Sage Intacct 2023 Release 2: Enhancing Ease-of-Use, Functionality, and Control

We are excited to explore the Sage R2 2023 Release, which went live May 12 and brings a host of new features and enhancements to streamline and optimize your accounting and financial management processes. Sage Intacct, renowned for its cutting-edge solutions, continues to innovate with this release, focusing on key themes such as ease of use, extended functionality, and control. In this blog post, we will explore the highlights of the Sage R2 2023 Release, providing you with a glimpse into the exciting updates and improvements included.

Ease-of-Use: Simplifying Tasks and Boosting Efficiency

The Sage R2 2023 Release introduces several features designed to enhance ease of use and simplify everyday tasks. One notable addition is the ability to combine payments and credit applications in a single CSV import, further streamlining your financial workflows. This enhancement saves time and effort by providing a more efficient method for managing payments and credit applications within Sage Intacct.

Extended Functionality: Unifying Accounting, Payroll, and HR

The Sage R2 2023 Release Construction and Contracts enhancements enable you to level up your processes, catering specifically to the needs of construction-based businesses. With these enhancements, you can efficiently manage contracts, billing, and revenue recognition in the construction industry, improving accuracy and minimizing complexities.

Control: Strengthening Security and Improving Reporting

Maintaining control and ensuring security are paramount in financial management. The Sage R2 2023 Release introduces features that enhance control over your financial processes. One notable addition is the ability to securely lock closed statutory reporting periods. This feature allows you to maintain consistent and accurate reports by preventing any modifications to closed periods. By locking closed periods, you can align your system data with official reports and ensure data integrity.

Moreover, the release introduces the capability to drill down into financial reports to view transaction-level details. This functionality enables you to gain deeper insights and understand the intricacies of your financial data. By accessing transaction-level details directly from account groups in General Ledger reports, you can analyze your data more effectively and make informed decisions.


Notable Features

The Sage R2 2023 Release includes several noteworthy features that enhance usability, functionality, and control. Let’s explore some of these features in more detail:

Editing Reversal Dates on Posted Payments

The latest update brings an exciting new feature to the Accounts Receivable module: the ability to edit reversal dates on posted payments. This enhancement provides users with more flexibility and control over transactional information. Here’s how it works:


Enabling the Feature:
  1. Go to Accounts Receivable.
  2. Click on the Setup tab and select Configuration.
  3. Enable the “Edit reversal dates” option.
  4. Save your changes.
  5. Assigning Permissions:

To ensure security and control, you’ll need to assign user or role permissions after enabling the feature. This allows you to specify who can edit reversal dates. Grant the “Edit reversal” permission to desired users or roles for posted payments.


Editing a Transaction Reversal Date:
  1. Go to Accounts Receivable.
  2. Click on the ‘All’ tab and select Posted Payments.
  3. Locate the reversal transaction you want to edit.
  4. Click on the Reversal link next to the transaction.
  5. Enter a new Transaction reversal date.
  6. Select Submit to save the changes.

Please note that there are a few limitations to keep in mind when using this feature. You can’t edit a reversal date under the following circumstances:

  • Trying to edit a top-level payment at the entity level.
  • The period or payment summary is closed.

All changes made to reversal transactions are tracked in the Audit Trail, ensuring transparency and maintaining a clear record of modifications.

Remember that this feature requires an active Accounts Receivable subscription and the appropriate permissions. If your company is subscribed to the Contracts application, this option will not be available.

With the ability to edit reversal dates on posted payments, you now have greater control and flexibility in managing your financial processes within the Accounts Receivable module.

Simplify product bundling with kits

Previously, managing product bundles in contracts was complex. Now, you can group multiple products or services into a single SKU and invoice them as a kit. 


Here’s how it works:
  1. Create kit component items: These are the individual products or services that can be sold separately or included in bundles. Set their item type, revenue template, and item GL group.
  2. Create kit items: These items have the item type “Kit.” Add two or more kit components to each kit item and assign revenue allocation percentages.
  3. Include kit items in contracts: Add a contract line for the kit item. The billing method and frequency will be set automatically.
  4. Modify kit component contract lines: Adjust revenue allocation percentages and templates as needed.
  5. Billing and invoice: On the invoice, the kit item appears as a single line, while the kit components are not listed individually.
New features:
  • “Enable for Contracts” field: Indicate whether a kit item can be used in contracts. Certain fields are automatically set when enabled.
  • “Kit components” tab: View and modify kit component contract lines associated with a kit item contract line.
  • Hierarchy display: View the relationship between kit component and kit contract lines.
  • Limits and reports: Limit the number of kit component contract lines to 50 for performance reasons. Renewal forecast reports will include kit contract line data.
Additional details:
  • Journal balances: The kit item contract line shows 0.00 balances, while kit component contract lines display relevant allocated balances.
  • Price list: Define a price list entry for the kit item to represent the bundle price. Price list entries for kit components do not affect the kit item price.
  • Dimensions: Set or change dimension values on kit item contract lines, which will be inherited by kit component contract lines.
  • Subscription: Contract Billing, Contract Revenue Recognition.
  • Permissions: Admin privileges are required to configure Order Entry for kits and manage contracts.
  • Set “Kits” to true in Order Entry configuration.
  • Create kit component and kit items.
  • Expenses cannot be added to kit component contract lines; they should be added to the contract or a specific kit component contract line.
  • Kit item contract lines cannot be included in MEA allocation.
  • The “Distribute discount” function cannot be used on kit item contract lines.

Drill down through account groups on financial reports

To analyze your financial data more effectively, you can drill down through account groups on financial reports to access transaction-level details. This allows you to view the information in a General Ledger report.

For example, you can generate a General Ledger report by drilling down through an account group on a financial report.


To utilize this feature, the following requirements must be met:

  • Subscription: General Ledger
  • Permissions:
    • Enable drill down to all transactions from reports
    • Financials: List and View
    • General Ledger: Run

Got questions? We've got answers

Embrace the Future of Financial Management

The Sage Intacct R2 2023 Release is an exciting development that brings a wide range of new features and enhancements to enhance ease of use, functionality, and control. From simplifying tasks and boosting efficiency to unifying accounting, payroll, and HR, this release offers significant improvements. With numerous other impactful updates, the Sage Intacct 2023 Release 2 is set to revolutionize financial management processes. If you want more information on the release, check out the full release notes here.

To find out more about the 2023 Sage Release 2, you can contact one of our experts and set up a meeting here. Discover how these new features and enhancements can streamline and optimize your accounting and financial management processes, ensuring greater ease of use, functionality, and control with Sage Intacct. Don’t miss out on this opportunity to stay at the forefront of cutting-edge financial management solutions. Contact us today!