Sage Intacct 2023 Release 2

The ability to bundle SaaS products and allocate revenue efficiently, locking statutory reporting periods after the close, and editing dates on reversed AR payments are among the new features just unveiled in Sage Intacct 2023 Release 2 (R2).

The new R2 capabilities went live on May 12. These features are designed to help finance teams reduce administrative overhead and streamline operations by enabling teams to process and analyze the organization’s financial data more efficiently.

Bundling SaaS Product Contract Elements

Software as a Service (SaaS) providers that use Sage Intacct’s contracts module can now bundle products and related services into “kits,” allowing them to invoice their bundles as single items. This capability is convenient for SaaS providers that, for instance, may package a popular product with training and support, or that may promote the sale of less-popular products by combining them with high-demand offerings. In the past, these various elements needed to be managed as individual items within customer contracts.

The new capability also enables SaaS providers to allocate revenue automatically for each of the products and services within their bundles. Sage Intacct suggests default allocations that each organization can customize for its needs.

Locking Statutory Reporting Periods

Companies that operate in countries with statutory reporting requirements can lock a period after a financial close, enabling them to finalize their reports with confidence that their financial data cannot be adjusted later.

This capability can be configured to align permissions with roles in the finance team. For instance, a company may want the accounting manager to have permission to close the general ledger and subledgers, but only the controller would be able to lock the period.

Editing AR Payment Reversals

R2 also allows finance teams to edit the reversal date on a reversed receivable transaction. Previously, correcting an error on a payment reversal, such as typing transposing the month and date for an entry using a European date format, required a series of transactions to correct the underlying GL accounts.

In contrast, with R2, a finance team member with the appropriate permissions can open a reversed payment transaction and make any necessary corrections to the reversal date. This means only one transaction will be affected. Additionally, Sage Intacct will record the edit to the transaction date on an audit trail for potential review.

Detailed Data Drilldowns

Another new feature inR2 is the ability to drill directly into the subtotals presented on a financial statement instead of having to unroll various GL accounts to explore the details underlying a specific data point. Someone researching a financial statement total can click on that number directly to learn more, without having to first access the associated GL account lines separately.

Partial Ownership Consolidations

Customers in the Early Adopter program and partial ownership of entities, such those involved with a joint venture or in a multi-entity investment, can now incorporate their ownership percentages through tiered consolidations. Companies with multiple consolidation reporting books can drill back through those books and select the records they’re reporting on through the entity structure.

This is only a small sampling of the features in the newest release. R2 improvements were made available to users on May 12, 2023. Sage has scheduled its R3 release for August 18.

Learn More

Full details are available on the 2023 R2 Release Notes page. If you’d like to learn more about the Sage Intacct 2023 Release 2 capabilities, how to apply for an early adopter program, or how Sage Intacct can address your accounting needs, reach out to our team.