What’s New in Sage Intacct R2 of 2020

• June 30, 2020
• Seth Pomeroy

Sage Intacct’s Release 2, 2020 (R2) builds on themes for more automated, streamlined, and simplified software use.  Select features are mapped below (see “Feature Map: Relative Value of Enhancements for R2, 2020”), incorporating what we believe are the most broadly applicable enhancements.  These upgrades are important, but don’t capture all of the R2 enhancements, nor our focus group, which we’ll give more details through the remainder of this review.  If you’re interested, please see the full list of R2 changes by accessing this link, and allow us to detail how we narrowed our evaluation.

Our focus for any quarterly release is based on a two-part weighting criteria, including the value of the enhancement (how much process efficiency you stand to gain from its use), and applicability (how broadly the feature applies; used by most organizations running Intacct, or a smaller portion of the subscriber base?)  On this basis, the map shows the relative size –thus, weight—of those features that provide the greatest opportunity for gains in efficiency, and broad use.  The highest weightings get our attention, and hopefully, yours as well.

Cash Management: Expedite Bank Reconciliation

With a focus on reconciliation speed, Intacct continues to bring enhancement to the Cash Management module.  As of the R2 go live date, Intacct’s legacy bank reconciliation interface was terminated; from this point forward all bank rec. interaction is displayed solely through the Action UI.  Please ensure you’re permissioned for its access by speaking with one of our consultants, or by making changes to your permissions (see Cash Management Permissioning > Reconcile Bank > √ Reopen | > Bank Transactions √ List, and √ View).

• Suppress Bank Feed Transactions – Sometimes the path forward means going back, at least briefly.  Such is the case if you’re planning to automate your reconciliation process by using bank feeds from the Sage Banking Cloud.  Given initial use of bank feeds, you’ll note that your prior history of reconciled bank transactions will flow into the next month-end’s bank rec.  How do you stop it?  R2 adds a feature for suppressing bank transactions through one of two means.  The first option is by accessing the full slate of bank transactions from Cash Management > Transactions > Bank Transactions.  From here, you’ll note both [Ignore] and [Unignore] (buttons); mark the check box and click the [Ignore] (button) for those transactions already reconciled before you began using bank feeds (use [Unignore] for those items that have not yet been reconciled).  This same process can be applied on the fly, in the midst of a reconciliation, by clicking on the [Bank] (sub-tab), and then the Actions (link) with reference to [Ignore], or [Unignore].  Either choice of user interface will allow you to go forward without the baggage of prior reconciled transactions.   

• Match-and-Go – Given you’re doing manual reconciliations you may be tired of “two-clicking” for each bank-to-book match.  That is, first selecting an item for reconciliation, and then clicking the vertical scroll bar to go to the next transaction.  This release allows you to go “one-click” by selecting [Match and Go to Next].  This action will clear the line item and move the screen pointer to the next available item in your list for further speed of your rec.

Multi-Entity (ME): Streamline Inter-Entity Transactions (IET)

This release features a strong set of enhancements for organizations who manage Intercompany transactions, or those between legal entities, and one that applies to Intercompany and Intracompany transactions, or those between geographic and business units/divisions of the same legal entity.  The changes are aimed at automating IET bookings, and allows you to more easily view them.

• ME: Single J/E for Multi-Currency IET – If your operations involve entities with differing base currencies, and you need to post journal entries which affect these entities simultaneously, this update will be of interest to you.  Now, with a simple configuration change (see Company > Subscriptions > Multi Entity Console > Configure > √ Enable auto-balancing for GL/Journal Entries), you’re able to post “top level” journal entries which are automatically converted into the equivalent exchange rate of each entity’s base currency.  In the sample top level entry below, note the “red box” selections, including source entity, location, and txn (transaction) currency, with the resulting computation of base currency exchange rates of the two entities included in the transaction.  Our sample entry features one entity whose base currency is CAD (see line 1), and a second entity whose base currency is USD (line 2).  The sample transaction shows a transfer of USD from the US entity to the Canadian entity.  Result?  Automation and posting accuracy across base currencies, without your intervention.

• ME: Detail Display of IET Postings – A second improvement related to the processing of inter-entity transactions is the now accompanying detail display of Interco receivable and payable postings.  This presentation upgrade follows for any IET processed in the system, regardless of whether the related entities have similar, or differing base currencies.  In the screen shot below, we’ve repeated the transfer example previously discussed (journal entry which transferred USD from one entity to another), but also show the enhancement which captures the “other side of the transaction.”  That is, the display of the debits and credits to the Interco receivable and payable accounts resulting from the original IET.  The visibility of the source and related IET are posted together, and regardless of the source of the IET, including journal entries, payables, etc.

