What’s New in Sage Intacct R3 of 2020
Sage Intacct’s Release 3, 2020 (R3) focuses on connectivity, user interface (UI) enhancements, and upgrades to existing functionality. Select features are mapped below (see “Feature Map: Relative Value of Enhancements for R3, 2020”), incorporating what we believe are the most broadly applicable enhancements. While these updates are important, they don’t capture all of the R3 enhancements; if interested, please see the full list of 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 Credit Card Reconciliation
This quarter’s updates to Cash Management exhibit both enhancement to connectivity, and usability. For connectivity, Intacct extends Sage Cloud Services to credit card feeds, building on the existing functionality established for bank feeds. For usability, the Credit Card Reconciliation has been remade, with consistency to the look, feel, and action of the Bank Reconciliation. Please ensure you’ve updated your permissions by speaking with one of our consultants, or by making these changes yourself (see Cash Management Permissions > Reconcile Credit Card > √ Reopen | > Charge Card Transactions √ Delete).
- Connect CC Account to Bank Feeds – If you have experience with bank feeds from Sage Cloud Services you will find the application to credit cards equally as valuable. The parallel of downloading transactions directly from your bank is instructive, but in this case the downloads are credit card transactions. Given you’re an existing Sage Cloud Service subscriber you need only apply the feed directly to credit card accounts themselves. If not, we can assist with the setup of bank feeds, and then apply them to your card accounts. For existing Sage Cloud Service subscribers, the setup for credit card feeds is as follows: Cash Management module > <Setup> (sub-tab) > Accounts > Credit Card > Edit (link) for the account(s) you wish to have transaction feeds for > <Bank Feeds> (sub-tab) > [Connect] (button). From here, select your issuing bank, and the specific card account you will direct feeds to (matched to the Intacct card account you’re currently editing/updating). Populating credit card transactions from your bank to Intacct card account is now possible.
- Enhanced CC Reconciliation Process – If you’ve worked with Intacct’s Reconcile Bank Account, the screen shot below will look familiar to you, although here it’s specific to Reconcile Credit Card Account. Now, you’re able to reconcile your credit card accounts according to a similar user interface, navigation, and update procedure. The legacy user interface is officially retired! Please note that as you begin utilizing Intacct’s new UI you will go through a similar setup procedure as applied to your first bank reconciliation using Reconcile Bank Account. That is, upon selecting a credit card for reconciliation (Cash Management module > <All> (sub-tab) > Reconciliation > Credit Card) you will need to input to the Reconciliation dialog the account to reconcile, statement ending date, statement ending balance, and the matching attributes you wish to deploy in the process. Once entered, the screen action will take you forward to Reconcile Credit Card Account, with reference to <Book>, and <Bank> (sub-tabs) (see below “Reconcile Credit Card Account”).
- Enhanced CC CRUD Capabilities – Create, read, update, and delete (CRUD) functionality is made new in Reconcile Credit Card Accounts. Specifically, as Sage Cloud Service card feeds are now active you’re able to post credit card transactions straight to Intacct’s Cash Management ledger, without the need to upload via .CSV, or manually enter the card transactions. Alternatively, you can add these unmatched bank card transactions as journal entries for normal posting. Both “Create Card Transaction” and “Create JE” are available by navigation to the <Bank> (sub-tab), and then clicking on the Action (link) adjacent to the unmatched credit card transition (see below “Create a Credit Card Transaction”). Also, Intacct now permissions the deletion of credit card transactions, so you can delete transactions that were errantly entered, or for which there is no matching bank record.
Budgeting & Planning: Extend Budgeting Visibility
Intacct continues to advance the integration between the Budgeting & Planning module (SIBP), and Intacct ERP. As you may remember, the June release (R2, 2020) updated the import of dimension and actual values from Intacct ERP into SIBP, which expedited the creation of both new budgets and comparatives between budgets set in SIBP, and their respective actuals from Intacct ERP. In parallel fashion, R3 gives SIBP users better access to GL accounts, expands actual comparatives to all available reporting books from Intacct ERP, and adds an import feature for Excel generated budgets.
- Increased GL Account Visibility – R3 gives SIBP users capabilities to align budget line names to their corresponding Intacct GL accounts. Thus, Intacct GL accounts are now visible alongside of SIBP’s budget line names in inputs, tables, and reports. The mapping of budget line names to GL accounts is also made easier by allowing a direct add and edit in SIBP (SIBP > Actuals > <Mapping> (sub-tab) > <Accounts> (sub-tab)). There are two options for allowing the display of GL accounts: in inputs, and/or in sheets. Both of these options are accessible using the navigation path shown in the screen shot below “Increased GL Account Visibility.” If you select: Show GL Accounts √ Inputs, you will find Intacct GL accounts in both the <Main>, and <Table> (sub-tabs). If you select: Show GL Accounts √ Sheets, you will find Intacct GL accounts when accessing <Cash>, <Profit & Loss>, and <Bookings> (sub-tabs). Finally, you’ll find GL accounts appear when navigating to the <Actuals> (sub-tab).
