Sage Intacct 2024 R2 is now available. Here’s a quick summary of key new features from the latest release which includes nearly 200 new features or enhancements, many of which were recommended by existing Sage Intacct customers.
GL Account and Dimension Coding
Following a successful Early Adopter program for GL account and dimension coding, Sage Intacct 2024 R2 now enables this option for all AP Automation customers.
GL account and dimension coding uses Artificial Intelligence / Machine Learning (AI/ML) to predict GL account, Location, and Department field values on a line-by-line basis. AI/ML determines values for these three fields based on your data correction patterns for individual line items. Over time, as machine learning recognizes changes that you repeat, Sage Intacct can create draft bills that include the dimension values you intend. You spend less time correcting coding details and can post bills more quickly.
See Also: What's New in Sage Intacct 2024 R1
GL account and dimension coding uses Artificial Intelligence / Machine Learning (AI/ML) to predict GL account, Location, and Department field values on a line-by-line basis. AI/ML determines values for these three fields based on your data correction patterns for individual line items. Over time, as machine learning recognizes changes that you repeat, Sage Intacct can create draft bills that include the dimension values you intend. You spend less time correcting coding details and can post bills more quickly.
See Also: What's New in Sage Intacct 2024 R1
Expanded Project Reporting
Based on ideas submitted by customers currently using Sage Intacct to manage projects, you can now generate individual reports for each project in a group. That means when you schedule a report and filter by project group, you can select the ‘Individual Report’ checkbox to divide the report into separate sections for each project in the group. A similar option is available in the Financial Report Writer screen.
This provides better flexibility and even more detail for deeper insight into individual project performance and profitability.
This provides better flexibility and even more detail for deeper insight into individual project performance and profitability.
Sage Intacct 2024 R2 also delivers enhancements to the Project Intelligence reporting platform including:
Fixed Fee Revenue Distribution – you can now distribute fixed fee revenue to employees based on their billable hours worked on fixed fee projects.
Bulk Import for Percent Complete Projects - upload a .csv file to update observed percent complete values in bulk.
Track operating costs - operating costs, covering non-labor expenses like billable materials, are now factored into both actual and estimated gross profit calculations across various dashboards.
Fixed Fee Revenue Distribution – you can now distribute fixed fee revenue to employees based on their billable hours worked on fixed fee projects.
Bulk Import for Percent Complete Projects - upload a .csv file to update observed percent complete values in bulk.
Track operating costs - operating costs, covering non-labor expenses like billable materials, are now factored into both actual and estimated gross profit calculations across various dashboards.
Blanket Purchase Order Price Conversion
Using the purchase order workflow, you can now convert purchases of billable services by price to draw down an approved blanket purchase order amount. This allows you to see previously converted amounts and keep track of the remaining contracted amount on the purchase order. You can define the default conversion at the item level (price or quantity) as well as override the dollar amount converted.
In previous releases which only allowed conversion by quantity, you had to manually adjust the quantity to arrive at a dollar amount.
Note: the early adopter program continues for Automated Transaction Matching for Purchasing Workflows as new features continue to be added and tested.
In previous releases which only allowed conversion by quantity, you had to manually adjust the quantity to arrive at a dollar amount.
Note: the early adopter program continues for Automated Transaction Matching for Purchasing Workflows as new features continue to be added and tested.
PwC Control Insights for Sage Intacct
Sage Intacct in partnership with PwC (one of the “Big Four” accounting firms) has created a powerful new tool that helps strengthen financial controls and support company growth. The new PwC Control Insights for Sage Intacct (“Control Insights”) dashboard provides an at-a-glance view of your company's transactional and compliance health using visualizations generated from Sage Intacct workflow controls data.
Control Insights provides a continuous health check of your operations, providing analysis and Key Controls Indicators (KCIs) based on your Sage Intacct configurations and transactional activity. The dynamic analysis allows you to identify trends and risk areas at-a-glance.
Control Insights provides a continuous health check of your operations, providing analysis and Key Controls Indicators (KCIs) based on your Sage Intacct configurations and transactional activity. The dynamic analysis allows you to identify trends and risk areas at-a-glance.
Not only does Control Insights help support strong internal controls, but it also streamlines audits using prebuilt GAAP and IFRS-compliant statements and financial reports. Access all information with drill-down to source transactions, documents, explanations, and Audit Trails in a single, centralized location for paperless audit.
>> Learn more about Control Insights for Sage Intacct.
>> Learn more about Control Insights for Sage Intacct.
Sage Intacct Construction Enhancements
A nice range of new features and enhancements for construction customers were introduced with Sage Intacct 2024 Release 2.
Starting with reporting, you can use WIP schedules (early adopter program) to track over-billing and under-billing and show the predicted profit at the end of your project. Leveraging the interactive reporting tool, you can enter project cost and revenue forecasts to go along with data pulled from Sage Intacct Construction Projects, Estimates, Contracts, Recorded costs, and Customer billing. It supports overrides and adjustments as well as automatically create over/under billing adjustments to the Intacct General Ledger.
In the area of project contract billing, AR retainage release invoices now include project contract billing information. There are also a range of templates for use on AR retainage release invoices.
Plus, you can now track compliance records related to a project by storing notes to describe the project (job), vendor, or purchase order and subcontract. These notes are visible to all compliance record users.
Starting with reporting, you can use WIP schedules (early adopter program) to track over-billing and under-billing and show the predicted profit at the end of your project. Leveraging the interactive reporting tool, you can enter project cost and revenue forecasts to go along with data pulled from Sage Intacct Construction Projects, Estimates, Contracts, Recorded costs, and Customer billing. It supports overrides and adjustments as well as automatically create over/under billing adjustments to the Intacct General Ledger.
In the area of project contract billing, AR retainage release invoices now include project contract billing information. There are also a range of templates for use on AR retainage release invoices.
Plus, you can now track compliance records related to a project by storing notes to describe the project (job), vendor, or purchase order and subcontract. These notes are visible to all compliance record users.
Other Notable Enhancements
- The new Bank Transaction Assistant provides an updated bank file import process that’s focused on even more flexibility and control.
- Time-saving functionality to code expense receipts and use transaction allocations to distribute employee expenses.
- Early adopter program launched for Sage Intacct Fundraising powered by DonorPerfect.
- An idea generated by customers, the early adopter process has begun for Supplies Inventory to manage internal supply stock (office supplies, computer equipment, etc.) that streamlines the process from request to issuance.
- Five new customizable reports to help you manage rentals and leases are added to Sage Intacct Real Estate.
Questions About Sage Intacct 2024 R2?
These are just a handful of the many new features or enhanced functions introduced with the Sage Intacct 2024 R2. Be sure to contact your Sage Intacct Partner with any questions you have about the latest release which became available May 10, 2024.
