New Features Added in Sage Intacct 2021 R2

Sage Intacct releases updates to its services each quarter. These updates are automatic, require no action on your part, and include significant new features and product enhancements.

New features in the latest update, 2021 R2 are now available to Sage Intacct users.

Watch the 9 minute release highlights video with VP of Product Management, Julie Adams by clicking the video link below.  Or scan the full list of newly added features below listed by module.

Sage Intacct 2021 Release 2 Highlights

Sage Intacct 2021 R2 Release Highlights

Reconciliation – Cash Management:  Save time and effort by setting up rules and rule sets to automatically match transactions, reduce the need for manual matching, and eliminate awkward many-to-one matches.

Streamline the close process – Company:  Enhancements to Checklists now include import and export, finer control over who can update checklists and assignments, and the ability to create dependencies between assignments as needed.

Enhanced approvals – General Ledger

  • GL Outlier Detection is now extended to all allocation transaction lines. Any lines outside the historical norm from a coding or amount perspective can be flagged as outliers.
  • View the name of the pending approver when a journal entry is submitted for approval.
  • If a submission has an attachment, such as supporting documentation, you can view and access it directly on the Approvals list.

Multinational tax support – Tax:  We now support multi-tax solutions for multinational customers. You can configure each Intacct entity to use different tax setups. Intacct provides 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 billing flexibility – Contracts

  • Just as you already specify the Ship-to contact at the contract line level, you can now specify the Bill-to contact.
  • Save time and effort by easily importing billing price lists entries via 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 features – Inventory

  • Save time and validate the GL posting for a transaction from within the transaction using the new Postings tab.
  • We 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.
  • We made a few changes to make managing negative inventory more flexible for your business processes.

 Standard and financial reporting enhancements

  • New options to the Dimension Balances standard report enable a trial balance-style view, a budget summary view, or a comparison of budget and actual view without having to build a financial statement.
  • 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.

 Interactive Custom Report Writer/Interactive Visual Explorer (ICRW/IVE)

  • You can 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 invoicing – Projects

  • In Cash Management, you can more efficiently and accurately invoice customers for projects. You 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.
  • Assign new project permissions to project managers so they can now edit or delete their own draft project invoices.

 


Sage Intacct 2021 R2 New Features by Module

Below is a comprehensive list of changes made in Sage Intacct during the 2021 Release 2.

Accounts Payable

Supplier bank file details: Supplier bank file details are now available for use in custom reports.

Eliminate payment confusion: Print your company information at the top of remittance information. Learn more.

Cash Management

Improved visibility for bank feed transactions: View all bank feed transactions for one account on the account record page. Learn more.

GL posting details tab: Now appears on even more CM transactions. Learn more.

The ability to connect multiple accounts to bank feeds at once is now generally available! Use only one login for a more stable connection. Learn more.

Use matching rules to match incoming transactions: For a more robust, flexible matching experience, set up matching rules. Learn more.

Reconciliation enhancements: New permission to ignore bank transactions and more.

Contracts

Save time maintaining billing price lists: You can now import billing price lists via CSV import templates.

Add bill-to contacts to contract lines: Use new contract line fields to specify bill-to contacts now for operational reporting or to prepare for future invoicing flexibility.

Separate button for project revenue calculation: We’ve separated project revenue recognition calculation and scheduling from Preview entries, giving you more control over your project revenue schedules.

Dashboards and Insights

See the status of book close: We’ve created a new dashboard component that shows the close status for your books.

General Ledger

View attachments from the Approval list: To streamline viewing attachments when approving transactions, you can now see whether a submission has attachments directly from the Approvals list.

JE approval notification frequency: Administrators can set the notification frequency for journal submissions. Approvers then receive notifications for pending approvals.  By setting the frequency to notify approvers to daily, weekly, or at the end of the month, email clutter is greatly reduced.

GL Other Books default: We’ve added a way to define default other books for use in new standard reports, dashboards, and performance cards. The default prefills alternate books when multiple reporting books are used, but can be changed to meet different reporting needs.

