Sage Intacct 2023 Release 1 Available February 17th.
Sage Intacct 2023 Release 1 is now available. With new features in financial management, general availability of AP Automation, improved workflow when paying bills, and deep industry specific functionality enhancements, this initial release of 2023 packs a powerful punch.
Tour the new release with Sage’s VP of Product Management, Julie Adams (6:45 min)
Here’s a look at what’s new in Sage Intacct 2023 R1.
Accounts Payable Updates
The multi-year, phased rollout and beta testing of AP Automation is now complete and generally available to all customers with the release of Sage Intacct 2023 R1. As an add-on feature to Accounts Payable, AP Automation automatically creates draft bills from bill documents that you email or upload to Sage Intacct. Bill details are populated for you, using data from the original bill document, the vendor information record, and previous bills.
Then, using Artificial Intelligence, Intacct matches the bill to the correct vendor record and suggests GL accounts and dimensions based on your bill history. All that’s left for you to do is to review the drafted bills, make any coding changes or adjustments, and either submit for approval or post them.
Apply credits Faster and with More Accuracy
Also in Accounts Payable, you can now use an on-the-fly filter in the Pay bills list to restrict available credits to a date range. In previous versions of the software, after filtering the bills by due date, you had to evaluate each bill with available credits individually which was more time-consuming. Now, after filtering using the same date range for the due date and credits, you can select bills, click Apply credits, and be done.
Construction Improvements
Intacct Construction capabilities continue to build out with each new release and 2023 R1 is no exception. Here are some key improvements that streamline construction workflow in the latest release:
Billing Construction Retainage
In prior releases, you could only release retainage using the retainage task in AP (Accounts Receivable > All > Retainage) or in Projects (Projects > All > Retainage).
With Sage Intacct 2023, you can now release and include billed retainage with your regular project contract billing when you generate a project invoice (Projects > All > Invoices > Generate Invoices).
Better Contract Billing Visibility
Now, you can view invoices, retainage releases, and payments for project contract and project contract lines directly from the contract Billing details tab. The tab shows a summary of billing as usual and individual posted invoices generated from this project contract along with more information about each invoice.
Post Project Contract Entries to GL Budgets
After associating the budgets with the project contract, you can now include the GL budget entries on your financial reports. On the Construction project contract, you can post to the selected GL budgets by the workflow types used on the project contract and change request entries.
Introducing Sage Field Operations
Sage Field Operations is now available for Sage Intacct Customers. This nifty mobile app provides your team in the field with the critical information that they need, right on their mobile device. Office staff have real-time information for seamless scheduling and can collaborate with field staff to manage service assignments.
New Features for SaaS-Based Companies
Sage Intacct 2023 R1 introduces several new capabilities that improve efficiency of managing subscription contracts.
Building on the infrastructure to manage open-ended (evergreen) contracts that was first introduced last year, you can now include contract lines with usage-based pricing in evergreen contracts. This capability supports contract lines with the Variable Quantity type. You can also include a recurring flat fee and use tiered pricing to provide your products or services at different price points.
In addition, you can now preview the results of billing options changes before you save. With the new Preview billing schedule function, you can change billing data and instantly see the expected billing as you experiment with different billing options without affecting any saved billing schedule. Previously, you had to enter contract line billing data, save the contract line, and then open the billing schedule to see how Intacct scheduled the flat/fixed amount.
Creation rules now support VAT and GST
Minimize the time required to enter known recurring bank transactions and save even more time during reconciliation.
You can now define transaction templates to include tax implications for your VAT and GST tax needs. When a new transaction is created, tax is accounted for so you do not need to adjust the transaction afterward.
Updated user interface labels across Intacct
In an effort to improve the all-around customer experience, Sage reviewed and updated the user interface text for consistency and clarity. You will notice the following changes to the user interface:
- Labels are now sentence case.
- Spelling, punctuation, and grammar are now consistent and correct.
- Terminology and formatting are consistent.
- Some acronyms and abbreviations are now spelled out for clarity.
- The use of symbols and punctuation are reduced for clarity.
Expanding Beta for List enhancements
There’s even more to look forward to in our enhanced Lists beta this release. You can turn on the Lists beta interface to see how you can personalize your list views, leverage advanced filters, manage list and record details side-by-side, and much more.
- Personalize list views on the fly—reorder, resize, and freeze columns with drag and drop interactions.
- View precisely what you need to see with advanced filtering and sorting.
- Compare records using a split screen.
Below is a comprehensive list of changes made in Sage Intacct during the 2023 Release 1.
Company and Administration
- Migrate to multi-entity: Migrating select single entity companies to multi-entity companies with a top level.
- Name and ID your entity: Upgrading select single entity companies to multi-entity companies with a top level.
- New and updated permissions: Changed permissions for Projects.
- New permissions reports: Added two new reports to simplify tracking and managing user permissions.
Accounts Payable
- AP Automation: Announcing general availability of automated bill creation service.
- Enhancements to Vendor Payments powered by CSI: Vendor Payments now supports setting up an additional email address for remittances.
- Save time applying credits to bills: Restrict available credits to a date range using the new Pay bills filter.
- Security control for summary batches: To reduce discrepancies in your transactional data, the option to edit summaries and payment summaries is now available only for manual summaries.
Accounts Receivable
- New payment object for reporting: Added a new Accounts Receivable payments object so you can run a centralized and detailed report for all AR payment transactions.
- Security control for summary batches: To reduce discrepancies in your transactional data, the option to edit summaries and payment summaries is now available only for manual summaries.
Contracts
- Billing schedule preview: Model different billing plans for the contract term without affecting the subledger.
- Usage billing with evergreen contracts: Include fixed charges and variable usage charges in open-ended subscriptions.
- New validations in Contracts journal configuration: added safeguards that clarify the best practices for accurate contract reporting.
General Ledger
- Choose how the Trial balance report shows opening and closing balances: added a new checkbox that lets you choose to show opening and closing balances as debits and credits combined or as debits and credits separately.
Mateo
- Streamlined process for closing savings periods: You can now close a savings account and distribute the account balance in one step.
- Enhanced interest and statement-generation features: improved the processes for closing savings periods and correcting transactions from closed savings and loan account statement periods.
- New data import options: expanded the list of data types that you can import and added options for posting the data.
Projects or Grants
- See the state of project billable lines: You can now see payment status and approval status before creating transactions for project invoices.
- Expanded project manager permissions: Assign Order Entry (OE) permissions to your project manager users so they can add, edit, and delete Order Entry transactions (Quote and Order template types).
Reporting – Advanced
- Construction reporting areas in ICRW: ICRW offers new Construction payroll reporting areas to enhance managing and tracking direct and indirect labor costs for your projects.
- New payment object for reporting: added a new Accounts Receivable payments object so you can run a centralized and detailed report for all AR payment transactions.
- New permissions reports: added two new reports to simplify tracking and managing user permissions.
Time and Expense
- Security control for summary batches: To reduce discrepancies in your transactional data, the option to edit summaries and payment summaries is now available only for manual summaries.
User Experience
- Lists enhancements: Get key improvements to more easily drill down to view required data. Learn more about the enhanced list features.
- Updated user interface labels: In this release, UI labels have been updated throughout Intacct for clarity and consistency. Learn more about label changes.
Have Questions?
This article only covers some of the key highlights of the new release. But be sure to contact us to request a copy of the fully-detailed release notes or if you have questions about upgrading to the latest version.
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