Sage Intacct's 2023 R3 release brings a notable enhancement to the inter-entity bill back process, specifically in its template feature. Let's delve into what inter-entity bill back is and how the new feature enhances the functionality.
Purpose: The inter-entity bill back is used to facilitate transactions between two entities within the same organization. It's particularly useful for recording transactions like rental income for one entity and rental expense for another.
Functionality: By setting up a bill back template in the accounts receivable area and creating an AR invoice for an inter-entity customer, Sage Intacct automatically generates a corresponding accounts payable bill for the other entity involved in the transaction.
Bill Number Linkage: The significant addition in this release is the inclusion of the bill number in the inter-entity transaction records.
Direct Access: Users can now directly access the accounts payable bill record from the inter-entity transaction screen. This is made possible by a drill-down link that takes users to the specific AP bill for the Timberline development vendor, recording the rent expense.
Bi-Directional Linking: Similarly, on the inter-entity bill side, there's a link to drill back to the AR invoice. This bi-directional linking enhances the traceability and ease of access between related transactions.
Improved Traceability: The ability to drill down directly from one transaction to its corresponding entry on the other side of the inter-entity relationship simplifies the tracking process.
Time Efficiency: Saves time in locating related transaction records, thereby increasing efficiency in financial management.
Enhanced Transparency: Provides better transparency and clarity in financial reporting, especially for transactions involving multiple entities within an organization.
The inter-entity bill back drill-down feature in Sage Intacct 2023 R3 is a significant improvement for organizations managing transactions between different entities. This new functionality streamlines the process, making it easier and more efficient to manage and track inter-entity transactions.
For a detailed walkthrough of this feature, watch the full video tutorial on "Inter-Entity Bill Back Drill Down in Sage Intacct 2023 R3" here. This resource will give you practical insights into utilizing this enhanced feature effectively.