What’s New in Sage Intacct Release R1 2018?

Sage Intacct has four quarterly releases each year. Sage Intacct Release 1 2018 was made available February 9, 2018.  The following is a brief description of what’s new in Release 1, along with links to new videos, showcasing the new features and functionality in detail.

VIDEO: #SageIntacct 2018 Release 1 – Highlights

Accounts Payable – The AP Workbench has enhanced once again. A new feature eliminates errors caused when two people attempt printing the same check at the same time and improves organization in your Accounts Payable workflow with a personalized view of printable checks. The My Checks view in the Print Checks page displays a list of only the checks for which you’ve processed payment requests. You can access the new My Checks feature only when you work in the new Sage Intacct Action UI, where you can click on Print check from the Pay bill outbox, and you’ll go straight to the Print Checks page. Here, you’ll see only the checks which you’ve created a payment request for.

Another nice enhancement for larger AP teams: If you have permissions to the My Checks functionality, and another person who also has AP responsibilities is out of office, any user can view the checks of other payers in the drop-down. A payer’s name will appear in the drop-down if they have selected bills to pay. Their name will disappear from the list after all their checks have been printed and confirmed. You can also select the All option to see all checks available to print.

Contracts – Billing schedules are the foundation of your cash flow. The earlier you get your cash, the earlier you can reinvest the cash in your company to boost growth. Early billing can also potentially avoid delays in delivering your products or services due to misunderstandings, as the customer can review the contract or renewal terms before the contract starts. Sage Intacct’s new bill in advance feature enables you to automatically create billing schedules that start before a contract or renewal starts. You can then generate, print, and send out the invoices as per your company’s billing procedures. You can control the bill in advance period for each contract and set default bill in advance periods for each customer.

VIDEO: #SageIntacct 2018 Release 1 – Contracts & Advanced Billing

Eliminate the Wait – Post Revenue and Expense Recognition Offline – When you post many revenue and/or expense recognition entries online, Sage Intacct sometimes takes a while to process the request. This ties up your screen by requiring you to wait until the process completes before you can continue working with Sage Intacct. In this release, you now have the ability to post revenue and/or expense recognition offline. When the process completes, Sage Intacct sends a notification email to the user who initiated the request.

VIDEO: #SageIntacct 2018 Release 1 – Contracts Offline Revenue Recognition

Add a Fair Value Price as a Percentage and Other MEA Calculation Enhancements – In Release 1, Sage Intacct now gives you the ability to determine a fair value price for an item based on a percentage of other items.  They’ve also improved the fair value price normalization against the contract line flat/fixed amount, and they have added calculation detail fields to the allocation table.

VIDEO: #SageIntacct 2018 Release 1 – MEA/Calculation Methods/Enhanced Auditability

Global Consolidations – Global Consolidations is available in Beta when you’re using the new Sage Intacct Action UI.  For multi-currency companies and organizations that perform global consolidations, the first thing you’ll notice is that Global Consolidations now has the same look and feel as other Sage Intacct applications. Also new: they’ve added the ability to duplicate a consolidation book with the click of the Duplicate button. To access Intacct Global Consolidations in the Action UI, all you need to do is to turn on the Action UI Beta from the top of the page.

Inventory Costing Improvements for Sharper Financials – Significant and wide-ranging costing improvements have been enhanced to increase the accuracy of your inventory valuation and COGS. With better financials, you can manage and increase the profitability of your operations more effectively. The improvements include logic changes for setting up costing layers and calculating the COGS to post.

VIDEO: #SageIntacct 2018 Release 1 – Inventory: Enhanced Costing

Projects – In Release 1, more Project enhancements are coming your way! Two enhancements improve usability, project management, and data entry control. One enhancement enables you to control timesheet entry dates that fall outside of open periods. Another enables the ability to preview invoices.

VIDEO: #SageIntacct 2018 Release 1 – Project Enhancements

Salesforce Integration – With Release 1, the Sage Intacct Advanced CRM Integration makes it easier for you and your sales team to manage information on the opportunities in Salesforce. For example, when your sales reps add products to an opportunity, the Sage Intacct Advanced CRM Integration can now add information needed by finance at the same time, including defaults for fixed flat fee amount frequency and billing methods, as well as validation for information that was entered.  Contracts can change in an instant, so with Release 1, you now have the ability to quickly update your contract opportunity products all at once. With the new bulk update, you can select the specific records and fields to change across multiple opportunity products, allowing you to keep up with the changes in your contracts. Also new in Projects – a new billing method has been added to the opportunity product billing method pick list: Project time & materials.

VIDEO: #SageIntacct 2018 Release 1 – Advanced Salesforce Integration

Want to know more?  Contact the cloud accounting professionals at Express Information Systems about Sage Intacct Cloud Financials.

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