Intacct has rolled out the first release of 2017, and we want to share the important features and updates that have been added to the system with this release:
To help reduce errors in calculating items costs and improve the accuracy of your financial reporting, Intacct has prohibited the use of negative values in the Quantity and Price fields for inventory items. This is true for the Purchasing and Order Entry modules, regardless of whether the Inventory module is activated. If you would like guidance with changing your advanced workflow to meet these new requirements, please reach out to your Wipfli sales representative or consultant.
The 2017 Release 1 has also fixed double counting of on-order or on-hold quantities when you partially convert transactions with multiple lines of inventory items. Also included with this release is the ability to recalculate the cost of inventory items that use the average cost method, eliminating costing problems that can arise, such as when transactions aren’t entered in transaction date order1.
Intacct Projects enables services companies to automate functions of project management. Depending on how your company is set up, you can take advantage of different aspects of project delivery, accounting, and management. In relation to Projects, the 2017 Release 1 increased the visibility of transaction dates and notes in Order Entry transaction pages. Now you can easily identify line items by viewing the associated timesheet notes and transaction dates for timesheets, expenses, AP bills, PO vendor invoices and sales orders. For example, you can check the detail in a line item to determine how many days a resource actually worked or the date of a billable expense1.
The Release also improved visibility and reporting on tasks when used as an alias for Class — If you repurpose the Class dimension for tasks, and then auto-populate the Class field with the task name, the system now automatically displays the task description on the Class Information page1.
The purchasing modules allows you to create requests for quote, purchase requisitions, purchase orders, vendor invoices, and return documents. You can also convert documents from one type to another type. The most recent purchasing update from the 2017 Release 1 allows you to approve directly from purchasing transactions1.
Salesforce Integration for Contracts
The Salesforce integration for Contracts supports contract creation and management from within your Salesforce application. The Contract integration supports new capabilities and features to improve the integration between Salesforce and Intacct.
Spend Management works with Purchasing to validate expenses against the budget. If an expense exceeds the budget, the system can warn of the excess or deny the transaction, allowing an approver or manager to decide whether to allow the excess. Two new updates to Spend Management the ability to include committed, but not-yet-made, expenditures when you validate a purchase requisition against a budget. You can also get spending insight into how a purchase requisition fits into budget totals, expenditures, and remaining budget at the time of requisition creation. You can make adjustments to the requisition based on the budget, or adjust the budget to include the purchase—all before you ever post1. Please contact your Wipfli sales representative or consultant to configure Spend Management and Spending Insight.
In addition, functionality enhancements include importing journal entry transactions right form the journal page, 1099 override from a specific line item, daily exchange rate import, and an improved Intacct Help Center located under the Help link found on each page.
The 2017 Release 1 brings a lot of great updates and changes to the software. As always, the Wipfli, LLP | Brittenford Systems team is here to help with any questions you have. Contact us here.
Not an Intacct User? One of the many benefits that users receive from using Intacct is the quarterly updates, demonstrating the company’s constant focus on making user-focused improvements more rapidly thanks to its cloud-based, best-of-breed offerings, meaning that updates are more robust and more frequent than leading competitors. Learn more about Intacct here and contact us for more details.