Sage Intacct 2020 Release 4 went live on November 15, 2020 and includes a number of features and enhancements to ensure users can work smarter and more efficiently than ever.
In this blog, we’ll share the top four release features that most benefit nonprofits:
- Changes to the 1099 Form NEC
- Updates to the Purchasing Allocation function
- The brand-new Receive a Payment screen and its advanced filtering feature
- The Custom Report Writers’ new Budgets reporting function
If you’re looking to take full advantage of Sage Intacct at your nonprofit organization, read on to learn more about the latest and greatest changes included in Sage Intacct 2020 Release 4.
Changes to 1099 Form NEC
In the previous release, Intacct had included the new 1099 Form NEC so that users can start making the required changes to vendors and start tracking to this new form. With the R4 update, the 1099 Form Misc will be updated to remove Box 7 to further accommodate the IRS change around the 1099 Form NEC.
Read full instructions on how to update your vendors.
The ‘Purchasing Allocation’ function has been extended to all transactions. This means that the allocations can be used during the source entry and will carry through the workflow until it posts to Accounts Payable.
Receive a Payment
A brand new ‘Receive a Payment’ screen will provide a more streamlined experience when receiving AR payments. This new screen will also feature a new advanced filtering method that enables you to define and save a set of criteria that quickly narrows your grid to expose only the data of interest. Intacct also plans on having this filter field available on other pages in future releases.
Custom Report Writer
Lastly, the Custom Report Writer can now report on Budgets. A new GL budget vs actuals reporting area in the Interactive Custom Report Writer allows users to perform flexible slice and dice analysis to gain insight into spend-down on expense budgets or build-up towards revenue goals.
If you have any questions about the latest release or want to discuss how you can maximize your Sage Intacct investment, reach out to firstname.lastname@example.org to get in touch with our team.
Not a Sage Intacct user but interested in why we recommend it for nonprofits? Get in touch with our sales team here.