Sage Intacct Update R2 2024: Our Top Highlights

 

Sage Intacct’s second release of the year is here! The automatic update hits your screens on May 10th 2024, with even more new features and updates to make the most of! You may have seen the announcement on your Sage Intacct homepage – these are our top highlights.

1.     Fixed Asset Management.

We’re excited to announce Sage Fixed Assets Management (SFAM), a new solution designed for Sage Intacct. 

Now you can stop using spreadsheets or other systems that are manual, costly, and difficult to reconcile. Instead, automate and simplify the management of your assets from acquisition to disposal. 

Please contact your customer success manager for more information and pricing on this module. 

2.  All round streamlining for more of your accounts payable tasks.

Memo reclassification change  

Avoid needing to complete this update in multiple places! Now when reclassifying an AP purchase invoice and changing the memo, the memo is updated on the corresponding AP purchase invoice payment in addition to the AP purchase invoice.  

It is important to note that if the AP purchase invoice was posted to a period that is now closed, you cannot update the memo field. 

Easier access to payment files 

Reduce clicks with the ability to generate and access payment files for ACH and bank file payments in Accounts Payable, without needing to switch to Cash Management. A useful tool when wanting to manage the payment workflow within Accounts Payable, instead of accessing the Cash Management application. 

Edit tax information in draft AP purchase invoices 

Get ahead in your workload by now being able to create draft AP purchase invoices without entering tax solution information. You can update the draft later to enter a tax solution, tax schedules, and tax details. 

3.  Get organised with draft Payments. 

Users can now get organised by entering draft payments that you have received but are not quite ready to post. This is especially useful when you want to review payments that were imported in bulk through the Bank Transaction Assistant, a CSV file, or the API as drafts. 

You can post draft payments in bulk from the Posted payments page. If you decide you no longer need a draft, you can simply delete it from the list. 

Create a draft payment 

• Go to Accounts Receivable > All > AR sales invoices and select + next to Receive payments – New!. 
• Enter the payment information, including the Customer, Amount received, and Payment method. 
• Select Show AR sales invoices. 
• Select the AR sales invoices you are receiving payment for and select Add & Close. 
• Select Draft & new or Draft to save the payment without completing it. 
• The payment appears in the Posted payments list with a state of Draft. 

4.    Convert purchase order transactions by price or quantity     

We are very excited to introduce new functionality for blanket PO price conversions. Users wanting to enter purchase orders and Sales invoices for Non inventory items, can now track in terms of price rather than quantity. This allows users to manage the partial conversion price. Users can easily find the default conversion by selecting either the price or quantity. 

When setting up and managing blanket sales orders you’ll complete the following tasks: 

1. Configure Purchasing to enable conversion by price. 
2. Choose whether to allow override on conversion type for pre-existing transactions. 

 Note that price conversion is not supported in recurring non-inventory transactions and once price conversion is selected, it cannot be deactivated 

5. New flexible options to fit your users’ needs with the bank transaction assistant. 

There’s a new way to import your bank transactions for reconciliation that focuses on flexibility, control, and visibility and it’s now generally available. 

This import experience takes the place of the classic import process. You can use one method or the other, but not both at the same time. 

Bank transaction assistant for file imports introduces a fresh approach to importing, with imported transactions appearing in a centralised location for all bank accounts on the Bank transactions page. The transactions you import remain in Sage Intacct, even after reconciliation. The update supports more file formats, using bank standard file types and user modified excel templates, giving you extra flexibility and visibility. 

This import experience also works with Sage’s workflow, Bank transaction assistant – Now available by default – to streamline your AR receive payments workflow while accelerating your reconciliation process. 

Easily and quickly assign customers to bank transactions and then receive multiple payments for multiple customers, all from the Bank transaction page. After you receive payments, the posted payments in Sage Intacct and the bank transactions automatically match for reconciliation. 

6.     Improved usability limits the contacts available when entering Invoice and Ship to contacts during data entry.  

Now, you can run a pre-built custom report to see which Sage Intacct transactions matched to which bank transactions. 

How it works: 

1. Go to either Customization services or Platform services and select Custom packages. 
2. Search for the package Reconciliation Matches, then select Install. 
3. Go to either Customization services or Platform services and select Custom reports. 
4. Select to Run the Detail of Reconciliation Matches report. 

7.     Capture the appropriate tax with partial exemption.  

Capturing the appropriate taxes can be challenging when a portion of a purchase is exempt. With this release, entities operating in the UK can set partial exemption percentages at the tax detail level. Then you can apply those partial exemptions to line items in Accounts Payable and Purchasing.  

By enabling partial exemption by entity and defining percentages in the tax details lets you do the following: 

• Only enable partial exemption in entities that make exemption-qualifying purchases. 
• Use different partial exemption rates for a tax detail across different entities. 
• Use the same partial exemption rate for a tax detail across multiple entities. 

When you enter an AP purchase invoice in an entity enabled for partial exemption, each line item displays the Partly exempt checkbox. Select the checkbox only if the item qualifies for partial exemption. Intacct applies the partial exemption rate for the associated tax detail. 

Note you can only enter AP purchase invoices with partial exemption line items at the entity level. If you’re working at the top level, partial exemption line items do not apply. 

You can also configure partial exemption so that it’s checked by default in all transaction lines. Previously, you could only set partial exemption percentages at the entity level. With this enhancement, you can leave the entity setting as the default, or you can set different percentages for each tax detail.  

8. Easily track deferred revenue with boosted revenue management.   

Introducing the new Revenue recognition schedules list! Use this list to easily find and maintain your revenue recognition schedules. From this list, you can edit or view a revenue recognition schedule or export a selected list view. 

The Revenue recognition schedules list is also an enhanced list, giving you the power to use advanced filters, personalise your list view, and view list and record details side-by-side. 

9. Save time with expanded report options for Project Reporting.

Another idea that came from you! Sage have expanded finance reporting options for projects so you can save time by creating a single Financial report for project performance and generate hundreds of individual project reports. 

You can now also schedule and deliver reporting in excel, pdf and HTMF formats, the HTML format also provides the ability drill down into further details for users. 

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. 

Generating individual reports for each project in a group works for project groups with up to 500 projects. 

10.New and Enhanced Help and Training.

Sage have now added enhanced help and training for existing Intacct features, such as: How users, roles, and permissions work together, Create a spreadsheet for importing budget data,  Void payments in Accounts Payable, Import General Ledger journal entries 

There are also new videos in the Video Library 

• New videos to help you easily complete your tasks: 
• Three videos to help you troubleshoot budget imports. 
• Learn the basics and best practices of reporting with the webinar: The ABCDs of reporting 

 A reminder of the 2024 release calendar  

Should you want to discuss any of the changes or have any question please feel free to send us a message at customersuccess@acuity24.com  or call us on 01932 237110 .