Sage Intacct R2 2024 is available as of May 10th. This second update for 2024 introduces new features designed to meet your needs and maximize your investment in Sage Intacct.
The Accordant Client Enrichment Group reviewed the new features and shared their top picks along with their reasons for excitement.
Announcing Fixed Asset Management (SFAM)
This new feature simplifies reporting on projects. The new Fixed Asset solution integrates seamlessly with other core Intacct applications, introducing a brand-new dimension: Asset. SFAM supports processing at both the top and entity levels, with configurations for multiple depreciation books and schedules.
Why we are excited about this: This is a game-changer for fixed asset accounting in Sage Intacct. (Note: This is a module purchase.)
Improved Financial Reporting for Projects
Financial Report Writer
The project filter now includes a Run as Individual Reports option on the filters tab.
Schedule Financial Report
You can now filter by a Project or Project Group when scheduling financial reports. Selecting Individual Report divides the report into sections for each project in the group.
Why we are excited about this: Anything that enhances Project reporting is a win for us!
Store Project and Notes on Compliance Records
You can now track compliance records related to a project, using notes to describe the project, vendor, purchase order, or subcontract. Notes are visible to all compliance record users, and projects can now be included on printed document templates.
Why we are excited about this: Adding projects to printed documents and sorting compliance records by project streamlines our processes.
Easier Access to Payment Files
Users can now generate and access payment files for ACH and bank payments directly in Accounts Payable without switching to Cash Management. This improvement simplifies workflows by allowing AP clerks to manage payments within Accounts Payable.
Why we are excited about this: Eliminating the need to switch modules makes payment workflows much more efficient.
Bank Reconciliation
The Match Transactions button in bank and credit card reconciliations has been renamed to Clear Transactions.
Why we are excited about this: The terminology now aligns with commonly used language.
Enhanced Invoice Printing for Canada
A new printed invoice template allows Accounts Receivable and Order Entry invoices to display totals for PST and GST in the transaction currency rather than the base currency.
Draft Payments
You can now draft payments and revisit them later for verification or adjustments before posting.
Why we are excited about this: Draft payments offer greater flexibility in payment workflows.
AR Retainage Release Invoices Include Project Contract Billing Information
When retainage invoices are released in AR, they now include project contract billing details, including pre-filled fields such as external reference, architect, and contract dates.
Why we are excited about this: Pre-filled fields enhance accuracy and save time across project workflows.
Improve Your Workflow with Bank Transaction Assistant
Quickly assign customers to bank transactions and receive multiple payments for multiple customers directly from the Bank Transaction page. Payments posted in Sage Intacct match bank transactions automatically for reconciliation.
Why we are excited about this: This feature greatly simplifies payment application and reconciliation.
Embedded Sage Intelligent Time
Sage Intelligent Time (SIT) is now embedded within Sage Intacct’s Time and Expenses or Projects applications. This integration eliminates the need for separate time sheet management and leverages AI-powered time tracking within Intacct.
Why we are excited about this: Embedded SIT is a significant time-saver for project and time management. (Note: This is a module purchase.)
Sage Construction Management
Unveiled in October, the new Sage Construction Management platform (formerly Corecon) offers comprehensive, cloud-based functionalities for construction management. It provides an alternative to Procore, fully integrating with Sage Intacct at an economical subscription price.
Conclusion
The Sage Intacct R2 2024 release enhances user experience, strengthens system capabilities, and streamlines financial processes. Stay updated with upcoming features via your Sage Intacct homepage or the Release Calendar, which provides insights a month before updates go live.
For more information, contact us at [email protected] or call 973-887-8900.
