Introducing Sage Intacct 2024 R2 – What’s New?
Sage Intacct 2024 Release 2 (R2) introduces new features and enhancements. 2024 R2 delivers enhancements across four main themes including strengthening financials, improving ease of use, building industry specific functionalities, and developing a stronger platform. Let’s take a closer look at the new features, enhancements, and highlights from this release.
View the new Sage Intacct release highlights video (16:10 min).
Release Highlights
STRENGTHENING FINANCIALS
Expanded financial reporting options for projects
Accelerate insight into project performance and save time generating hundreds of individual project reports. When scheduling a report, you can now filter the report by 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.
In the Financial Report Writer, the Project filter (on the Filters tab) has a new Run as individual reports option. If you filter by all projects or by a project group, you can select this option to divide the report into separate sections for each project.
Blanket Purchase Order price conversion
Increase efficiency and track non-inventoried items in terms of price instead of quantity. Easily purchase services and other non-inventory items against a set purchase value. Using the purchase order workflow, you can now convert purchases of billable services to automatically draw down an approved blanket purchase order amount.
Bank matching sequence report
Quickly share the results of reconciliation matches when you run this pre-built report. Run the new Detail of Reconciliation Matches report from the Custom report area. Set parameters for the bank account ID, the GL account, or look up matches by a specific sequence. You can also group by sequence number for easy visibility into which Intacct transactions matched with which bank transactions.
In the report, you can view both the bank transaction and Intacct transaction, along with any available transaction details like Description or Bank record number. You can customize the report to get just the detail you want.
PwC Control Insights
Take a proactive stance for strong financial controls and gain actionable insights with prioritized recommendations.
PwC Control Insights supports your controls maturation journey in the following ways:
- Promotes accuracy and trust with strong internal controls
- Streamlines audits and minimize disruption with audit-ready financials
- Safeguards your data with world-class cloud security
EASE OF USE
Bank transaction assistant for file imports
Save time with a guided bank data import experience that includes support for OFX and QIF files.
Sage Intelligent Time
Improve efficiency with AI-powered time capture directly within Sage Intacct. The embedded experience 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.
Employee expense allocations
Quickly code expense receipts and leverage the power of transaction allocations in expense reports. Previously, when you created an expense report, you would need to calculate the distribution and enter several lines for an expense item. Now, when you create an expense report, you can distribute the amount paid for a transaction. Sage Intacct calculates the amount to distribute between departments, cost centers, grants, programs, or classes. Intacct distributes the amount based on the transaction allocation.
Sage Fixed Asset Management: Purchasing integration
Streamline your data entry process by creating assets directly from purchasing transactions such as vendor invoices.
INDUSTRY INSIGHTS
Sage Intacct fundraising powered by DonorPerfect
Achieve increased insight capabilities and increase fundraising effectiveness.
Boosted revenue management
Drive more efficient accounting for revenue operations. Search smarter and filter revenue schedules faster with dimensions and dimension groups. The following are all possible dimension or dimension group filters. The dimensions that you see are based on your subscriptions and your General Ledger dimension configuration.
- Customer or customer group
- Contract or contract group
- Location or location group
- Department or department group
- Class or class group
- Item or item group
- Project or project group
As there are now so many filter options, Sage updated the layout to use four columns instead of two. Now you can quickly scan across the page to locate desired filters.
Construction enhancements
Automatically calculate key metrics related to project revenue and profitability and review project-based costs and billing with Project-level Work in progress. And, personalize your Vendor list view to calculate retainage tax.
All New Enhancements in Sage Intacct 2024 R2
Accounts Payable
AP Automation: All AP Automation customers now benefit from AI predictions for GL account and select dimensions.
Restricted users: We’ve updated what actions restricted users can take in Accounts Payable.
Memo reclassification: Learn how reclassifying the memo on a bill now affects the corresponding payment memo.
Easy access to vendor payment files: You can now generate and access payment files for ACH and bank file payments in Accounts Payable.
Edit tax information in a draft bill: Create draft bills without entering tax solution information. You can update the draft later to enter a tax solution, tax schedules, and tax details.
