Carlson Thought Leadership in Finance & Technology

Highlights of Sage Intacct release 3

September 21, 2020 / by Mary Beth Gossart

With each quarterly release of Sage Intacct there are many changes to all aspects of the program. Each quarter we get excited to read about the great new features in the release. This time we got together and chose our favorites to highlight here for you. This is just an overview there are many more new features in the release all of which can be found at Sage Intacct 

Time Out Notification

This option was suggested by users and is what Sage Intacct is calling it’s “gentler, kinder timeouts” in the past if you reached your inactivity duration you were automatically signed out of Sage Intacct. As you are reaching the timeout for your session or inactivity duration you will now receive notification alerts in time to save your work, continue to work in Sage Intacct, or easily sign back in as needed. In addition, if your browser provides a notification option, you can get time-out notifications from Intacct on your desktop whether you are working directly in your company or in another application so that you can take action before you're timed out.

Why we like this

Everyone hates when because of a focus shift they suddenly realize that they have been automatically logged out of Sage Intacct without warning and now must log back in.

New and improved Credit Card Reconciliation
To reconcile your credit card, use the new Credit Card Reconciliation in Cash Management, modeled after our Bank Reconciliation process. It's automatic, fast, easy and accurate! What was done for bank feeds and bank reconciliation, is now live for credit cards. You can connect to Sage Cloud Services just as you do for bank feeds, and use the feed to flow transactions seamlessly into Intacct.
Credit card transactions are automatically matched to what's already entered in the system resulting in easier reconciliation using our the reconciliation process, which provides the same intuitive filtering, sorting, and pagination that you're used to with bank reconciliation.

Why we like this
We don’t like this we love this! Anything that will help with reconciliation of credit cards that saves time and makes month end easier is a win in our book! The new sort and filtering options make everything so much easier.

Auto-create journal entry from revaluation report
If you are a multi-currency company, when closing the period, it's common practice to run revaluation reports to compute the unrealized gain and loss amounts for the period. Previously, you would need to export the data produced by the general ledger, AP Open items, and AR Open Items reports, and create manual journal entries from your revaluation report.

Now, Sage Intacct automatically creates a draft journal entry, enabling controllers and finance VPs to complete the posting of unrealized gain and loss. This can be done across all entities using the same base currency, such that you need only run a single revaluation report for all entities instead of one per entity.

A single revaluation report runs for the entity and all its locations (for example, a report run on a US entity would include locations such as California, Massachusetts, and New York). Individual revaluation reports are not supported when auto-creating draft JEs.

Why we like this
This is a huge time saver at month end now with the ability to run this report for all entities with the same base currency instead of entity by entity. You still have to run the report but you can then hit a button to create a JE.

Recurring Journal Entry: new approach, new look
This option was suggested by users. If you already created and posted an entry why can’t you use that to create a recurring entry. When you use an existing journal entry to create a new recurring entry, the basic information gets pre-populated from the selected journal entry into the Entry section of a new Recurring Journal Entry. From there, you create the recurrence schedule.

Sage Intacct also took the opportunity to improve the Recurring Journal Entry page, putting the Journal Entry information and the schedule on separate tabs for a cleaner look and making it easier to hone in on the information you want.

Why we like this
Why type something more than once. Let’s work smarter not harder.

Dynamic allocations across entities

For companies subscribed to Dynamic allocations, there’s a new setup option for allocation definitions. Now you can create top-level Allocation Definitions for cross-entity allocations. Sage Intacct has gone beyond intra-entity into cross-entity processing and cross currency allowing users to allocate across entities with different base currencies.

For example, if you have centralized management that supports several different entities, now you can allocate the cost (or portion of the cost) of the staff from the central management entity to the entities that benefit from their efforts.

Why we like this
How much time and how many journal entries will be saved by this new feature. We get asked all of time if we can allocate costs between different entities with different base currencies. Now we can say Yes!

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