Sage Intacct 2023 Release 2 consists of new features that will help streamline your accounting processes and improve overall efficiency. Learn what’s new in Sage Intacct and how your organization can leverage the product updates.
Sage Intacct 2023 Release 2 Highlights Include:
- General Ledger
- Accounts Receivable
- Cash Management
- Construction
- Purchasing/ Order Entry
- Financial Reports
General Ledger
Locking Closed Periods
With the 2023 Release 2, you have the ability to lock periods after the periods have been closed, allowing organizations to prevent the reopening of locked periods. This feature works in tandem with Intacct’s Close feature and is managed via user permissions.
An organization may have an Accounting Manager with permissions to open/close books. This user may need to reopen books in order to post an entry after a period has been closed. Additionally, the organization might also have a Controller who has permission to open/close and lock/unlock books. When the time comes to prepare and distribute financial statements, the Controller may want to lock any closed books to prevent the Manager and users with similar permissions from reopening periods. This feature provides additional control over accounting periods.
Accounts Receivable
Edit Reversal Dates on Posted Payments
The new release enables the editing of reversal dates on posted payments, allowing for modifications to the date on which a reversal transaction posts to the general ledger.
If an incorrect reversal date is initially entered for an Accounts Receivable posted payment, users with the proper permissions can now edit the dates on these reversals to reflect the proper date. This new feature enhances flexibility within the Accounts Receivable module.
Bulk Application of Credits via Import
Release 2 offers the application of credits via bulk import. This functionality allows users to apply Accounts Receivable adjustments, negative invoice credits and inline credits via bulk import.
Cash Management
Link Credit Card Transactions to Employee Expense Reports
Now, you can link your organizations credit card transactions with the respective employees’ expense report. Credit card transactions can seamlessly flow from the Cash Management Module into the Employee Expenses with Release 2.
When entering non billable credit card transactions in the Cash Management module, you can associate individual line items with employees. Once associated with an employee, these transactions become available for selection in an expense report for that employee. The new functionality also allows for the splitting of one credit card transaction into separate lines on an employee expense report. For example, you might split a credit card transaction for a hotel into lodging and hotel parking on an expense report.
Construction
Project Commitment Tab
Release 2 enhancements include a Project Commitment tab within each project that allows users to view all commitments including Purchase Orders and Subcontract Orders within a project.
Purchasing/ Order Entry
Employee Users can View All Transaction Types
Organizations can grant selected employee users with permission to view all purchasing and order entry transaction types.
This new functionality will increase overall organization efficiency as it will allow appropriate employee users to view transactions and run reports to monitor the full purchasing and order entry life cycles.
Employee users will now have the ability to view quotes, orders, invoices, returns, credit memos, etc. when permission is granted by a business user with administrative privileges.
Financial Reporting
Drill Down through Account Groups to Transaction Level Details
Release 2 enhances drill down functionality within financial reports. Users are now able to analyze data quickly and directly by drilling through account groups to general ledger detail.
With these new capabilities, Sage Intacct 2023 Release 2 can help optimize your accounting processes and enhance overall productivity.
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.
If you would like to learn more about the new features and functionality of Sage Intacct’s latest release, email us!