- Expansion of Reporting Books – Since inception, Intacct supported a multi-book environment allowing users to capture accrual, single currency consolidated, and special statutory book balances. With this release, you can take advantage of comparing multi-book results to separate budgets maintained in SIBP. Allowing actual vs. budget comparison for such books as “Consolidated US Dollar” is a welcome option for global companies translating, and consolidating foreign entity results. Please see below for navigation to “Expansion of Reporting Books,” which provides the path to connecting to any Intacct reporting book required.
- Excel Imports – Want to take advantage of existing Excel-based budgets? This release allows you to import model budget lines to expedite the transition to SIBP, and preserves the format and layouts previously established. The process to import model budget lines is as follows: SIBP > Model > <Model> (sub-tab) > [Import] (vertical sub-tab). From here, additional menu options are presented that give you control over header names, reporting periods, and to preview data prior to importing as a published SIBP budget.
User Experience: Protect & Accelerate Session Actions
Your user experience should benefit from these two enhancements, which both protect access. Ever tried to beat the clock for saving a long journal entry before being timed out, or need access to the top level of your shared environment after inadvertently closing the top level browser session? Gotcha covered. Both of the new UI features allow your organization to maintain existing security settings for governing timeouts, but give further options to save an existing transaction, extend the session, or renavigate back to the top level.
- Warning on Timeout – Giving yourself more time to save an entry or continue working within the existing session starts with a simple change to preference settings. Navigate as follows: Company module > <Setup> (sub-tab) > Configuration > My Preferences > Security Preferences > Click on the Enable desktop notifications for Sage Intacct timeouts (link). This enables your browser for Intacct timeout notifications, providing a ten minute window of opportunity for you to either save your work, or keep the session. When notifications appear (see below “Enable Notifications for Timeouts”) the [Dismiss] (button) allows you to save your work prior to a session timeout, and the [Stay Signed In] (button) allows you to continue to work within your current session even as you have been inactive. As always, timeouts are governed by the settings above the notifications link, and subject to overall timeout settings/policies exacted by your Intacct administrator.
- Access to Top Level from Entity – If you’re a multi-entity shared (MES) company this top level navigation option is helpful to maintain seamless inter-entity access. Given you’ve accidentally close the top level browser session you no longer need to logout and log back in to gain access to the console/top-level. Simply click on the Top Level (link) from the entity dropdown and your console/top-level session is restored (see below “Navigate to Top Level from Entity Level.”)
Reporting: Unify Reporting Objects
This release incorporates two updates to the Interactive Custom Report Writer (ICRW) that give you new powers for comparative, and account group reporting. A query and join data enhancement allowing reporting across workflows/business processes, with options for inclusion or exclusion (control selection), is finally here. A sample report combines A/R inflows, and A/P outflows, with reference to entities/locations, and other dimensions. This relieves you from separate ad hoc report queries, and then joining the results into a combined report in Excel. Time savings, accuracy, and instant feedback are yours from a single report. A second enhancement allows ICRW user’s access to their existing GL Account Groups to extend comparative reporting, and offering unique horizontal reporting options not previously possible using the Financial Report Writer.
- ICRW: Combine Reporting Areas – Using ICRW’s new combine reporting areas feature makes joining records from two or more distinct tables possible. As noted above, a sample report would join A/R and A/P into a single report, with reference to locations, entities, or combined with other dimensions, like departments. We’ve sampled a setup below (see “Combine Reporting Areas” for reference to an A/R-A/P join, with location and department reference), utilizing the “Union All” operation where we present all rows from both columns, regardless if they are duplicative. Other operations governing inclusion vs. exclusion are listed in the table below. We note that combining columns gives you one single numeric output column –rather than two (we make this distinction as we’re not adding columns). In the example below, it may appear the output will come in the form of two distinct columns –one for A/R, and one for A/P, but that is not the case as the output will be overlaid, or displayed as a single column. For this new ICRW feature, remember that you must have a single unifying report object, like a location, and other options, including pivot tables, are available to present time series results.
- ICRW: Report Account Group Data – For years you’ve maintained Account Groups as the basis of your financial reporting (means of combining values stored in GL and/or statistical accounts for use in reports, or computational account elements). Their use is now extended into ICRW where additional formatting, like horizontal display of account hierarchies is possible (see example below “Report Account Group Data.”) In addition, Account Groups can be used in the context of other formulaic, rollup, or hierarchical reporting. They can also be deployed to report on other areas in the system outside of the GL, including values typical to the A/R, and A/P modules.
