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Arti Patel Martinez, ProAdvisor Training & Certification Leader: On today's episode of In the Know, we'll be demoing the latest updates to Intuit Enterprise Suite (IES).
Hey ProAdvisors, it's Arti, and you're watching In the Know, where you get exclusive access to demos of Intuit product enhancements by the leaders who built them.
Let's jump right in with Daniel Malinov, who will show us the latest updates to Intuit Enterprise Suite.
Hey Daniel, welcome to the stage! Allright, let’s get this show on the road!
Daniel Malinov: Hello everyone, great to meet you, or rather, you meet me. Quick background: I'm a CPA on the product team here at Intuit, focusing on mid market and working aggressively on Intuit Enterprise Suite. I’m really excited to walk you through some of the great innovations we've launched in the last release, which was maybe a week ago or so. This is actually something that our accountants, their clients, and our customers have been asking for for some time.
So the idea here is, if you're using our intercompany journal entry feature, which is very powerful, it lets you post to multiple entities in one journal entry.
All you have to do is enter the business side of the transaction, whether it's the P&L or you're hitting cash. Based on the companies you select in the companies column, we will then auto complete the due to and due from for that intercompany journal entry. If you've got 15 entities that are all interacting with each other, as you can imagine, it's a lot of manual line entering for the Balance Sheet side, or at least the due to/due from side of things. This is assuming you've mapped everything ahead of time, so you know exactly which accounts you want to be posted to for each entity.
Once you do the business side of the transaction into the journal entry, you enter it, hit “smart complete,” and the AI is actually going to take over. It's going to read through, parse all the details you included, and populate those rows, including the contacts and the partner company, which is necessary for the consolidation at the end of that funnel. This is really exciting. We know a lot of folks have been asking for this, and we’re glad to finally deliver it and hopefully get some good feedback.
Cross-company bill pay is another one of those features we know there's been a lot of demand. It's a big step in automation. Let's say Company A gets a bill, but doesn't have the cash flow to actually pay for it. On that bill itself, you can see on the right there's a screenshot. You're actually able to select which company is going to pay that bill on behalf of Company A, as well as which banking account from that company is going to be paying that bill. Once you post that, we will take care of all the accounting in the back end of due to/due from. Everything gets taken care of on your behalf, as well as the elimination. Similarly to the intercompany journal entry we just looked at earlier, we will also take care of the elimination for you, and you will have the option to have it auto posted or reviewed before posting that elimination entry for consolidation purposes.
This is another one of those features that is just meant to make your processes way more efficient. Instead of having to recreate unaccompanied journal entries or dynamic allocations every month, quarterly, or however regularly you do these, you can actually create a template once with all the necessary allocations or the lines filled out, then either have it available on demand. It’s as you can see there in the screenshot, where you can just invoke it whenever needed. Or, make it reoccurring on a specific cadence, and you can see kind of the setup net screenshot as well, and basically set it and forget it. The system will then go ahead and post that on your behalf based on that criteria you set, or again, you have it available on whenever needed. We’re looking to save you time recreating the same things over and over again for repetitive tasks.
Intercompany sales have been around for some time, and we have heard the feedback, and we've incorporated them where we now let you map one side, one entity to the other entity. So from the selling side, you can map the product or service, and then when you select an intercompany vendor as the vendor for that bill, you'll then be able to map the category as well. It'll auto-populate that on the receiving entity—the vendor side—and then you'll have the option to say auto-post. Or, it'll auto-populate it and then you can review it before you post it. We've seen a lot of folks opting to auto-post, and again, we’re saving quite a bit of time from having to do this step manually.
We've also made a number of enhancements to dimensions. I'm going to talk about them all in kind of one shot here. I don't think we necessarily need screenshots for these. I think they are fairly straightforward and self-explanatory. Number one, we've expanded dimensions to the project reports. For the ones listed here, you can now use dimensions in a display to filter and so forth. If you're going to do any pivots, they're also going to be available there for pivoting using our custom report building framework. So that's project reports, which is generally available. It's not in the beta program where it was earlier.
We've also released transaction headers. So now, if you do want to put dimensions at the header level on transaction form, versus currently where it previously was only available at the line item within that transaction form, you are now able to do that. You don't have to manually kind of select them one by one on the lines when they're going to be the same across the board. That can now be enabled, and again, and is also generally available.
Finally reparenting dimensions. Let's say you've created a list underneath one of the dimensions such as your pick items and pick list. You're now going to be able to take items from one dimension and actually move them to another dimension. So all this is really to get us in parity with what we normally had as classes. We're one step closer to being in complete parity. Dimensions are available on almost 95% of the reports, if not all of the reports that classes are available on. Let's do a live Q&A, Arti, if you want to throw some questions at me?
Arti Patel Martinez: Yes, we have a couple of questions. Let's see. Will IES support proportionate consolidation and equity method?
Daniel Malinov: I love that question. I love it because it has two parts. Number one, proportionate consolidation. We actually do currently support that, but it's only in our early access beta program, so if you want to actually get access to that, you you can opt in through early access. You will actually be able to do custom ownership structures, use those on the consolidated reporting as well, and essentially be able to do a proportion consolidation. Now we know this isn't necessarily GAAP-compliant, but we do know there's a lot of demand for this kind of level of reporting for other purposes, other than proper financial reporting. And so, we do facilitate that now as part of the beta program, which soon will be also generally available, so you won't have to do an early access opt-in to get your hands on it. That’s proportion consolidation.
Arti Patel Martinez: Awesome. Okay, and let's kind of stay on that same plane. How would someone enroll in early access to use beta features?
Daniel Malinov: Great question! To actually get access, and remember that not all beta features are created equal, but for the majority of them to get access, you actually just have to click the gear icon within that company file, and then you'll see an option there called early access. Maybe we can actually include some of the materials to guide you there in the leave-behind of this presentation, but once you click on that link, it'll take you to the landing page for early access.
It gives you all the details of what the implications are and what it means to be in the program, as well as all the different features that are part of early access. Then it's just a matter of opting in. And when you opt in, I know I think it says it takes about three days to kick in, but usually it's pretty quick. Like we're talking an hour, maybe two, and then you're in, and then you'll be able to go and use some of the features that are in beta, or as we call them, in early access.
Some features are going to have an asterisk on it, where you actually do have to contact your CSM or customer success manager, and they will have to opt you in on their side because there's certain criteria you have to meet before you can use some of the features. And so, for example, multi-currency is one. We have a major release that's in early access, but there's a certain criteria profile that you have to meet in order to use this big enhancement. That's something you discuss with your success manager.
Arti Patel Martinez: Amazing! Thank you so much, Daniel, for all that great information. If you find this update interesting or helpful, go ahead and like, comment and subscribe. That's all we have for now.
For more product updates and demos, check out our In the Know hub. We'll catch you next time.*
*This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice. Product screen images simulated. Video sequences shortened.
