2024 Release 4 is coming on November 8. This last update for 2024 boasts new features designed with your needs in mind, ensuring that you continue to get the most out of your investment in Sage Intacct.
The Accordant Client Enrichment Group got together to review the new features in the release. Here are their favorites and why they are excited about them.
Reconcile Payments and Credits to AR Invoices and AP Bills
You can now run a report that instantly shows how much you owe a vendor or a customer owes you, along with any other items applied. This new report also shows in real time what items were applied and what transactions remain partially applied or not. A sequence ID is applied to each application.
Why we are excited about this:
Finally, you can run a report that shows what was applied to each AP Bill and AR Invoice.
Note – This requires configuration.
Track Project Change Orders & Change Requests Assigned to a Project or Project Contract
A new Change Management tab has been added to both the Project and Project contracts to track all Change orders and Requests in one place.
Why we are excited about this:
No more going into multiple screens to see both change requests and change orders. Having the ability to see all aspects of a project in one place allows us to work smarter, not harder.
Streamlined Setup for GL Outlier Detection
General Ledger Outlier Detection compares your historical transaction patterns and uses machine learning in the approval cycle of current transactions. Sage has now made the setup of this amazing feature easier and faster.
Why we are excited about this:
This powerful detection tool is included with the product and improves both the accuracy of journal entries and internal controls. The visual cue on each entry allows the approver to focus on the entries needing review.
Note – This requires configuration.
Use Retainage Without a Construction Subscription
Now, any accrual-based companies can use retainage in the AP and AR applications without the Construction subscription needed. Retainage, also known as retention, is a portion of the contract price that is intentionally withheld until the project is substantially or entirely complete.
This practice ensures that the customers or vendors fulfill their obligations and complete the project to the agreed-upon standards.
Why we are excited about this:
Now, any company, with or without the Construction subscription, can hold retainage to ensure that projects are completed.
New Features in Sage Fixed Assets (SFAM)
Sage continues to make improvements with the new SFAM product.
- Override posting dates – Choosing a custom posting date is now an option.
- Transaction allocations – Now, asset-related transactions can be distributed across multiple dimensions.
- Custom declining balance depreciation methods – Now, you can choose to use a custom declining balance method with or without true-up.
Why we are excited about this:
Sage continues to improve the features and functionality of Fixed Assets. The new SFAM product is a game changer for our clients, enabling the new Asset dimension.
Note – This requires configuration.
Automate Your Employee Expense
Employees can now email their expense receipts directly to Sage Intacct. Once the email is received, AI (Artificial Intelligence) will assist with coding, and Machine Learning will remember any changes for the future, streamlining this process for employees.
Why we are excited about this:
Who isn’t excited about this? Creating expense reports can be a huge pain point, so anything to make that process faster and more accessible is a win!
Note – This requires configuration.
Get Ready for 1099 Season
If you have more than 10 forms to file, the IRS requires you to file electronically. It’s never too early to get ready for the 1099 season.
Here are some helpful links you can use to get ready:
- Sign up to file with TaxBandits.
- How to run a 1099 Report
- Verify that your vendors are set up correctly.
Note – You must sign up for a TaxBandits account.
Enhancements for Canadian Sales Tax
Sage’s streamlined Canadian Sales Tax solution now simplifies tax calculation and submission for Federal and Harmonized Sales Tax. You can also exclude specific transaction line items from tax submissions through detailed tax reporting.
Why we are excited about this:
This long-awaited update brings much-needed efficiency to Canadian tax reporting. The ability to selectively include or exclude transaction line items ensures greater precision and control, making tax management smoother than ever.
Note – This requires configuration.
New Language Options for Canadian French and Spanish (Beta)
Users can now set their preferred language to Canadian French or Spanish. These language options are available on both the Company preferences and User preferences pages.
Why we are excited about this:
This is a great improvement, especially for companies with bilingual or multilingual teams. These new language options make Sage Intacct more accessible and user-friendly, supporting team collaboration across language preferences.
In conclusion, the Sage Intacct R4 2024 emphasizes that Sage is focusing on streamlining and improving the user experience and continues to add and enhance AI features and functionality to the product.
For more details on this release, delve into the comprehensive Sage Intacct R4 2024 notes.
For more information, contact us at [email protected] or call 973-887-8900.
