Sage Intacct issues four quarterly releases per year – each release offers enhancements, updates, and features providing best-in-class financial management automation. The 2024 Release 1 was recently rolled out. Many exciting features elevated existing modules and tools Sage Intacct users currently use.
Last week, Tablespoon's Senior Sage Intacct Implementation Consultant, Brian Puckett, gave a live walkthrough of the latest release, reviewing what restaurant groups need to know.
During the recording, he focused on:
- New email address specifically for user accounts
- Self-Service Account Recovery
- Control contact visibility in AP & AR
- Accounts Payable: Approval notification for AP bill/ PO submitter
- Cash Management: Banking cloud time zone
- Create a reconciliation matching report
- General Ledger: Download Import Templates More Easily
- Financial Report Writer: Version History
- Financial Reports: Improved Reports Schedules
- Advanced Ownership Consolidation
Below is a brief recap of the latest release highlights and how it might impact restaurant groups.
New Email Addresses for User Accounts
A new email address has been created for all user accounts in Sage Intacct to improve security. This email address provides a dedicated contact point for your account and system questions. Company admins can update the new account email address directly.
Previously, Sage Intacct only had the primary email address shared between a contact record and a user's account. Changes made to the contact record would automatically update the user's account information.
The new account email address enhances security by being only available to two designated users: you and your company admins. This limited availability ensures greater privacy and protection from unauthorized access.
The new account email address helps Sage Intacct more efficiently communicate with users with login-related issues. The account email address also ensures that users have a reliable means of receiving vital account information without the risk of unauthorized changes.
Self-Service Account Recovery
Sage has released faster credential restoration, enabling users to regain access securely and quickly.
This new feature helps:
- Empower users to resolve their lockout issues without waiting for administrative assistance, leading to faster resolution.
- Reduce downtime caused by account lockouts, maintaining productivity.
- Account notifications and recovery options are communicated securely to the user's email address.
Control Contact Visibility in AP & AR
Sage released more control over contract viability in AP and AR. After configuring contact restrictions, new and edited transactions are restricted. If you edit an older transaction that includes a contact that does not meet the current restriction criteria, you cannot save your edits until you update the contact.
Accounts Payable: Approval Notification for AP Bill/ PO Submitter
Sage Intacct made AP and PO approval easier! Submitters now receive approval email notifications for bills and purchase orders. They also get approval completion notifications, including automated AP/PO transactions. Plus, email provides users with approval context.
Other AP Updates:
Restricted users reversing portions of a bill: If you're a user restricted by location or department, you can no longer reverse a bill with line items for locations and departments you're restricted from accessing. There is now the same functionality in Accounts Receivable for reversing invoices.
Delete shared advanced filters: Administrative users can now delete advanced filters that another user created and shared on the Pay Bills page. Previously, if a user created and deployed advanced filters but then had their account deactivated for any reason, there was no easy way to remove the shared advanced filters. Users with admin privileges can remove shared filters by deleting them from the Advanced Filters page in Pay Bills.
Cash Management: Banking Cloud Time Zone
Sage Intacct has improved accuracy, which means you'll be able to spend less time reconciling.
With this feature, you get:
- The Flexibility to manage your multi-national banking globally on an account-by-account basis.
- Accurate bank transactions dating. Typically, it is only required for accounts in the Oceania (Australia) region.
Create a Reconciliation Matching Report
This new release lets you easily view bank reconciliation matching results via a report.
This feature allows you to:
- Save time and view how Sage and bank data were matched using a configured matching sequence.
- Quickly analyze in-process vs. finalized matches to close faster.
General Ledger: Download Import Templates More Easily
You can now download import templates directly from the import pages for the following types of import:
- All types of journal entries, including adjustments, entries for user-defined journals, and statistical entries
- Account groups
- Account group members
- Reporting accounts
- Account allocation definitions
- Account allocation groups
- Budgets
Financial Report Writer: Version History
You can now track all versions of reports to identify changes. The versioning feature allows users to identify changes that have occurred, track the previous versions of the report, and determine who had modified it.
Benefits:
- Ability to restore reports to the previous version.
- Identify how modification impacted presentation by comparing version results.
Financial Reports: Improved Reports Schedules
When you create or update a report schedule, Sage Intacct checks that the schedule will not produce more than 31 reports for past dates. This limit prevents performance problems that could result from running too many reports simultaneously.
For example, suppose you create a schedule to run a report daily for a year. At the end of the year, you review and decide to continue this schedule indefinitely. You edit the schedule and remove the end date, but you inadvertently do not change the start date. Running this schedule would recreate the report for every day from that start date to today.
New Module: Advanced Ownership Consolidation
Save time and improve decision-making with easy, automatic roll-up consolidations for complex partial ownership structures.
- Includes partial, tier, and full ownership entity structure tracking for complex needs
- Enhances trust with entity ownership change accuracy and history
- Streamline close with currency translation, non-controlling interest, and elimination roll-up.
Want to learn more about the latest release?
If you'd like to learn more about the latest release, schedule a consultation with Tablespoon.