Multi-Currency: Automate Revaluation
Intacct continues to advance the management of multi-currency transactions, including this release’s posting of entries for the revaluation of Balance Sheet accounts. Historically, users have maintained access to General Ledger, Accounts Payable, Accounts Receivable, and Cash Management Revaluation reports, but until now these reports lacked an option to directly post adjusting entries for changes in Balance Sheet values. (Note: the posting of entries from the Cash Management Revaluation report was not included in this release.) Please see the tables below for a refresher on revaluation versus translation (not covered here), and revaluation gain (loss) bookings for two typical subledger balances.
- Auto-Create Revaluation Entries – To sample Intacct’s new auto-create gain (loss) entry for the revaluation of Balance Sheet accounts, we turn to the A/R module. As always, the reporting of revaluation for A/R can be found by navigating to: A/R module > Reports > Open Items Revaluation. Once you’ve properly established your filters, run the report to find the new [Create JE] (button) in the upper right hand corner (the screen shot below provides an example of the report and new button). Given the unrealized gain (loss) appears correct to your expectations for the effect of exchange rates, click the [Create JE] button. Notification of the draft entry will appear in the upper left hand corner of the screen as “Job queued to run offline draft journal entry. Go to Company > Offline job queue to view job status.” The entry will post in a draft state to the journal you’ve configured (see General Ledger module > Configuration > Multi-Currency Management), and from here you can verify the results and post for inclusion in the General Ledger (see screen shot below “General Journal: Journal Entries”). Note: Given entries posted from the A/R and A/P Revaluation Reports will affect your A/R: Trade and A/P: Trade accounts, you may want to reverse these entries at a later date to keep values at the GL and subsidiary level in balances.
CRM Integration (Salesforce): Automate Donor Posting
As noted in our Intacct R2 blog post (see link for 06/30/20 post), Intacct has one of the software industry’s leading relationships with CRM purveyor, Salesforce. Intacct’s efforts to deepen connectivity to Salesforce, through its Advanced CRM Integration for Salesforce, takes another step forward in this release with a packaged integration for not-for-profits, and specific functionality benefiting those wanting to create workflow automation between donor activity in Salesforce, and its required account posting to Intacct. Though the functionality described below will benefit any Salesforce – Intacct integration customer, a typical NFP will find this advantageous for the GL posting of its cash and single occurrence donor activity.
- NFP Integration – Historically, Intacct’s Advanced CRM Integration has supported integration with the Salesforce Enterprise Edition. Now, Intacct’s middleware supports integration with Salesforce for users who deploy the Salesforce Nonprofit Success Pack (NPSP), a set of managed packages maintained by Salesforce. The newly branded offering, Intacct Advanced CRM Integration for Nonprofits, promises to expand Intacct’s integration with Salesforce, lending new options to NFPs who may have previously depended on API connector platforms to create a unified workflow between Salesforce and Intacct. While an option to post journal entries from Salesforce to Intacct has broad application to the user base, we choose to focus on a use case that many NFPs will find valuable. Specifically, this involves the capability to group and summarize multiple Salesforce donor/contribution records into a single SF journal entry, and then post the same to Intacct. We’ve provide a schematic below, and documented the respective objects –noting that the integration between the systems is bisynchronous— meaning updates to a shared journal entry will post back to the other system.
General Ledger: Post Multi-Entity, Currency Allocations
Intacct’s initial release of Dynamic Allocations allowed allocation of shared revenues, costs, assets, and liabilities across dimensions, including, typically, locations, which represent business units, or cost centers. Explicit to a location is its reference to a single business entity. No longer are you limited to allocations specific to a business entity; R3 updates to Dynamic Allocations extends complex allocation across entities, and the multiple base currencies of those entities. A high level recap of Dynamic Allocations maps from source to result, with reference to multiple entities as the new target:
- Expanded Dynamic Allocations – Configuring for the extended use of Dynamic Allocations across entities is simple. Given you’ve subscribed to Dynamic Allocations navigate as follows: General Ledger module > <Setup> (sub-tab) > Allocations > Account Allocation Definitions (link) > Dimension Treatment: Ο Across Entities (radio option). In addition, you will need to select an entity from Source Pool, which also serves as the allocation transaction currency, if you’re managing entities with multiple base currencies (the base currency of this Source Pool entity is the allocation transaction currency). From here, everything you’ve come to know about Dynamic Allocations continues, only now you don’t need to consider manual entries to complete the sharing of inter-entity revenues, costs, and other balances.
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 our Sage Intacct Virtual Days meet-ups, and as you have more immediate need for review. Seth Pomeroy
Improving corporate performance, enabling growth, and meeting overall business strategy using leadership and expertise in financial accounting, reporting, systems, project management, performance metrics, and sales. A 27-year vested interest in customer success.