Accounts Receivable
Draft payments: You can now draft payments that you receive but are not ready to post.
Restricted users: Learn about changes to what restricted users can do in Accounts Receivable.
Budgeting and Planning
The latest updates in Sage Intacct Planning: Use the Sync accounts wizard to ensure that your data in Sage Intacct Planning accurately matches Sage Intacct Financials.
Cash Management
Bank transaction assistant for file imports: Save time and increase control when you import bank transactions from a centralized location.
Match sequence report: Run a pre-built custom report on reconciliation matches. Learn about the report on reconciliation matches.
Bank transaction assistant: Speed up your Accounts Receivable and reconciliation workflows. Learn about the bank transaction assistant, now generally available.
Compliance
PwC Control Insights for Sage Intacct is now generally available: Start your controls maturation journey with PwC Control Insights for Sage Intacct.
Consolidation
Separate opening balance entries: Sage Intacct now separates opening balance entries from current period activity when consolidating mid-year.
Contracts
Revenue foreign exchange rate insight: You can now see and report on the exchange rate and base amount for posted revenue in a revenue schedule.
Fixed Assets Management
Announcing Fixed Assets Management: Automate and simplify the management of your assets from acquisition to disposal with this new application.
Create assets from purchasing transactions: Streamline your data entry process by automatically creating assets from purchasing transactions such as vendor invoices.
Improved workflow for non-depreciable assets: We’ve simplified how non-depreciable assets are displayed and added a new setting for their disposal.
Other updates in Fixed Assets Management: Other updates include improvements to default list views, changes to the daily depreciation calculations, and more.
Inventory Control
Locate components used in kits: When a kit component needs to be replaced, generate a report to easily view all the kits which include the item.
Streamline management of your internal supplies: The end-to-end supplies workflow makes creating supplies requests and fulfillment easy and ensures accurate accounting as supplies are consumed.
Order Entry
Convert transactions by price: You can now create blanket sales orders for times when a customer has an approved spending amount that will be drawn down over a period of time.
Purchasing
Convert transactions by price: You can now create blanket purchase orders for times when you have an approved spending amount that will be drawn down over a period of time.
Automate transaction matching: Create a more efficient workflow by letting Sage Intacct create vendor invoices for you and match them to existing purchasing transactions.
Reporting – Advanced
New IVE workflow walk-through examples: Discover the phenomenal potential of Interactive Visual Explorer (IVE) with 3 new in-depth workflow examples.
Reporting – Financial
Improved financial reporting for projects: New reporting features let you filter scheduled reports by project, and automatically create individual reports for all projects in a group.
Revenue Management
New Revenue recognition schedules list: Easily view and maintain your revenue recognition schedules in the new list.
Manage Revenue Schedules page changes: New filters and layout make it easier than ever to find the revenue recognition schedules upon which you want to act.
Taxes
Support for taxes in France: Capture and calculate domestic VAT in France with the new TVA Française standard tax solution. Companies using this tax solution can generate and export reports in the Accounting entries file (FEC) format to comply with tax reporting regulations.
Cash basis VAT capture for France: Capture taxes for your VAT transactions at point of payment or invoice with our tax capture enhancements for France.
Partial exemption for United Kingdom and France: Updated functionality lets you set percentages for partial exemption at the tax detail level, giving you increased flexibility to calculate your VAT taxes.
Taxes updates and enhancements: Update United Kingdom and France tax solutions with new changes, toggle offset tax credit option for South Africa, edit tax information in draft bills, and override tax schedules for Construction with these new enhancements for Taxes.
TPAR updates: Learn about the updates we made to the Taxable Annual Payments Report for Australia.
Time and Expenses
Distribute employee expenses: You can distribute employee expenses to calculate the cost quickly.
Announcing general availability for embedded Sage Intelligent Time: Last year, we announced that the embedded version of Sage Intelligent Time was available to early adopters. Now, we’re pleased to announce it is generally available to customers.
User Interface
Lists enhancements: Get key improvements to more easily drill down to view required data.
Updated user interface labels: We updated labels in Company, Fixed Assets Management, Purchasing, and Time and Expenses.
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