Sage Intacct 2023 R3: Master Vendor Compliance for Construction

Sage Intacct 2023 R3: Navigating New Construction Vendor Compliance

Sage Intacct 2023 R3 introduces a pivotal feature for construction businesses - Vendor Compliance. This new functionality offers a structured way to manage and track vendor compliance items. Here's a walkthrough to help you get started with this feature.

Enabling Vendor Compliance

  1. Activate the Feature:

    • Navigate to 'Company Subscriptions'.

    • Scroll to find 'Vendor Compliance' and toggle it on.

Setting Up Compliance Definitions and Types

Compliance Definitions

  • Create Definitions: Go to 'Compliance Definitions' in Purchasing.

  • Set Validation Criteria: Choose between validating against an expiration date or simply acknowledging receipt of a document.

  • Compliance Actions: Decide the action when out of compliance - error (blocks AP payments), warning, or ignore.

Compliance Types

  • Establish Types: Under 'Compliance Types', you can create types like business licenses or insurance.

  • Link to Definitions: Assign these types to the relevant compliance definitions.

  • Numbering Sequence: Define how each compliance record will be numbered.

Logging Compliance Records

  • Accessing Records: Find 'Compliance Records' under the Purchasing tab.

  • Adding Records: Select the vendor, mark as received, and input relevant dates.

  • Differentiating by Compliance Type: Insurance types might require an expiration date, while others may just need a received checkbox.

Example: Insurance Compliance

  • Expiration Date Check: The system will check against the expiration date for insurance compliance.

  • Handling Expired Records: For vendors with expired compliance items, the system can issue warnings or block payments based on setup preferences.

Practical Application: Pay Bills Screen

  • Identifying Warnings: In the Pay Bills screen, vendors with compliance issues will be flagged.

  • Sorting and Filtering: You can sort by vendor to see all flagged transactions.

Conclusion

Vendor compliance in Sage Intacct provides a robust framework for managing vendor-related compliance items, ensuring that your business stays on top of essential legal and contractual obligations. Whether it's tracking insurance expirations or license renewals, this feature simplifies and automates the compliance monitoring process.

For a comprehensive guide and visual aid on how to utilize this new feature effectively, you can view the detailed tutorial here: New Construction Vendor Compliance in Sage Intacct 2023 R3. This tutorial is a must-watch for anyone keen to integrate vendor compliance smoothly into their Sage Intacct workflow.

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