Every quarter Intacct releases a plethora of new features, some of which are modest improvements, others are major and lend to the richness of features available to improve your organizations productivity. When I polled my team on what they thought were the coolest new features, I got various responses from the enhanced support for barcode fonts released this past August to features like Intacct Operational Forms and Workflows and Canadian Bank Feeds, a few releases ago. The one that won the most votes, however, is the advancement in Employee Expense processing. I’ll let our Sales Engineer, Frankie Fernandez, tell you all about it. Here’s Frankie…

One incredibly helpful feature of dedicated expense management applications has been the capability to let employees know what charges they are responsible for providing substantiation. Employees can electively submit items for reimbursement for out-of-pocket expenses, but anything charged to the corporate credit card account will be inserted into an employee’s queue for processing. This helps with the efficiency of creating the report, ensures greater accuracy, and decreases external contacts associated with statement reconciliation when contrasted of having to manually enter each expense individually. While this was something that third-party applications excelled at, we at Net at Work were waiting for similar functionality to be deployed, until now. With Release 1 of 2024, Intacct sought to bridge this gap by providing in-system functionality to assign charges to an employee’s expense queue by linking the Time and Expense module to Cash Management credit card transaction functionality.

When business users import credit card activity, either through CSV import or API integration, they now have the capability to tag the employee on the line detail. These transactions will then be carried to the Time and Expense module and placed in an employee’s queue of transactions to be coded. If done incrementally throughout the month, we are giving our users the chance to get ahead of expense reports to code and attach receipts so that creating reports doesn’t have to be done post month-end close, but ideally 100% submittal prior to a close.

Despite this new functionality, there are always going to be late submittals. While it is optimal to have expense classifications and receipts prior to paying your statement balance, these unsubmitted expenses no longer require an intermediary accrual. Cash Management will use an expense holding account to allow you to pay the entirety of the bill without having to book manual plug entries to account for the gaps in submittal. After these entries are coded by employees the module will credit the expense holding account and debit the correct GL Account for expense classification. Like almost all quarterly release features, there is no cost to use the new linkage between Time and Expense and Cash Management.

Interested in how you can cut down on statement reconciliation? Use this feature? Are you looking for a tool to assist employees and encourage timely submission? Curious how it could work in your environment? It’s free! Contact your account manager today to learn more.