Know your approver: Now there’s ‘Submitted to’ information in your Journal Entry history so you always know who owns the next action for approval.

Inventory Control

Expanded rules for negative inventory: Allow negative inventory by warehouse instead of turning it on system wide and have confidence that warehouse transfers follow the rule that is in place. Learn more.

GL insight on Inventory Control transactions: Save time and validate the GL posting for a transaction from within the transaction.

Multi-entity

New custom reports for inter-entity transactions:  Now you can use the Interactive Custom Report Writer to run custom reports in the inter-entity transaction reporting area. Learn more.

Order Entry

GL insight on Order Entry transactions: Save time and validate the GL posting for an Order Entry transaction from within the transaction.

Offer alternate options for out-of-stock items: We extended item cross references so you can identify alternate items for items in the system to satisfy your customers needs with greater ease.

Faster entry of sales transactions with tracked items: We added automatic lookup of serial, lot, and bin information to eliminate the work of manually finding and entering the information.

Projects

Mark corporate credit card transactions as billable and include in project invoicing: Now, when you mark corporate credit card transactions as billable to a project, those transactions flow directly from Cash Management to project invoicing.

New permissions allow project managers to change their own draft project invoices: Assign new project permissions to project managers so they can edit or delete their own draft project invoices.

Purchasing

Introducing three-way match: We’re launching three-way match in the Early Adopter program.  The Early Adopter program provides qualified functionality to a specific set of Sage Intacct customers who use Purchasing. If you’d like to consider being an early adopter, contact your DWD software consultant.

Reporting—Standard

GL Dimension reports: Retain the Year-to-date balances on the Dimension Balances report.

GL Dimension reports: Multiple enhancements to the Dimension Balances report provide clearer selection options and better visibility into what’s included.

Reporting—Advanced

New time-related measures and attributes: We’ve added fiscal time-related measures and attributes to Interactive Custom Report Writer and Interactive Visual Explorer making it easier for you to create detailed reports and visualizations.

Join reporting areas using SQL statements: Create a new report joining two or more existing reporting areas using the new advanced Custom tab in ICRW.

Support for localized terminology: Interactive Custom Report Writer and Interactive Visual Explorer now support terminology across locales.

New and enhanced reporting areas: We added more reporting areas and enhanced existing reporting areas to use with ICRW and IVE. Learn more.

Supplier bank file details: You can now create a custom report to view all your supplier bank file details in one place!

Tax

Convert to a multiple tax solution:  Existing US customers can convert their companies to take advantage of our multiple jurisdiction tax solution for international transactions to calculate VAT and GST. Learn more.

Partial exemption support in Purchasing: We’ve expanded the ability for nonprofit organizations to reclaim VAT on qualifying purchases when using the United Kingdom – VAT tax solution. Learn more.

Training

Learning just got easier! Fundamentals training is now on-demand and free for everyone. Plus, you can access the Learning Center quicker from within Sage Intacct in just two clicks.

New Video Library! We gathered a collection of our most helpful videos to get you up and running on Sage Intacct functions.

Web Services

Highlights include:

  • General Ledger now provides enhanced functionality when listing account balances by dimensions, including the ability to list budget data.
  • In Contracts, you can provide Bill to contacts for individual contract lines. In addition, this release also provides enhanced validation and usability for contract billing price lists.
  • In Inventory Control, warehouses can now be configured to support negative inventory. Also, over 40 standard fields have been added for items to enhance item data points and reduce the need to create custom fields.
  • In Projects, you can mark credit card transactions as billable to a project so that those transactions flow directly to project invoicing.
  • In Accounts Payable, partial exemption now enables you to reclaim a portion of your input VAT on purchases (United Kingdom).

It’s difficult to fit the detail of all the new features and enhancements included with the Sage Intacct 2021 R2 release. So be sure to contact our Sage Intacct team if you have questions, want a copy of the full release notes, or need help upgrading to the latest release.