Sage Intacct's 2023 R3 release introduces a significant enhancement for construction users: the new Construction Reporting area. This feature is a game-changer for those seeking comprehensive cost reporting and project lifecycle management. Let's dive into what this new reporting area offers and how it can be utilized.
Centralized Reporting: The new Construction Reporting area consolidates various types of cost reporting into one place. It covers estimated cost, actual cost, committed cost, billings, contract amounts, and more.
Comprehensive Data: This feature captures every document related to construction throughout the project lifecycle, including billings, purchase orders, estimates, costs, payments, and more.
Enhanced Visualization: The data is presented in a more user-friendly and visually appealing manner, especially in the Interactive Custom Reports area (ICRW).
Navigate to Reports > Interactive Custom Reports.
Look for the Construction Reporting folder.
Start by selecting the primary data source as 'Construction Reporting.'
Choose fields like GL account number, amount, billable status, cost type, category, customer name, document type (e.g., AP bill, estimate transaction), transaction date, unit cost, etc.
Add additional fields like vendor name from the dimensions for a more detailed report.
Sort and filter the data according to your preferences.
The report can be tailored to show data by transaction type, offering a summarized view of all transactions related to a specific project.
Example: Sort by transaction type to see all AP bills, then AP payments, journal entries, estimates, etc., for a project.
Project Management: Ideal for tracking and managing all project-related transactions in one consolidated report.
Cost Analysis: Enables detailed analysis of project costs against estimates and budgets.
Drill-Down Capability: Offers the ability to delve into specific transaction details for deeper insights.
Customization: Allows creation of custom reports to meet specific project reporting needs.
The new Construction Reporting area in Sage Intacct 2023 R3 is a powerful tool for construction-related financial reporting and project management. It simplifies data consolidation and enhances the reporting capabilities, offering a more intuitive and comprehensive view of project-related finances.
For detailed instructions and examples, check out the full video on New Construction Reporting in Sage Intacct 2023 R3: Watch the Video. This resource will guide you through the process of leveraging this new feature for your construction reporting needs.