Highlights from Sage Intacct Release Notes: 2023 Release 4

Sage Intacct’s Release 4 for 2023 took place on November 10th, making it the last release for this year. The R4 release includes various updates and features to improve your Sage Intacct user experience. To stay updated with these changes, you can conveniently access the Intacct release notes via your Intacct Home Page dashboard. The R4 release comprises of many product enhancements and introduces various Early Adopter Programs. Let’s review some of the Sage Intacct release 4 highlights.

With this release, Sage Intacct added the “Recall” function, which enables users to withdraw a submitted bill from the approval queue, reverting it to an editable draft status. This allows users to make necessary updates to the bill after the bill has been submitted for approval while maintaining the internal controls within the organization. Users with “Bills: Edit” permissions can utilize the recall feature on an eligible bill.

The 1099 e-filing with TaxBandits is finally here this season and ready to make your 1099 fillings convenient and faster. TaxBandits offers the capability to file state forms, send forms via postal mail and grant online access to recipients, streamlining the entire filing process.

With this integration, you can bypass the manual printing of 1099 forms by seamlessly transferring tax information directly to TaxBandits, where your information undergoes preparation and submission to the IRS. TaxBandits’ automatic verification against IRS standards helps prevent the need for corrected forms and mitigates potential penalties.

This year, the IRS mandates electronic filing if you have 10 or more forms to submit.

Introducing a new project feature that empowers companies to estimate the potential costs associated with project completion. The project estimates tab offers visibility and enables tracking of actual expenses against the entered estimate, facilitating a thorough assessment of your company’s project’s profitability.

Utilize dimensions such as project, task, and cost type (specifically for Construction subscriptions) to capture and monitor the actual project expenses sourced from other applications, such as the General Ledger, Accounts Payable, and Purchasing. Reporting on your project costs can be done effectively by leveraging this feature.

Optimize your company’s Accounts Receivable payment collection process and expedite reconciliation using the Bank Transaction Assistant workflow. Effortlessly allocate customers to bank transactions and conveniently receive multiple payments for various customers directly from the Bank Transaction page. Once payments are received, the posted payments within Sage Intacct seamlessly align with bank transactions, enabling automatic reconciliation and saving time during the month-end process.

To initiate the receive payment process, assign customers to unmatched bank transactions. Once a payment is received, a posted payment is generated, aligning with the bank transaction for reconciliation.

Access the Bank Transactions page and utilize the Cash in view to identify unmatched credit-type transactions. This view conveniently incorporates columns such as Customer ID and Customer, allowing you to promptly identify and assign transactions to respective customers.

Enhance the efficiency of your Purchasing workflow through Sage Intacct’s capability to generate draft transactions from incoming vendor invoices and align them with existing purchase transactions.

By automating transaction matching in Purchasing workflows, you establish a mapping structure between incoming purchasing documents and pre-existing source transactions in a single setup. This approach eliminates the need to convert purchasing transactions into vendor invoices. Instead, Sage Intacct seamlessly matches incoming vendor invoices and uses AI to streamline the workflow.

A new method for importing bank transactions, emphasizing flexibility, control, and visibility. This innovative import approach promises a fresh and more streamlined way to manage bank transaction imports. Your company can gain an early glimpse into this update by participating into the Early Adopter program.

Key Features:

That’s all for the final Intacct release of 2023. Stay tuned for the Sage Intacct release notes for the first 2024 release in February!

Author: Sumaiya Alam-Stribling  |  [email protected]