Release 3 Highlights
With this release, we're again focused on our long-term mission of enabling you to transform how you work, from automating your day-to-day processes for efficiency; providing insight into your financial information; and driving quality, scalability, and ease of use through technology and process innovation.
- One invoice to rule them all - You can provide a single unified invoice when you use contracts with projects. For contract lines associated with a project, the system can now pull from six data sources to generate a single invoice for a customer. Customers can see all billable transactions for a project, such as purchasing transactions, timesheets, employee expenses, AP bills, fixed-fee contract billing, and usage charges.
- Usage billing - For companies with usage-based billing, we've added the ability to show usage detail in individual tiers on customer invoices, which reduces customer questions and increases your cash flow.
- Contract and revenue management solutions - We continue to streamline the contract-to-cash and contract-to-revenue life-cycle. You can manipulate revenue schedules with a new predefined percentages recognition, which maps the period of recognition to the percentage of the flat/fixed amount to be recognized for that period. Another feature provides flexibility in recognizing revenue for contracts that involve projects; You can associate the percentage of completion with a fixed-fee project as a whole or with one or more specific tasks associated with the project.
- Payments - With the release of our Intacct Action UI, comes a whole new method of applying payments. You can create and process payment requests immediately, or you can create payment requests and add them to the workbench outbox until you are ready to process them.
- Credits - We've made applying credits to bills a no-brainer process. You can apply credits to all selected bills in the AP Workbench, consuming the credit from the oldest to the newest bills, or you can even apply specific credit amounts to specific bills or lines within those bills. If you are a multi-entity company, you can select bills and have the system automatically apply credit to the owning entity only, reducing the need for inter-entity transfers in cases where credits were mistakenly applied elsewhere.
Note: Even outside the AP Workbench, we've made applying credits easier. You can now apply a credit to a line item right within a bill and post the result immediately.
Important: AP Workbench is available only in our new Intacct Action user interface, which you can enable from the top of any page in your company.
More release features
Important: Not all new 2017 R3 features are listed here, so be sure to check out the product release notes the for a complete list.
We've added a number of features here. You can now transfer items between warehouses in different entities. And we've simplified serial number support to enable serialized items on transactions that either have no inventory effect, or have an effect, but are saved in draft. Also, we now have a path that enables Item type conversion so that you can retain the item history while converting non-inventory items and standard kits to inventoried items.
Workflow and controls
We’ve added purchasing approvals for vendor invoices to allow verification that products and services were delivered before a vendor is paid. And now employee users can approve purchase orders and vendor invoices to match how businesses operate with well-defined segregation of duties with the caveat that employee users will continue to only be able to create, edit, and view purchase requisitions so that your company retains the value of business users. Finally, we've added a number of new features to Spend Management, including the ability to use project beginning and ending dates for budget validation, which provides the freedom of having a budget with longer dates while limiting the spend management dates to only those set for a project.
And So Much More
Learn about all the upcoming, exciting new features and solutions by watching the videos listed below and checking out the Intacct Product Release notes.
One invoice to rule them all - In this release, we've unified Contracts and Projects to streamline complex transactions by generating a single invoice for both project services and contract line items. For contract lines associated with projects, the system can now pull from six data sources to generate a single invoice for a customer. Customers can see all billable transactions for a contract, such as purchasing transactions, timesheets, employee expenses, AP bills, fixed fee contract billing, usage charges.
NOTE: You must be subscribed to both Contracts and Projects to generate unified invoices.
Additionally, the Generate Contract Invoices page got an extreme makeover, a truck load of new functionality, and is now called just Generate Invoices. To access the Generate Invoices page: Go to Contracts > Generate Invoices in the current UI, or go to Contracts > All > Generate Invoices in the new UI.
Recognize the possibilities - Contracts and Projects
In this release, we've unified Contracts and Projects to streamline project fixed fee revenue recognition. With this new feature, you can post revenue recognition for both a contract line item and the associated project service from one page in Intacct.
Improved display of usage billing price tiers in contract invoices
Intacct's Contract Usage Billing subscription includes Tier pricing for quantity-based billing, which allows different prices per unit for various quantities of an item, resulting in bulk discount pricing. Up until this release, the system combined usage for all tier levels into one usage line on an invoice and did not show the usage quantity in the Quantity field, which made it difficult for some customers to understand usage charges on their invoices. In this release, we've added a new configuration option that improves how items with tiered pricing display on invoices.
