Sage Intacct 2019 Release 2 Highlights
By Sadie Arneson
Sage Intacct just launched the latest version—Sage Intacct 2019 Release 2.
R2 is an important release offering new capabilities that help users save time and reduce risk and fraud. Below we highlight the new UI, the new bank reconciliation tool, and enhancements to contracts in the projects module.
Default UI Switches to Action UI
Things might be looking a little different. The Action UI becomes the default user interface a few weeks after Release 2 goes live. More users will use the power of the Action UI—the new user interface that shaves seconds from navigation you perform hundreds of times a day, personalizes the way you work, and enables access to new innovations to drive productivity and growth across your organization. Please note you will be able to opt out of Action UI, if you would like.
If you’re part of a large, global organization and often switch between business entities to perform your work, the latest enhancements to the entity picker save time and reduce errors.
- Save seconds on every entity change with recently used entities and type ahead in search. No more scrolling through a long list of entities to find what you need.
- Reduce errors associated with being in the wrong entity with unlimited entity colors to cue you at a glance that you’re in the right place.
- Take advantage of entity colors without the redundant setting of preferences across Sage Intacct users. Set preferences once at the company level instead of each user setting it themselves.
Eliminate the redundant setting of preferences across Sage Intacct users with the ability to set entity colors and application order at the company level. Entity colors provide visual cues at a glance that you’re in the right entity. Application order speeds navigation by organizing to the way your company works. So, all users can take advantage of the time savings and error reduction immediately upon setup.
Segregation of Duties
Catch errors and prevent fraud with segregation of duties in bank reconciliations. Separate permissions for viewing and matching, reconciling, and reporting ensure you only access the functionality you need for your role. This allows for improved oversight to check for errors and identify potential fraud.
Match Reversed and Voided Payments in Import
Eliminate an additional reconciliation for reversed and voided payments. Now you can select and match these transactions even if there isn’t a corresponding transaction in your bank file. You shave minutes from your reconciliations.
Enhanced Contracts with Projects
Step Billing on Percent Complete
Billing on percent of project completion allows you to bring cash into your business as the project progresses. For instance, if your contract allows, you can bill up to 50% once you reach the 25% project complete threshold. When coupled with the collection of payment before work is started, you bring cash into the business even sooner and reduce the risk of not getting paid.
Project Time Deferred Revenue
Automate compliance with ASC 606 requirements for service-based variable considerations. Now you can estimate and defer revenue for expected timesheet billings on contracts. When project timesheet hours are approved and invoiced, billings are automatically aggregated, and revenue is recognized based on actual timesheet values. You eliminate the manual effort, saving hours of complex spreadsheet calculations and re-entry into Sage Intacct.