sage Intacct added a new inter-entity reporting area that enables insight into dimensional attributes beyond IET “balance by” dimensions, as well as enabling you to group IET activity by any report column. For example, you can group by account or location to see how much a location is going to receive from other locations.
- Time & Expenses: Sage Intelligent time (Early Adopter): Leverage the power of Sage Intelligent Time, an AI-powered web and mobile timesheet solution that integrates with Sage Intacct to help eliminate inaccurate timesheets, delayed billing (delaying the close), and frustrated professionals. You can connect your calendar, email, and computer activity to capture a digital footprint of how you spend your day at work. Only you have access to the data, and can use that information to help construct your timesheet. As you use the application, you implicitly provide feedback, resulting in machine learning algorithms that drive an even better user experience.
- Contracts: Sage Intacct enhanced contracts billing and revenue recognition to meet your evolving business needs:
- New option to generate “Invoices by Customer.” You can now consolidate recurring charges across multiple contracts, projects, or both into a single invoice for your customer. You optimize invoice presentation to your customers for improved understanding and streamlined payment collection.
- Improved automated creation of billing and revenue schedules with prorated calculations for partial months. Define your subscription terms start and end date, input your expected full month billing amount, and check a box. Intacct handles all the calculations, for both billing and revenue, to ensure partial months are prorated accurately based on days in the month.
- Additional configuration flexibility. You can simplify your configuration to a single revenue journal or leverage dual revenue journals if you need to maintain parallel revenue accounting treatments. If your needs change, you can enable or disable your second journal at any time.
- Inventory: Leverage inventory cycle counts to periodically monitor and adjust inventory stock levels. You can set up cycle counts to search for items to count based on item or warehouse bin location. Intacct automatically snapshots the expected quantity on hand for later comparison with counted quantities and calculates suggested adjustments to reconcile any discrepancies between expected and counted quantities.
- Purchasing: Transaction allocations are now available on all posting and non-posting purchasing transactions. You can automatically distribute shared costs across dimensions, such as departments, locations, projects, and more. For example, in NFP organizations it is common to have multiple funding sources for purchased items. Purchasing transaction allocations can automate the distribution of the purchase cost to accurately allocate across funding sources and trace that money was spent for the designated purpose.
- Interactive Visual Explorer (Early Adopter): Get faster insight to inform business decisions. The Interactive Visual Explorer is built on top of our real-time operational system of record with the same security and access control mechanisms. The tool is highly visual and interactive making it possible to explore and ask questions of the data.
- You asked and Sage Intacct listened! They added two features based on your input:
- Active non-posting: You can now set dimension values to “Active non-posting” status to prevent users from using that value during transaction entry while still enabling rollup reporting.
- Freeze the first column in financial reports: Now, when you scroll across the page, you can always see the context needed to understand the information you are viewing.