Sage Intacct Release 3 of 2019
Sometimes a new release is like a dolphin unexpectedly swimming by during your Saturday morning yoga; a great little surprise! In fact, a huge surprise if you happen to be doing yoga somewhere in Minnesota. Sage Intacct’s Release 3, like a dolphin swimming by unexpectedly, is full of useful enhancements. In case you missed the full release notes, today’s blog highlights those we found to be most noteworthy.
General Ledger Dimension Balances Report
First on our noteworthy enhancement list is the new general ledger dimension balances report. Have you ever wanted to run a dimensional trial balance? Of course you have, and if not, now you do. R3 has opened the door to a new trial balance report for all dimensions! Below is a sample of the new report using the Project dimension.
Dimension Balance Report Example (Prompt and Results):
A helpful note: When selecting dimensions to display in the report, the order/timing at which values are chosen is significant. This drives the grouping order of the report.
Waterfall Application of AR Payments
Noteworthy enhancement number two is the new accounts receivable payment application method. Prior to this release, partial payments received against multi-line invoices were applied to all lines of the invoice using a “weighted average” method. With R3, Intacct will roll out a new “waterfall” payment application method. The waterfall method applies payments to each line sequentially. Why is this significant? The new method means a bit more control in how payments are applied. This is especially useful when a customer is paying for a specific item on their invoice. Not quite applying by line like in AP but a step closer! Take a look at the two screenshots below to see the different methods in action.
Existing Weighted Average Method:
New Waterfall (Top Down) Method:
From Intacct:
Bank Feeds with Sage Intacct Banking and Payment Cloud
Directly from Sage Intacct is noteworthy enhancement number three: “Subscribe to the Banking and Payment Cloud and enable downloading your banking information directly to Intacct”. The bank feed will auto-match any transactions it finds with unmatched deposits then pushed to a Bank Transaction page. From there, easily create payments and apply them against AR invoices.
A diagram of the transaction flow from Sage Intacct R3 Release Notes.
Changes in Purchasing, Order Entry, and Inventory
Our last noteworthy enhancements involve the Order Entry, Purchasing, and Inventory advanced modules. So what’s new there?
- Recurring Transactions – Both Order Entry and Purchasing recurring transaction screens have been converted to the new Action user interface.
Recurring Order Entry Transaction
- Limiting Contact List – A new configuration option in Order Entry and Purchasing allows for limiting contacts on transactions to just those associated with the Customer or Vendor.
Previous unlimited contact list choice
New limited contact list choice
- New Converted From Field – Now view the “converted from” or “parent transaction” in the header of Order Entry, Purchasing, and Inventory transactions. Added bonus: display the field in a list screen for easy export to Excel.
What’s Next?
Missed the release notes? You can always catch the full release notes from Sage Intacct. If you would like assistance in enabling any of the release 3 features or more information, reach out to our CLA Sage Intacct team!
Kathy Jastrzebski is a manager with CLA’s Intacct team. CLA is an Intacct Premier Partner with a partnership that spans over 20 years and more than 1,000 successful implementations. Kathy brings five years of accounting experience along with seven years of Sage Intacct implementation experience. Along with her accounting experience, she has a passion for leveraging technology to lead finance teams worldwide through system implementations with a mission of increasing department efficiency through business process improvements.