• AP: Inline Credit Applied Across Locations or Entities – This final IET transaction improvement is specific to AP inline credits applied across locations, or entities.  As a quick refresher, an inline credit means a negative line item has been added to a vendor bill, which also has other positive line items on the same bill (this differs from an instance where there’s a single negative line item, which is a credit memo).  For use cases where positive and negative line items on the vendor bill are equal (a zero value bill), but line items reference different locations or entities, Intacct now automatically applies the inline credit.  This, regardless of how other AP configuration is set, including enabling inline credits to be automatically applied (AP module configuration), and limiting AP credits to the entity owner (ME Console configuration).  Reporting output will differ for these zero value inline credits; the Pay Bills screen, AP Ledger, or AP Aging suppress details, but you will see the zero results in the Bills Register (please see screen shot below).

CRM Integration (Salesforce): Automate Sales Postings

Intacct’s long-standing relationship with Salesforce has driven sales transaction integration between the two systems for the past sixteen years.  This release provides options for more seamless integration, resulting in less back and forth navigation between the two systems.  We believe both updates reviewed will allow better segregation of duties for your sales staff, and their managers.

• Direct Sync of Transactions: Sales Invoice or Order Post – As of this release, Intacct’s Advanced CRM Integration allows Salesforce users to sync sales transactions to Intacct directly from the Salesforce desktop.  As captioned below, posting is now managed via the Salesforce desktop using a [Sync to Intacct] (button), and confirmation dialog box indicating which Intacct sales document the post is made to.  This is a clear process improvement from the prior method of sales transaction sync, which required users to confirm the post by navigation into the Intacct UI. 

• Direct Sync of Transactions: Opportunities Sync – By using Process Builder in Salesforce, you can now set sales transactions to automatically sync to Intacct when a specific opportunity stage, like “closed won,” is selected.  In our example shown below a SF trigger is set to sync/create a sales invoice post directly to Intacct at the point of setting the opportunity stage as “closed won.”  This allows for same type of posting automation as discussed above (see “Direct Sync of Transactions”), and provides for similar segregation of duty benefits.

General Ledger: Simplify Approval Controls

Improvements to journal entry management are amongst the most broadly welcomed by any ERP user group.  R2’s improvement is no exception and will prove to save significant time and communication between accounting staff, and management in the process of getting entries right.

• Recall J/Es Submitted for Approval – Since Intacct’s initial release of J/E approvals, approval control has passed at the point of J/E submission.  Now, a Recall (link) gives the submitter the ability to edit the original entry after submission (prior to this release, submitted entries were final and could only be updated after the submission was declined by an approver).  This improvement lends flexibility to the approval control process by allowing users to make updates, without the need to have a manager formally decline the submission for such changes.

Purchasing: Customize Vendor/Supplier Documentation

Personalized communication is a key component of a company’s ability to effectively engage with counterparties.  Up to this point, Intacct offered custom email templates for use in Order Entry, and Contracts.  But, what about your needs with respect to purchasing?  With R2 comes the same customized email documentation for the Purchasing module allowing you to tailor your message, and purchase contract terms directly with vendors/suppliers.

• Custom Email Templates – By creating a custom email template for use with purchase orders, specifics related to your transaction, and related contract, will be more accurately detailed in dispatch.  Similar to use with Order Entry and Contracts, a range of merge fields are available for selection in email templates for use with Purchasing.  Merge fields that will be most apropos to Purchasing include those that reference vendors, vendor contacts, and purchase order specifics.  With the correct purchase documentation in order you can now eliminate having to save Intacct POs to your desktop for later attachment to a manually composed email.  Instead, you can now send them directly from Intacct’s Print/Email Documents screen.  For access to email templates navigate to the Company module > Setup > Settings > Email Templates, and for application of your newly created purchasing email template go to the Purchasing module > Configuration > [Document Configuration] (sub-tab) > Email Template. 

Reporting: Categorize Organizational Reports

Up to this release, organizing your financial reports library has been a function of applying your own titling scheme, and subsequent sorting.  For example, if you wanted standard GAAP financials to appear at the top of the Financial Reports screen, you might employ the use of “1 – Balance Sheet,” “2 – Profit and Loss,” etc.  In this way, the most commonly accessed reports would sort to the top of the list, and allow for easy access during month-end financial review.  Report attributes are now available to help you create a sort and audience structure outside of manually designated alphanumeric schemes.

• Report Attributes – Two attributes have been added to Financial Reports: report type, and report audience.  The attributes are customizable to your requirements, and accessed directly in the [Report Info] (sub-tab) of the Financial Report Writer (see accompanying screen shot).  They allow for the filtering and categorization of Financial Reports from the Report Center, and the Financial Reports menu option within the General Ledger module.  Going forward users can more easily filter and sort for groups of reports that are of the greatest relevance to them. 

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Thank you for taking this opportunity to see what’s new with Sage Intacct.  We look forward to further review of these and other features at upcoming Sage Intacct meet-up events, and as you have more immediate need for review.  Seth Pomeroy

Tags: Accounts Payable, Cash Management, CRM, Financials, General Ledger, Multi-Entity Shared, Purchase Orders, Purchasing, Release 2, Reporting, Sage Intacct Enhancements, Sage Intacct R2, SalesForce, Accounts Payable, Cash Management, General Ledger, Integrations, New Releases and Updates, Purchasing, Reporting, Sales and Order Entry | 1 Comment »