What’s New in Sage Intacct’s 2023 R2 and R3?

Intacct’s Release 2 (R2) on May 12^th, 2023, and Release 3 (R3) on August 18^th, 2023, had quite a few highly anticipated features. Today’s blog post will delve into the details of a few notable features and uncover how these additions can enhance your system.

Announcing vendor approvals

Previously, access to vendor creation/edits/deletes or related ACH information were simply managed via a permission. Vendor approvals has long been a highly requested feature, especially around changes to ACH information to mitigate fraud risks. At CLA, we even built a customization to ensure the appropriate teams were notified when a change was made to ACH information. With Release 3 (R3) 2023, Intacct announced general availability of vendor approvals. Let’s walk through how to enable it, how it works, and things to note.

First, how to enable vendor approvals:

• Go To: Accounts Payable > Setup > Configuration
• Select the checkbox “Enable Vendor Approval”
  •  It is recommended to turn this on after business hours as the system needs time to approve all existing vendors. During this process you will not be able to create/edit any vendors.
  • The person who turns on approvals will show on the History tab as the person who initially approved all vendors

Next, assign Permissions/Approvers:

• To approve vendors, you will need to have the “list” permission for Approve Vendors.
  • While you do still need to be a business user to create or edit vendors, employee users can approve vendors.
• As many users as you would like can be approvers, as long as they have this permission selected.

How approvals work (from Sage Intacct):

To approve or decline a vendor:

• Go to Accounts Payable > All tab > Approve vendors.

• Select View next to the vendor name to open the vendor record.

• To see changes made by the submitter, select More actions > View the audit trail.

• Select Approve or Decline.
• Optionally, enter Comments.
• Select Approve or Decline again.

Lastly, FAQ’s:

1. Does the API support Vendor approvals? Unfortunately, not at this time.
2. If I import vendors will they go through the approval process? Yes!
3. What happens if I create an AP or PO transaction for a vendor pending approval? You can only save new transactions as draft for submitted or declined vendors. Once the vendor is approved, a user can then go back and submit/post the transaction.
4. Can JE’s be posted to vendor awaiting approval? Yes, no need to draft these transactions. They will post regardless of vendor state.
5. What happens if an approver edits/adds a vendor? Does it get auto-approved? No, a separate user with the approve vendor permission must approve the vendor.

Send dunning notices by customer group

If you have taken advantage of Intacct’s new dunning notice feature, you may have thought “this is so easy to use and really great, but how do we filter out those customers that we really would rather exclude from dunning notices?” With the latest release you can do just that! Run dunning notices for a customer group that excludes those few customers that you’d rather not disturb.

For more on setting up dunning notices read our blog for a step-by-step guide.

Project budget comparisons for Project Costing and Billing

Project managers and other users of Intacct can now see project budget on the project summary tab of a project. Let’s go through enablement and how it works.

First, how to enable budget comparison on projects:

• Go To: Project Module > Setup > Configuration
• Populate the following fields:
  • Show budget column checkbox – enable
  • Default GL Budget ID – only one budget is available here, so we recommend selecting the budget that has project budgets entered (or create a new budget for this purpose and come back to select it here – more on budget import best practices here!)
  • Default account group for budget – choose the account group to show for the budget. You can choose to see the budget for one account group: revenue, cost, payments, gross profit, etc.
  • Show budget difference column checkbox – enable to show the difference between the budget and actual for the account group selected above.
  • Budget comparison calculation – choose how you would like to display the difference between budget and actual: budget minus account group or account group minus budget.

View the new columns on your project summary tab:

In the screenshot below, our Health Initiatives Grant has:

• Total actual revenue of $558,246.32
• Total budgeted revenue (for all time both past and future periods recorded in the Operating Budget) of $1,100,000
• Our remaining budget is $541,753.68

What’s Next?

Interested in other new release features? Join our complimentary webinar on Tuesday, September 26th 12pm Central/ 1pm Eastern/ 10am Pacific!

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