9 Awesome Features in the Sage Intacct R1 2019 Release
Modern business technology, especially when it relates to financial accounting, is currently changing so fast that it’s hard to stay up-to-date with everything. Here at The Resource Group, it’s our job to keep our clients informed of the best new features available to them in their software solutions.
The Sage Intacct 2019 R1 release includes lots of great new features. In fact, there are so many that it’s easy to get a little lost in all of the information available about the release. To keep things simple and show you the highlights, we’ve summarized 9 new and improved features, and provided links to corresponding Sage Intacct eLearning videos.
1. Bulk Actions for Journal Entries
You can now save time and take action for multiple transactions at one time. With the new bulk actions feature, you can multi-select journal entries in order to post, duplicate, and reverse multiple entries at once. This feature also allows you to test-post large batches of entries to make sure things match up.
Learn more by watching the eLearning overview of Bulk Actions for Journal Entries.
2. Bank Reconciliation
The Cash Management Bank Reconciliation process has a new interface and provides a sleek user experience that facilitates reconciling high-volume transactions. Importing, comparing, and reconciling your bank statement is now faster and easier. The new Bank Reconciliation functionality includes better searching, filtering, and pagination so you can work on transactions across several pages and drill down into more detailed data.
3. Accounts Payable Bill Approvals
Accounts Payable now includes a bill approval feature, which can be set up to require bill approvals from one or more users. Rule types can be based on value approval, named user, and transaction department; both Business and Employee users can approve bills.
Watch to learn more about AP Bill Approvals.
4. Contracts Billing Based on Project/Task Percent Complete
Sage Intacct will now automatically calculate billings for fixed fee projects, allowing users to define the billing type on an individual contract line basis. Just set the project type to “fixed fee billing” or “fixed fee and expense billing,” then record the project or task percent complete, and Sage Intacct will automatically generate a billing based on the input. If there are multiple percent complete entries, for example with timesheets, Sage Intacct will generate a single percent complete billing entry based on the multiple inputs.
To learn more, watch the Project/Task Percent Complete overview from Sage Intacct.
5. Project Enhancements: Billable Transaction Rules and Task ID
The 2019 R1 release introduces capabilities to bill transactions created by transaction rules. This enables a variety of new project accounting and billing scenarios with the system, such as cost plus billing, employee group based billing rates, and billing calculated labor transfer costs. You’ll be able to flag a post rule as billable, and it will be added to the sales invoice. Transaction rules also now allows users to create statistical entries that post to a statistical journal.
6. Dynamic Allocations Extended
Sage Intacct has once again added more features and fine-tuning to the dynamic allocations feature within the General Ledger. There are now more options to streamline complex allocations which shift or split amounts within entities. These options include creating and generating group allocations, which allow you to process several allocations that occur on the same interval of time (such as month-end) with just one click. You can also now include multiple books in basis and source computations, extend period selections, flag entries for project-based billing, and more.
Watch the Dynamic Allocations Extended overview.
7. Automated COGS Adjustments for Prior Periods
When financial periods are already closed, inventory costing adjustments can cause mismatches between the inventory subledger and the General Ledger valuations. Prior period adjustments for COGS is a set of new functionality that identifies these problematic adjustments, displays all recommended adjustment calculations in one page, and then creates the necessary journal entry adjustments to an open period of your choice.
Learn more by watching Sage Intacct’s overview of Prior Period COGS adjustments.
8. New Landed Costs Features for Inventory
You can now gain a more accurate and detailed picture of landed costs for the current period; it’s now possible to record your estimated landed costs for an item and later record and link the actual landed costs to your estimated costs. This increases visibility into your true inventory costs and what you had originally planned for those costs, allowing you to minimize the gap between planning and actual purchasing.
9. Sage Intacct Action UI
The Action UI is now the primary user interface for Sage Intacct. Many new features can only be accessed from the Action UI, such as Bank Reconciliation, Pay Bills, the Interactive Custom Report Writer, and Global Consolidations. If you haven’t switched over yet, now is the time to make your move.
Additional new features
This is just a shortlist of the new features packed into the R1 2019 Sage Intacct Release. For more information from the Sage Intacct experts at The Resource Group, check out The Resource Group’s quarterly release summaries or contact us today.