Sage Intacct 2024 R2 Highlights: What’s New?

The Sage Intacct 2024 R2 update is rolling out, bringing exciting new features and enhancements. Let’s dive into the highlights of this release and how they can benefit your organization.

Enhanced Draft Payments for Accounts Receivable

One significant update is the introduction of draft payments for Accounts Receivable (AR). With the 2024 R2 release, users with the appropriate permissions can create, edit, and delete AR payments in a draft state using both the XML API and the Sage Intacct user interface. Draft payments provide more control, flexibility, and accuracy, particularly when managing bulk payments and imports. This feature saves time and reduces errors by allowing users to make changes before finalizing payments.

Improved Invoice Retrieval

In this release, there’s a change in how invoices are retrieved. Responses to invoice retrieval requests will no longer include the DEPT or LOCATION fields for invoice items that involve allocations to distribute amounts to those dimensions. This update is due to changes in how split General Ledger entries are handled for transaction allocations.

Tax Enhancements for French Companies

For French companies, a new field has been added to capture payment tax for transaction line items in both Purchase Order and Order Entry legacy transactions. This field, when set to true during transaction creation or update, generates the VAT tax record for that transaction line item when it is paid.

Vendor Compliance Records

Users can now include notes and associate projects with compliance records. This enhancement allows for storing information related to purchase orders and subcontract primary documents. Whether manually created or auto-generated, compliance records now have improved functionality, retrieving project information from primary document headers.

Default Conversion Type for Items

Non-inventory type items included in transaction workflows can now be converted by price or quantity. With the new DEFAULT_CONVERSIONTYPE field, users can specify the conversion type for non-inventory items, enhancing flexibility in transaction processing.

Deprecation of List Smart Event Log Records

A noteworthy change is the deprecation of the smarteventlog object and get_list functionality, which will take effect later this year. Users will still be able to obtain Smart Event audit information by using a report based on the Audit Trail.

Construction Enhancements

Customers using Advanced Tax, Multi-tax with VAT, or custom VAT can now assign tax schedules to individual document entry lines in both Purchase Order and Order Entry documents, providing greater flexibility in tax management.

Changes in Bills Retrieval

Similar to invoices, responses to bill retrieval requests will no longer include the DEPT or LOCATION fields for bill items that involve allocations to distribute amounts to those dimensions.

The Sage Intacct 2024 R2 release brings a host of new features and enhancements designed to streamline financial processes, improve efficiency, and provide users with greater control over their data. From enhanced draft payments to tax improvements and vendor compliance records, these updates empower organizations to optimize their financial management workflows. Want to learn more? Fill out our simple web form and someone will reach out to you within 1 business day!