Introducing Sage Intacct 2024 Release 2

Sage Intacct 2024 R2 header

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.

In this article:

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.

Blanket PO 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.

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.

Intacct Project Report Screen

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.

Sage Intacct Project Intelligence Report

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.

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.

Intacct PwC Control Insights Dashboard

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.

Just Scratching the Surface

These are just a handful of the nearly 200 new features or enhanced functions introduced with the Sage Intacct 2024 R2.

Click here for even more detail on Sage Intacct 2024 R2.

Article re-posted with permission from the Top Sage Resellers website.

Be sure to contact your Sage Intacct Partner to request a copy of the release notes or if you have questions about upgrading to the latest version.

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