Sage Intacct 2024 R2 Highlights

Sage Intacct 2024 Release 2 is available on May 10th. The Client Enrichment Group at Accordant got together to review the new features in the release. Here are their favorites and why they are excited about them. 

Announcing Fixed Asset Management (SFAM)

This new Fixed Asset solution is a core application and integrates seamlessly with other core Intacct applications. What it will give you is a brand-new dimension Asset! SFAM allows processing at either the top or entity level and can be configured with multiple depreciation books and depreciation schedules.

Why we are excited about this: This is a game changer when it comes to fixed asset accounting in Sage Intacct.

Note: This is a module purchase

Improved financial reporting for projects

This new feature makes it easier to report on Projects.

Financial Report Writer

The Project filter on the filters tab now has a new Run as individual reports option.

Schedule Financial Report

When scheduling a financial report there is a new option to filter by a Project or Project group. If you filter by project group, you can select Individual report to divide the report into separate sections for each project in the group.

Why we are excited about this: Anything that helps us with better Project reporting we love!

Store project and notes on compliance records

You can now track compliance records related to a project. Use notes on compliance records to describe the project (job), vendor, or purchase order and subcontract. These notes are visible to all compliance record users. In addition, you can include the project on your printed document templates.

Why we are excited about this: We can now add the project onto any printed documents, and we can sort and select compliance records by Project.

Easier access to payment files

You can now generate and access payment files for ACH and bank file payments in Accounts Payable, without needing to switch to Cash Management. This is useful when you want your AP clerks to manage the payment workflow within Accounts Payable, instead of accessing the Cash Management application.

Why we are excited about this: Previously, after payments were processed you had to go to the Cash Management module to access the payment files needed to send the bank for the ACH’s. This enhancement allows the user to stay in the AP module for a much more streamlined workflow.

Bank reconciliation terminology change

The button in bank and credit card reconciliations has been changed from Match transactions has been replaced by the word Clear transactions.

Why we are excited about this: Now the system has adopted the terminology we all use.

AR retainage release invoices now include project contract billing information

When you release retainage invoices in AR, those invoices now include project contract billing information from the project or AR retainage task. This billing information will not appear on non-project contract invoices.

Why we are excited about this: Fields like, External reference, Architect and Contract dates prefill saving you time. The prefill of fields allows for better accuracy throughout the project. Now you can update the billing through date and recalculate the contract billing totals linked to the AR retainage release invoice.

Draft payments that you’re not ready to post

Why we are excited about this: Now you can draft payments that you are not ready to post and come back to them to verify them or make needed changes prior to posting.

Improve your workflow with bank transaction assistant

Easily and quickly assign customers to bank transactions and then receive multiple payments for multiple customers, all from the Bank transaction page. After you receive payments, the posted payments in Sage Intacct and the bank transactions automatically match for reconciliation.

For multi-entity, multi-currency companies, receive advances and payments at the entity level.

Why we are excited about this: Why wouldn’t we be excited about this! Now you can configure Intacct to quickly apply customer payments by using bank transactions imported into Intacct or pulled into Intacct with bank feeds.

Embedded Sage Intelligent Time

Embedding Sage Intelligent Time (SIT) allows you to access Sage Intelligent Time (SIT) directly from the Time and Expenses or Projects applications in Sage Intacct, eliminating the need to manage timesheets in a separate platform. By embedding SIT within Intacct, users can effortlessly manage projects and leverage AI-powered timesheets in one place.

Why we are excited about this: For anyone who has had to capture time this is a huge time saver.  

Note: This is a module purchase

Conclusion

The Sage Intacct 2024 Release 2 embodies a commitment to enhancing user experience, fortifying system capabilities, and streamlining financial management processes. Our Client Enrichment Group remains dedicated to aiding you in maximizing the potential of these advancements.

Eager to learn more? Delve into the comprehensive Sage Intacct R2 2024 notes, conveniently accessible from your Sage Intacct homepage, Additionally, stay informed about future releases through the Sage Intacct Release Calendar, ensuring you’re primed for what lies ahead. Your homepage will serve as a vital resource, offering insights into forthcoming updates a month prior to their release.

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