Sage Intacct 2023 Release 3 consists of new features and functionalities designed to streamline operations and maximize efficiency for your organization. Discover what’s new in Sage Intacct and how you can leverage the product updates.
Sage Intacct 2023 Release 3 Highlights Include:
- Company and Administration
- Accounts Payable
- Accounts Receivable
- General Ledger
- Help and Training
- Inventory Control
- Purchasing
- User Experience (NFPs)
Company and Administration
Enhanced Email Delivery and Insights
With the 2023 R3 Release, Intacct has announced the launch of enhanced email delivery service. This feature supports DomainKeys Identified Mail (DKIM) Authentication, ensuring that emails are delivered to recipients quickly and reliably. Additionally, the feature will provide detailed delivery status of emails by recipient.
Sign up to be an early adopter here.
Accounts Payable
Vendor Approval
Sage Intacct announced Vendor Approvals in the 2023 R3 Release. Users with proper permissions can now review & approve new vendors or changes to vendors. This update applies to the Accounts Payable & Purchasing Modules.
While a vendor is pending approval, any Accounts Payable or Purchasing Transactions can be saved as drafts but cannot be posted. After the vendor is approved, the transactions can be posted.
Inter-Entity Bill Back Drill Down
Clients using Inter-Entity bill back can now drill into invoice details directly from a bill that was created with Inter-Entity bill back. With Sage Intacct 2023 Release 3, it’s now possible to view the corresponding Inter-Entity invoice with a single click.
Accounts Receivable
Single Payments for Multiple Customers – Early Adopter
Sage Intacct is launching an Early Adopter Program that allows the application of single payments to multiple customers. This means that when a user needs to receive a payment, you can seamlessly apply that payment to various customers, ultimately improving efficiency for your organization. The feature applies to both parent/child customer invoices & multiple customers’ invoices.
If you would like to be considered for the Early Adopter Program, contact jessie.michael@compudata.com.
Bank Transaction Assistant – Early Adopter
Sage Intacct is also launching an Early Adopter Program that streamlines the receive payments workflow. The feature allows you to quickly and easily assign customers to bank transactions, all from the Bank transaction page. After the payments are received, both the Sage Intacct transactions and bank transactions are auto matched for reconciliation.
If you would like to be considered for the Early Adopter Program, please contact jessie.michael@compudata.com.
General Ledger
Exclude Adjustments from Trial Balance
With Sage Intacct’s 2023 Release 3, clients can now control whether adjustments are included in a Trial Balance using the Exclude Adjustments option. This feature can be found in the format section of a Trial Balance Report.
Help and Training
Sage Intacct Glossary
In the 2023 Release 3, Sage Intacct has announced the creation of the ‘Sage Intacct Glossary’. The Glossary is a list of Sage Intacct terms along with definitions of what those terms mean in the Ecosystem.
The Glossary is available via the Help Center -> Basics -> Glossary.
Inventory Control
Prevention of Negative Inventory
Release 3 has added a feature to prevent negative Inventory within the Inventory Control Module.
Within Inventory Control – > Setup – > Configuration, users can select the ‘Turn off negative inventory’ checkbox which disallows users from backdating transactions that would result in negative inventory amounts.
For example, suppose the quantity on hand for a certain inventory item is 0. If 500 units are purchased on August 8th, 2023, followed by an additional 100 units purchased on August 10th, 2023, you cannot create a transaction to sell 550 units on August 9th, 2023. This is because the action would result in a quantity of –50.
Purchasing
Match Tolerances for Purchasing Transactions
The 2023 R3 Release adds a Match Tolerance feature within the Purchasing Module. Sage Intacct compares the quantities & unit prices that appear between two Purchasing transactions and flags lines within the transactions when either the quantity, unit price, or both are higher or lower than the Match Tolerance established. For example, when a Purchase Order is converted to a Vendor Invoice, Intacct compares the quantities and unit prices between the two transactions and flags lines if match tolerance percentages have been exceeded.
This feature reduces fraud & financial loss by preventing reimbursement of unauthorized purchases. It also helps identify mistakes on transactions.
The quantity & price match tolerance percentages are established within Purchasing -> Setup – > Configuration – > Enable match tolerances.
User Experience (NFPs)
Funds Hidden from Entity Navigation
With the 2023 R3 Release, companies using the NFP Quickstart Template can hide entities that are funds from the entity selection dropdown list.
There is now a Traditional Fund Accounting option in Company Information > Accounting which gives users the ability to designate an entity as a fund on the Entity Information page. Once selected, entities designated as funds are no longer included in entity dropdown lists.
With these new capabilities, Sage Intacct 2023 Release 3 can help enhance your accounting processes and improve overall efficiency.
CompuData understands that every business is different and has unique needs. Our team designs sophisticated intuitive accounting solutions to support your organization. Let CompuData’s team of experts work with you to meet your business objectives leveraging the power of Sage Intacct.
