Sage Intacct 2022 Release 2 (R2) is now available and boasts new features that focus on three major themes including financial management and reporting, industry enhancements for construction and inventory, and cloud platform enhancements. Here’s a look at what’s new in the latest Intacct 2022 R2 version.
Continued AP Automation Development
The previous Sage Intacct 2022 R1 release made the new AP Bill Automation functionality available through the early adopters program. With the release of Intacct 2022 R2, the enhancements continue based on early adopter feedback.
For example, the ability to get vendor-provided bills into Sage Intacct that have been sent by email has been simplified and improved. You can add bills for automated processing in either of the following ways:
- Upload your bills into Intacct using the new Upload button
- You or your vendors forward bills to an email address that Intacct provides
In addition, the vendor matching process has been improved. For each uploaded or emailed bill, Intacct captures the data and creates a draft bill. The system then matches the bill to the correct vendor record and fills in the GL accounts and other dimensions, based on the vendor record and bill history. Each automatically-created draft includes the original bill as an attachment, for easy reference.
Improved Collections and Dunning Letters
Accounts Receivable collections just got a lot easier with a new and streamlined Dunning Notices process in Sage Intacct 2022 R2. You can now configure Inacct with custom dunning levels (or aging buckets) that match your specific business policies and accounting practices.
You can then send out dunning notices based on overdue time and amount thresholds as well as leverage email and document templates that can progress from gentle reminders early on, to stronger language that demands payment as accounts become more overdue. What’s more, all of it generates a full audit trail and tracking to improve the collections process and get paid on-time.
Construction Billing Using Project Contracts
Intacct 2022 R2 introduces project contracts, where you can capture a mix of billable details and include those details in construction project billing. This collection of new features includes the ability to:
- Generate project invoices that reflect billing details from your project contract lines.
- Integrate with change management and automatically reflect project billing when there’s a pricing update. When you generate project invoices, project contract lines now reflect associated project changes to the total revised contract price.
- Automatically attribute billed transactions to the correct project contract line by mapping project tasks to the correct project contract lines, and more.
- Generate schedule of values that represent agreed-upon project deliverables.
- Flexible templates that support AIA billing formats
New Evergreen Contracts
Sage Intacct 2022 R2 introduces a streamlined process for recurring billing. Previously, you would have to set up a contract to renew for each billing period, resulting in many separate child contracts and cumbersome reporting.
Now, Intacct eliminates the extra maintenance with contract configuration options that include both Termed(contracts with start and end dates) and Evergreen (open-ended contracts with no specified end dates).
This new support for evergreen contracts gives you a complete subscription billing solution that’s simple and streamlined.
With the release of Intacct 2022 R2, new Inventory Fulfillment capabilities are now available to customers in the Early Adopters program.
Sage Intacct Inventory Fulfillment gives warehouse managers and workers the tools to track and ship sales orders fast and efficiently. It also provides pick and pack lists as well as reserves and allocates quantities on sales orders that are moving through fulfillment so they can’t be used elsewhere. From a single page, you can manage sales orders through the processes of pick, pack, ship, invoice, or any combination of those processes.
Other new features or enhancements to Inventory Control that are in the latest release include:
- The ability to track serial, lot, bin and expiration has been extended to stockable kits
- Enhancements now support more inclusive cycle counts (i.e. can be included regardless of quantity on hand) and dimension values for reconciliation
- Commit inventory quantities for specific orders during order entry
Upgrading to Sage Intacct 2022 R2
This article only covers some highlights of the new release. But Sage Intacct 2022 R2 also boasts new features in other areas such as Cash Management, Budgeting and Planning, Financial Reporting, Purchasing, User Experience, and more.
Be sure to contact us to request a copy of the fully-detailed release notes or if you have questions about upgrading to the latest version.