Sage Intacct R3 2021 Update: A Quick Summary of Our Favorite Features

Sage Intacct’s newest quarterly release update, R3 2021, featured some notable updates designed to automate your processes and make your system more efficient. Below is a quick summary of some of our favorite new features. If you prefer to see these new features in action, be sure to scroll to the bottom of this blog to watch our recorded webinar.

Cash Management Enhancements

New Matching Rules for Increased Reconciliation Automation

Matching Rules have been expanded with improved grouping capabilities, powerful new filtering options, and flexible date comparisons. These new enhancements will significantly reduce your time spent manually matching transactions and help automate your bank reconciliation process, which can only make life better. Here are some highlights:

  • Improved grouping – can now group bank transactions, not just Intacct transactions
  • Can create a rule that only looks at specific bank transactions
  • Additional operators in the filter and matching conditions
  • Flexible date comparisons using the matching operator of ‘within’

Dashboards Enhancements

Three new dashboard components allow you to share and access important information within your company quickly. These new features include:

  • A Billboard that allows you to display text announcements and content on a dashboard
  • Custom Navigation that enables you to create quick links that provide fast access to essential parts of the system for specific users
  • An Attachment Container to include links that open attachments directly from your dashboard

Financial Report Writer Enhancements

Sage Intacct’s Financial Report Writer also got some new bells and whistles that many users will find extremely useful.

First, Sage Intacct added normalized columns, which indicate whether negative or positive variances are favorable or unfavorable. In the past, these columns could be misleading because of an account’s normal debit balance or credit balance. This is especially useful for columns that show budget-actuals for revenues and expenses.

While we’re on the topic of improving readability, they also added the option to insert spacer columns. Keep in mind these spacers still count as a column when you’re figuring out your formulas for computation columns.

Additionally, the QuickStart Library now features a preview link so users can see a report’s layout and its contents before installing it.

Finally, when a new financial report is created, the report now uses the “Other books” selections if they were set in the GL configuration. If you use GAAP or Tax books, or user-defined books, this ensures you are including your default books in new reports.

Create Secure PDFs within Sage Intacct

Another great feature in the Sage Intacct R3 2021 release is the ability to create secure 128-bit encrypted PDFs within the system! Secure PDFs can only be printed and prevent recipients from editing, signing, extracting text, or commenting on the PDF, essentially improving internal controls and helping to prevent fraud.

You can access this feature through the printed document templates within Customization Services or Platform Services.

Enhanced Contracts Billing and More Flexibility

Different “Bill To” Contacts for Contract Line Items

Users subscribed to the Contracts module can employ the ‘Bill To’ option in an invoice run to automatically combine scheduled billing for contracts with the same entity, exchange rate type, and transaction currency. This will create a single invoice for each unique contract line bill-to contact.

Committed Quantity

With the new committed quantity billing, you determine the value and price point for a given allotment of your product or services. Then bill your customer as they consume the committed quantity based on the usage for the billing period. As the contract line’s value is known upfront, you can defer the associated revenue and recognize it any way you want.

Prebuilt Canadian Tax Support

For new Sage Intacct Canadian customers, Canadian Sales Tax now comes standard for no additional cost!

For existing Sage Intacct Canadian customers, you (or ideally, your Sage Intacct partner) will need to:

  • Submit a case to expose the Canadian Sales Tax solution at no cost
  • Work with your Sage Intacct partner to implement the solution
  • Finally, customers must disable Advanced Tax as a Tax Solution within 90 days of submitting the case to avoid future billing due to having two tax solutions enabled

Release Details and Release Schedule

These are just a few of the new features. There are many more updates that have come out with Sage Intacct R3 2021. For more details and a complete listing of additional features, visit Sage Intacct’s Release Notes.

Stay tuned for the Sage Intacct R4 2021 release coming out on November 12, 2021.

For more information about our Sage Intacct Services, visit our webpage or reach out to our team.