Sage Intacct 2023 Release 3: Functionality highlights

Sage Intacct's R3 Release for 2023 has arrived, and let me tell you, this one’s a game-changer.

From streamlined supplier approvals to improved list management, the enhancements from this update are a response to the invaluable feedback from the Sage user community.

While the full release notes can be found here, I am particularly excited to share some standout features that will undoubtedly make a significant impact on your workflow.

Supplier approvals 

One of the most sought-after features was Supplier Approvals. Finance and procurement teams can now manage your supplier approval process directly in Sage Intacct, ensuring accurate records before use. 

New suppliers and changes to existing ones will need to be approved by users with the right permissions. Accounts Payable and Purchasing transactions for submitted suppliers will be saved as drafts until approval has taken place. 

Match tolerances

With match tolerances, Sage Intacct automatically compares quantities and unit prices on converted Purchasing transactions, ensuring this matches the original purchase order, PO receipt, and PO purchase invoice. You can set percentage tolerances for quantity and price. If exceeded, the system flags the invoice as an exception, prompting closer inspection. As a result, finance and audit teams can maintain precise financial transactions. 

List enhancements

New list enhancements in the beta interface allow you to customise lists easily. Features include drag-and-drop functionality, advanced filters, and side-by-side views. These enhancements cover various lists, including Suppliers, Attachments, Attachment Folders, Departments, Locations, Tax Details, Tax Schedules, and Tax Schedule Maps. From finance to operations, users across departments benefit from a more user-friendly and organised interface. 

Drill down to AR sales invoice details from bill back AP purchase invoices

If your company uses inter-entity bill back, you can drill into AR sales invoice details directly from an AP purchase invoice created with bill back. With just one click, access the corresponding inter-entity AR sales invoice, simplifying your navigation across the system.

UK bank files now support EUR currency payments

Until now, UK bank file payments only supported payments in GBP currency. Set the payment currency for each UK supplier, and with the SEPA bank file format, seamlessly process payments in Euros. For businesses dealing with suppliers or transactions in multiple currencies, this provides greater flexibility.

Watch the features in action

If you’d like to watch these features in action, here’s a clip from our latest Sage Intacct update webinar where I walked through the new functionality:

This latest release brought some great updates, all thanks to feedback and suggestions from customers.