Third Quarter, No (unexpected) Time-outs

August isn’t when we would normally be thinking about NBA playoffs, but so much is not normal this year, it seems like a relief to pretend that it’s June and the NBA and the Stanley Cup playoffs are happening in their respective bubbles! So today we’re going to talk about some new Sage Intacct features, including a welcome change to how time-outs are handled.

Tonight, Friday, August 21, the next release of Sage Intacct will drop. This is the third quarterly release of 2020 (from here on, we’ll just call it R3), and it builds on a few improvements that have been rolling out in stages over earlier quarters, plus this release gets us started on some new developments. As always, we’re here to help you figure out how these upgrades apply to your operations!

There are a lot of features (you can check out the complete release notes and videos here), but here are what we think are the highlights:

Cash Management

  • With Sage Banking Cloud, now credit card transactions can be brought directly into Sage Intacct the same as you’ve been able to do with checking transactions. In addition, credit card reconciliations now follow the same logic and user interface as the “new” bank rec format introduced in 2018.

  • Credit card payoffs have had a big makeover with new user options, including date ranges and other filtering capabilities, to capture a more focused set of transactions to pay off.

  • With proper permissions, credit card transactions that were created in error can be deleted.

Accounts Payable

  • In Vendor 1099 setup, to accommodate changes in IRS reporting rules, the always-popular 1099-MISC, Box 7 (non-employee compensation), is going away, to be replaced with the shiny new 1099-NEC form. 

    • Important: After R3 comes out Friday, you’ll need to go into each vendor who was set up with the Box 7 default and change their 1099 settings to the new form. If you don’t, your payments to those vendors will error because Box 7 will become invalid.

    • Contact us to work with you after the release on getting any Box 7 totals from earlier in the year moved over to the new form.

Inventory

  • Improved Bin tracking! Now Bins are set up as hierarchical and assigned to Warehouse, Aisle, and Row. You can also designate a Bin as mobile.

    • Because of this upgrade, Bin IDs will now need to be unique across all Warehouses, Aisles, and Rows.

    • But also because of that requirement, Bin IDs will be editable, and that’s the first time we know of that an ID field in Intacct can be edited after it’s been created.

    • As with the 1099-MISC conversion, please contact us if you need assistance updating the IDs for your Inventory Bins to make them unique.

  • Warehouse Transfers are being improved in the user experience: now a transfer line will show only the Bins that are relevant to the Item being transferred, AND it will show how much of the Item is available to transfer from each source Bin.

Multicurrency and Intacct Global Consolidations

  • For multicurrency companies, the Revaluation Journal Entries can now be automated. This is a new feature that’s being rolled out in phases starting with R3.

    • You can configure the unrealized gain/loss account and run the revaluation report, then create a JE in draft mode from the report.

    • In a future release, possibly 2020 R4, you will be able to fully automate the revaluation process.

User Enhancements

Maybe we’ve saved the best for last:

  • New advance warnings before timing out

    • You will now get a warning and a chance to stop an inactivity time-out!

    • For session maximum time-outs, you’ll have a chance to save what you’re doing before the session ends.

    • Depending on your browser you can also turn on notifications so a time-out doesn’t happen in the background while you’re not looking.

  • Easy return to the Top Level when you’re working in an Entity

    • Now Top Level will be selectable in the Entity dropdown just like it’s another Entity.

Sage Intacct is committed to continuously improving on their award-winning cloud financials and R3 is just one aspect of that commitment. We know at least one of these changes will make a big difference in improving your workflow, and we’re happy to talk about them, as well as the dozens of smaller upgrades we didn’t fit into this bulletin. Reach out to us today!

Tom Achor