Find out what’s new in the Sage Intacct 2024 R3
Sage Intacct’s latest release offers the most recent advancements in financial management. R3 2024 includes AI-powered AP Automation and enhanced security features.
Having the right tools to manage your finances is essential for staying ahead of the curve. We at X3 Consulting Consulting understand the importance of efficiency, security and insight to your business. We’re thrilled to announce the latest Sage Intacct developments with the R3 2024 Release!
This article will walk you through all the major updates and show how they can streamline your business processes. The R3 2024 release of Sage Intacct is packed with features designed to make your financial management processes smoother and more intuitive. From powerful new tools like Usage Insights to streamlined workflows in user setup, each enhancement is crafted to save you time and reduce complexity.
New Usage Insights
Sage Intacct’s R3 2024 release introduces Usage Insights, a powerful new tool designed to give you a clear view of how your business is utilising the platform. This feature provides real-time data on customer and supplier activity, subscription usage, and user logins, all accessible through an intuitive dashboard.
With these insights, you can make informed decisions that enhance your operational efficiency and strategic planning.
Streamlined User-Set Up
The R3 2024 release of Sage Intacct introduces a more efficient way to set up and manage user roles. Configuring permissions is now faster, enabling you to assign access rights with ease and get your team operational in less time.
This update alleviates the administrative load, ensuring that your focus remains on business priorities rather than system setup.
Accounts Receivable
The new AR invoice fields are used to identify the original transaction documents
The 2024 R3 version includes new fields in the read request responses for the Accounts Payable invoice objects to improve visibility of document conversions. These fields are returned when invoice objects reference a transaction from Order Entry.
New fields include:
- The record number of the original document used in the workflow conversion.
- The record number is the line item from the original document.
- The ID of the original document used in the workflow conversion.
- The ID of the line item from the original document.
This enhancement allows users easy access to ready-to view information on both the immediate document source and the first transaction in the workflow. It covers steps from requisitions to invoices. This enhancement does not require any configuration or special permissions.
AP Automation
This latest AI-powered tool streamlines the accounts payable process. The tool automates the laborious task of entering invoice data by extracting accurately supplier details, amounts and dates from invoices. This tool reduces errors by eliminating manual data entry, flagging duplicates and allowing your team to concentrate on more valuable tasks. It gets smarter the more you use it, improving accuracy and efficiency.
Applying custom discounts on received payments
Sage Intacct allows users to apply custom discounts when they receive a payment. Custom discounts simplify the application of a discount, as they do not require you to create an Accounts Receivable term with the discount details. Custom discounts allow you to adjust the discount dynamically when you receive payment.
Accounts Payable
AP bill fields identify original transaction documents
The 2024 R3 release introduces a new field for read requests in the Accounts Receivable bill object. These fields are available for bills that are linked to purchase transactions. They provide detailed information on the original source document.
New fields include:
- The record number of the original document used in the workflow conversion.
- The record number is the line item from the original document.
- The ID of the original document used in the workflow conversion.
- The ID of the line item from the original document.
No longer supports line item fields for AP adjustments
The following fields will no longer be supported when creating or updating an AP Adjustment using the legacy Create AP Adjustment or Update AP Adjustment function:
- Total amount paid
- Total due
These values will not be taken into account if you include them in the line items for a request to create AP adjustments or update AP adjustments.
AP allows you to easily change the credit application.
You can now reverse AP payments that are only credit. Credit entries are now displayed as a separate item, with a link to un-apply. If you want to reverse a credit only payment, enter the record number and date of the credit only payment. This feature allows you to change the payment to which a credit has been applied. It gives you greater flexibility in managing credits after payments have been posted. For more information see Reverse Payment of AP (Legacy).
Expansion of New List Views
The R3 2024 release of Sage Intacct introduces an expanded set of list views, making it easier to navigate and manage your data. With the option to “Turn on list beta interface,” you can access a more intuitive layout that enhances visibility and usability. This update was driven by user feedback, reflecting a commitment to continuously improving the user experience.
The new list views offer a clearer and more organised display of information, helping you quickly find what you need without the clutter.
Easily Void Payments
Voiding payments has never been easier thanks to this latest release, allowing you to void a payment directly from the Posted Payment screen with just one click. This improvement eliminates the need to run additional reports, such as the cheque register, streamlining the process and reducing the time spent on payment adjustments.
The ability to void payments quickly and efficiently enhances your control over financial transactions, ensuring that errors can be corrected without unnecessary steps.
Easily Trace Original Source Documents in Order Entry and Purchasing
The R3 2024 release enhances traceability within Order Entry and Purchasing by allowing you to easily trace original source documents. This feature provides detailed entry-level visibility, enabling you to track the progression of documents through your workflows.
With improved traceability, managing and auditing your transactions becomes more straightforward, ensuring that you have a clear view of every step in your financial processes.
Enhanced User Security Restrictions on Banks
Security is a top priority in Sage Intacct’s R3 2024 release, with enhanced restrictions on user access to bank accounts. These new controls ensure that users restricted from specific entities cannot view bank information at the top level.
This update provides an added layer of protection, safeguarding sensitive financial data and ensuring that only authorised personnel have access to critical banking details.
Purchasing
Original transaction documents are identified by the new transaction details fields
The 2024 R3 release provides several new fields in the read requests for the Purchasing and Order Entry transaction objects.
New fields include:
- The record number of the original document used in the workflow conversion.
- The record number is the line item from the original document.
- The ID of the original document used in the workflow conversion.
- The ID of the line item from the original document.
Revisions to the draft transaction definition validation
In a future release, validations of draft transaction definitions will occur after a transaction has been posted rather than at the time a new transaction is created. The changes will enable users to create draft definitions of transactions that only contain the minimal amount of information needed to be used as placeholders in accounting transactions. By performing transaction validation after a transaction is posted, rather than at the time of creation, workflow automation will be improved by allowing users match placeholder draft transactions with incoming purchase documents. In future release notes, more details will be provided about these planned modifications.
Accessing the new features in Sage Intacct R3 2024 is straightforward. Many of the updates are already available in your system as of 9 August 2024. However, some features may require a configuration setting to be activated.
To enable these, simply raise a support ticket with X3 Consulting, and our support team will assist you in getting everything set up. This ensures that you can start benefiting from these enhancements as quickly as possible, without any unnecessary downtime. Our team is here to help you make the most of these powerful new tools, so don’t hesitate to reach out for support!
