With the calendar year-end upon us, this edition of Tips & Tricks includes a refresher of things to review as we approach the new year. As always, we are including enhancement highlights from the most recent quarterly release for Sage Intacct.
What’s new with Release 2022 R4?
You can watch Sage Intacct’s release video or read the 2022 R4 Release Notes to learn more about the great enhancements in this release.
Here are our top three enhancements:
- 1099 e-filing powered by TaxBandits – Just in time for year-end tasks, Sage Intacct has partnered with TaxBandits for the e-filing of 1099 Forms with direct integration to TaxBandits. Here are a few important notes:
- This is a limited release, so it is available on a first-come, first-served basis.
- Set up an account with TaxBandits to process your 1099s.
- Subscribe to Sage Cloud Services (free of charge) for this option.
- Enable this feature in the Accounts Payable Configuration.
- Compliance & audit history report updates – Feedback from users like you led to this update! The Help Center now has a section on compliance to help guide users on internal controls and audit considerations. Audit History reports are also available for download in Platform Services > Packages > Package Library.
- Enhanced vendors list in beta – You may have noticed a new option above the Vendors list view: “Turn on Lists beta interface.” This option will give you an idea of the new list views Sage Intacct has been working toward over the past several releases. Try it out and provide feedback to let them know what you think!
Year-end considerations
Here are a few important reminders to help you ease year-end stress as we move through December and quickly approach a new year.
- Confirm that the 2023 reporting periods have been created (Reports > Setup > Reporting Periods).
- Standard Reporting Periods:
- You can add new periods in Company > Setup > Import data if you have standard reporting periods based on a calendar year.
- Select “Default” to add calendar year periods for 2023.
- You can add new periods in Company > Setup > Import data if you have standard reporting periods based on a calendar year.
- Fiscal or Custom Reporting Periods
- If you use a fiscal year or custom reporting periods, these will need to be imported. You can find instructions on this here.
- Consider using the Vendor 1099 Transaction Update import for more comprehensive updates.
- Note: This import will update all lines on a bill for a specified vendor, so ensure all vendor payment invoices and lines apply to the same 1099 Form and Box (and need to be included in the 1099 amount) before using.
- Integrated e-file option is now available!
- See the release notes above for exciting news on a new e-filing integration with TaxBandits.
- If you are using a separate budget per year, review your Financial Reports using your budget to update the column to pull from the updated budget.
- Review your budget process.
- Do you need to update it with Sage Intacct Planning?
- If you are using a separate budget per year, review your Financial Reports using your budget to update the column to pull from the updated budget.
- Close the books.
- General Ledger closing for the year is essentially the same process as closing any other period.
- Consider adding the “Closed Thru Summary” component to a dashboard.
- Review your checklists.
- If you are using checklists, review your lists to verify they are still appropriate.
- If you’re not using this feature, consider adding checklists to help your organization track and schedule month-end close or regulatory requirements.
Wednesday Wisdom series recordings
The recordings listed below (plus more!) are now available to help enhance your use of Sage Intacct.
If you have any other questions about Sage Intacct or its functions, contact our team.