Sage Intacct 2024 Release 1 Highlights 

Refinements to AP automation, financial report management, vendor and contact list editing, and inventory reporting are among the new features unveiled in Sage Intacct 2024 Release 1 (R1). 

The new R1 capabilities, which went live on February 16, reflect finance teams’ requests for new features to help them streamline operations, improve controls, and improve efficiency. 

Sage Intacct customers who are part of the early adopter program can take advantage of multi-line general ledger coding to automate invoice classification. Sage Intacct’s learning models are getting more specific about customers’ code lines and dimensions within invoices as they are loaded into the AP automation tool.  

Customers can drag-and-drop invoices into the tool, or submit them by forwarding an emailed invoice, and the software will draft an invoice record and pre-code several fields that previously would have required manual sorting and classification. Over time, the learning model will become increasingly accurate based on each customer’s usage. 

R1 offers similar functionality for purchase order line-matching. Also in Early Adopter, invoices uploaded through AP Automation can automatically be matched with purchase orders or receivers for customers who are using the Purchasing module. 

The Financial Report Writer tool has gained version history functionality for general release users. As reports are changed, users will be able to see information about the latest version and revert to a previous version if, for instance, they need to correct information or formatting that was added incorrectly.  

Another new feature is the ability to restrict users from being able to select mismatched vendor or customer contact information in the “pay to” or “return to” fields within an invoice. In previous versions, trying to edit the “pay to” field in an invoice would bring up a full list of contacts within a given organization. This required the user to search for the proper contact and introduced the risk of an incorrect contact being selected accidentally.  

With the new functionality, finance teams have the option to restrict information changes only to the contacts listed within a specific vendor or customer.

Finance teams are also gaining improved inventory management utilities, including the ability to generate new types of reports based on transaction definitions, GL sub-ledger reconciliations, and landed cost reports. These features will enable teams to reconcile inventory to the general ledger to ensure transaction flows are rational in the way inventory cascades through the purchasing and order entry processes. 

Finance teams using matching rules within their bank reconciliations have a new ability to generate custom reports highlighting the transactions that are being matched by specific rules. This capability provides visibility to see how their matching rules are performing so they can make any needed corrections to the rules, which in turn will help them streamline their month-end.   

More of a new product than an additional feature, Sage Intacct’s new Professional Services Automation tool enables firms such as engineering, consulting, or law practices that are using Sage Intacct’s project costing and billing tools. The automation tool adds AI resource management and project scheduling capabilities to increase team member utilization, operational efficiency, and project profitability.  

Sage Intacct R2 will be released May 10, 2024.  

If you’d like to learn more about R1’s capabilities, or the many ways Sage Intacct can help with your accounting needs, contact us.