Auto-creating general ledger entries from bank data, improved outlier identification, re-classifying posted entries, and enhanced grant tracking are among the time-saving benefits in the recent Sage Intacct 2022 Release 1.
If you prefer video, scroll to the bottom of this article to watch our on-demand Sage Intacct R1 Release webinar.
Auto-Create GL Transactions
A new ability to auto-create GL transactions using bank-feed data is available to companies enrolled in the Sage Intacct Early Adopter program that are also subscribed to the Sage Banking Cloud. Companies using banking data for reconciliation matching rules can also use that data to create GL transactions in draft or posted mode.
This time-saving feature is beneficial for companies with monthly expenses, either with fixed or variable amounts. Finance teams can use rules to create automatic postings, which saves time in posting and reconciliation while eliminating the potential for human error if transactions are entered or reconciled manually.
This feature is available now in R1, and will likely be released for all users later this year.
Improved Outlier Assistant
R1 also includes improvements to the General Ledger Outlier Assistant, which is a machine learning AI tool within Sage Intacct that understands your normal posting flow, looks for transactions that appear to be out of the norm, and flags those transactions for further review.
The new functionality allows you to integrate outlier alerts into your approval workflow, and gives you options for further review or approval. A company with a smaller staff, for instance, may want to use the outlier assistant rules to approve submitted entries. Another company may wish to identify outliers before they’re sent to the approver at the end of the workflow.
In either case, the tool will help finance teams save time and identify human errors earlier in the review and approval process.
Reclassify Posted Entries
Another new feature in R1 is an improved ability to reclassify posted entries from the approval workflow. In previous versions, finance teams that needed to reclassify an approved transaction would need to obtain a new approval. Now, R1 allows you to reclassify approved and posted journal entries and general ledger transactions as long as the period is still open.
To mitigate fraud risk, you can’t change the transaction’s total amount or date, but you can change line amounts to rebalance a transaction, or you can adjust accounts or dimensions.
Nonprofit Grant Tracking
Nonprofits using Sage Intacct’s grant-tracking solution gain new details in the Additional Info tab that will improve their ability to manage direct or pass-through federal grants with revenue restrictions or specific reporting requirements. You’ll be able to list restrictions and expiration dates on the grant record. You can also use that data to generate more detailed grant and projects reports.
Additional improvements in R1 include the ability for companies subscribed to the Early Adopter program to automatically ingest invoices that are scanned or emailed, code them, and present them for review, as well as additional inventory inquiry features.
These are just a few of the new features in Sage Intacct’s R1 2022 release. For more details and a complete listing of updates, visit Here.
To learn more about Sage Intacct, reach out to our team or visit our Sage Intacct services page. Until then, stay tuned for Sage Intacct R2 which is scheduled for May 13.