Automating the creation of general ledger entries from bank feeds, enhancing inventory management, and hiding inactive dimensions and reports are among the new features in Sage Intacct Release 2 of 2022.
Automatically Create GL Entries from Bank Data
The ability to automatically create GL entries from bank data has moved from Sage’s early adopter program to general availability in R2. Companies that subscribe to the Sage Banking Cloud can use data from their banking feeds to create automated GL entries for frequent transactions, such as scheduled customer payments or routine bank fees.
This capability goes beyond the matching rules that were available in previous releases. Going forward, finance teams have the option to add creation rules to create automated GL entries, which can be saved as drafts for further review and approval.
By combining matching rules and creation rules for routine transactions, Sage Intacct’s release 2 will help finance departments automate and speed reconciliations and postings. In addition to saving time during the close process, the tool reduces the potential for transactions to be entered or reconciled incorrectly.
Sage has also created a rule set performance log so finance teams can see the number of transactions that were matched and the resulting GL entries, allowing them to better monitor how well their rules are performing.
Automated transactions are also reviewed by Sage Intacct’s GL Outlier Assistant tool, so any transactions that fall outside pre-determined norms are highlighted for manual review.
Sage Intacct R2 also includes management tools to help companies streamline order fulfillment while increasing visibility into inventory levels. The new inventory tools, available now for companies in the early adopter program, allows companies to track an order through the picking, packing shipping, and invoices process.
A company is able to assign a warehouse picker, and generate a picklist, a packing list and an invoice associated with a specific order, and to track the progress of the order while making the appropriate adjustments to inventory levels.
Hiding Inactive Dimensions
Another Sage Intacct feature designed to improve efficiency allows organizations to hide inactive dimensions and reports. This capability, selectable within your user preferences, can be useful for organizations that have, for instance, closed locations or reorganized departments. By being able to hide inactive dimensions, you can simplify your reports.
Where To Find More Information About Other Sage Intacct Features
These are just a few of our favorite Sage Intacct features in the R2 2022 release. Full release notes can be found here. In the meantime, mark your calendars for Sage Intacct’s Release 3 which is scheduled for August 19, 2022.
Curious to learn more about R2’s new capabilities, how to apply for an early adopter program, or how Sage Intacct can address your accounting needs? Reach out to our team.