Timekeeping enhancements for Projects
This release, Project users can enjoy new options for timekeeping visibility and control with 2 new enhancements:
- Approvers now get key visibility into billable and nonbillable timesheet hours. We've added 2 new columns on the Approve Timesheets page so you can view the total amount of billable and nonbillable hours for each timesheet. Approvers and project managers gain perspective on how many hours are being worked on their project at a glance, instead of having to drill down to each timesheet.
Note: Limited approvers can only view the billable and nonbillable hours on a timesheet that pertains to their project when they drill down. These columns are only available to subscribers of Project Billing & Costing.
- Tighten up your control on task resource timesheet entries. Previously, we released the ability to restrict a task resource to only enter timesheets before or equal to the end date of the task. Now, we're tightening things up with the ability to restrict a task resource to only enter time after or equal to the start date of the task. This gives more control as to when a task resource can charge time to a project.
Accounts Payable/Accounts Receivable
Pay bills with an ease you've never experienced before
Some of you tried it out in a special preview version and helped us make it even better. Now we're releasing Pay Bills In conjunction with the release of our new Intacct Action UI.
Our flexible, and streamlined Pay bills process includes features such as enhanced filtering of bills that includes creating and saving customized filters; an outbox that acts as a holding area for bills you selected but aren't quite ready to pay; easy, way more intuitive credit application, and much much more.
Important: You can use Pay Bills in the Intacct Action user interface only.
Pay Bills workflow:
When you pay bills from the Pay Bills page, you create payment requests that can then be approved or processed for payment. The Pay Bills page provides a couple of options for generating payment requests based on your needs: Pay now, or pay bills using the outbox.
- New Waterfall method: Credits are applied top down consuming the maximum amount per row until the credits are completely consumed.
- Multi-entity companies: You can configure AP so that inline credits are reserved strictly for application in the owning entity. Result: No more generating inter-entity transactions to account for credits applied to the wrong entity.
Get all the right credit--in all the right places
You asked and we responded big time. You can now automatically apply inline credits to the associated bill at the time of posting, saving you frustrating time and effort. No more confusion in applying credits in the pay bills process, or in applying inline credits to inter-entity transactions.
Warehouse transfer between entities has arrived
We’ve extended the capability of warehouse transfer for multi-entity shared companies. In the last release, we introduced one-step warehouse transfer for items between warehouses within the same entity. With this release, you can enjoy warehouse transfer between entities.
Purchasing approvals in more places, by more people
In the procurement process, approval workflow allows organizations to decentralize decisions according to company policies while meeting the finance team’s need for control and compliance. In this release, we’ve brought more approval activity directly into Intacct to increase organizational efficiency.
We’ve added approvals for vendor invoices. In addition, employee users, who are often the right decision makers, can now approve purchase orders and vendor invoices to match how businesses operate with well-defined segregation of duties. Previously, they could only approve purchase requisitions.
Use project begin and end dates in Spend Management
If you're using Spend Management with the Purchasing application, you can use project beginning and end dates for budget validation, as long as you have the project dimension enabled and include a budget detail that uses the project dimension. This gives you the freedom to have a budget with longer dates but to limit the dates used to only those set for a project.
Use project begin and end dates works with both projects that are configured in Accounts Receivable and with Projects from the Projects application. The Projects application is not a requirement for this feature.
Intacct Advanced CRM Integration updates
We've updated and extended functionality of the Intacct Advanced CRM Integration.
- Support for Intacct managed lists in Salesforce have been extended to include the following objects: Department, Exchange Rate Types, Project Status, and Territories.
- Bi-directional sync is supported for custom field mappings on the Contact and Account records.
- You can use your custom Exchange Rate Types on Salesforce Opportunities and Contracts in multi-currency environments.
- The change type field on Salesforce Opportunity Products can be changed on individual products to None, Initial MRR, or Add-on MRR.
- Salesforce Accounts, Contacts, Contracts, and Products can now be synchronized in bulk from the list view in Salesforce. Select the records you want to sync in bulk and click the Sync with Intacct checkbox.
- You can customize the columns that are displayed on the Salesforce Add Lines page.
- Salesforce Administrators can clear subscription values in Salesforce using the Clear Subscription Data button on the Salesforce Intacct Configuration page. The button allows re-subscribing to a Salesforce organization without requiring an uninstall and reinstall of the Intacct managed package.
- Intacct Advanced CRM Integration implementers have access to a field migration package for Salesforce. This package assists in the migration from the Intacct CRM Integration (V1) to Intacct Advanced CRM Integration (V2).