Sage Intacct 2020 R2 Highlights

By - July 10, 2020

The second release of Sage Intacct in 2020 includes a wide range of updates, from a game-changing way to manage inter-entity transactions to a new module created especially for those in the construction industry.

Here are four highlights of Sage Intacct 2020 Release 2:

Inter-Entity Transaction Account Setup

The new release changes the way you set up an inter-entity transaction (IET) relationships. Previously, IETs had to be managed from the individual entity pages, where you then defined accounts to be used for inter-entity payables and receivables. Now, you can manage all your inter-entity relationships from one centralized page, called the Multi-Entity Console, which can be operated with either a basic or an advanced IET mapping plan.

You don’t have to worry about moving your inter-entity accounts to the new system. They have all been automatically migrated to a new basic or advanced setup based on your previous IETs.

With the basic plan, multiple entities share the same set of inter-entity payable and receivable accounts. Balances don’t need to be separately settled among those involved. The advanced plan allows relationships to be defined between pairs of entities and accounts can be settled between only those pairings, if needed.

Construction Early Adopter Program

With rules for recognizing revenue early and delaying expenses, construction accounting is different from any other kind of accounting. With 2020 Release 2, Sage Intacct created a construction module tailored to the accounting needs of commercial real estate companies and others in the construction industry. It will be available to new customers who represent the industry in the Construction Early Adopter Program.

Initially, the construction module can be used to monitor the full life cycle of projects, including the estimation process, and ensure work is correctly incorporated into the billing cycle. Customer invoices can be produced on a set schedule and set up to include details such as amounts, total paid, percentage of work that’s complete, amounts due, and the outstanding amounts for the project as a whole. Users can also see reports on how a project is progressing, as well as costs and profitability.

Users can also track and manage the payment of retainage, the portion of the total price withheld until contractors complete their work, in both accounts payable and accounts receivable. Expected retainage can be managed on the line level of sales and purchase orders. Reports can show retainage that’s held, released, paid, or remaining.

Salesforce Direct Order Integration

If you use Sage Intacct with Salesforce, then you know there’s already a strong connection between the two. The new release adds strength to that connection by enhancing the synchronization of Order Entry records to Salesforce. Previously, you had to use a pop-up window in Sage Intacct to create transactions from Salesforce Opportunities. The new workflow is automated, so when you finish the sales workflow in Salesforce, sales transactions can be created in Sage Intacct.

One way to do this is to add the “Sync to Intacct” button to your Salesforce Opportunity. When you click it, information is sent and received from Sage Intacct, based on the field mappings you created. Or you can use the Salesforce Process Builder to respond to specific criteria. When those conditions are met, a sales document will be automatically created. For example, Opportunities can be set to sync to Sage Intacct when their status is changed to “Closed Won” in Salesforce.

Custom Email Templates in Purchasing

In this new release, you can now send out purchasing emails that have a little more pizzazz. Previously, you were limited to using one template that couldn’t be adjusted, but now you can make all the changes you’d like. Within Sage Intacct, you can create a new email template and specify that it’s for purchasing, then add merge fields that will be populated with dynamic data. Customize the layout and styles with HTML markup within the body of the email.

Each email template you make can be assigned to a particular vendor or specific transaction type. If you want, you can send unique email types to each of your vendors or for different kinds of transactions.

Want to find out more about how the features of Sage Intacct 2020 Release 2 can help your business? Schedule a call with one of the experts at RSM today.

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