Sage Intacct 2024 Release 3 Is Live – Learn What’s New and Why It Matters

Sage Intacct 2024 R3 debuted the first week of August, and it’s an action-packed release. Indeed, there’s more here than we can cover in this article, so we’ve chosen to focus on what we consider will be the most popular, widely appreciated updates. We’ve separated them into the broad categories of Financials, Platform Efficiency, and Industry Insights. 

We invite you to view our recorded webinar covering the release in greater detail. You can also view the release notes from your Intacct home page and as always, contact us to answer any questions on the release. As we said, there’s lots to cover, so let’s get started!

Watch the on-demand webinar—Sage 2024 Release 3 

Financials

Support for Additional File Types in Bank Imports

Sometimes it’s the little things, right? Sure, there are plenty of flashy new features in Sage Intacct R3 2024, but a seemingly small staff favorite here at MicroAccounting might be your favorite, too. Drum roll, please! The bank transaction assistant file import now supports additional file formats — including BAI2 and CAMT.053 file types. We’ve had several clients ask for this feature, so it’s fabulous that Sage is listening and added the capability.

Unapply Credits in Posted Payments

Credits applied without an associated payment can now be unapplied from Posted payments. After you unapply a credit, it is available to apply to other bills. You can unapply credits of all types, including the following:

• Advances
• Debit memo adjustments (vendor credits)
• Negative bills
• Negative line items applied from one bill to another bill

Edit Discount Amount in Accounts Receivable

You can now configure AR to support Custom Discounts, allowing you to edit the discount when you receive your customer’s payment. Previously, when a customer’s remittance did not match the invoice amount, you had to create a debit or credit memo adjustment to compensate for the discrepancy. Now, you can easily adjust the discount as you receive the payment.

Originating Document Workflow for Sales and Purchase Orders

This change provides ready-to-view information about your business’s originating transaction documents. What does that mean? This means you can trace sales and purchasing transactions back to their source at any point in the workflow. Take a purchasing workflow, for example. It may start with a requisition, move to an order, then a shipment, and finally, an invoice. With this change, you can easily see which transaction started the workflow.

Being able to trace original documents in your sales order workflow ensures that you can:

• Identify the original transaction in the workflow (originating document)
• Refer back to the previous document in the workflow (source document)
• Generate more informative sales transaction reports
• More easily identify and report on reconciliation issues and take corrective action

Cash Management

The Reconciliation page now defaults to showing all unmatched transactions. When you open the Reconcile bank account page or the Reconcile credit card account page, the transaction type filter automatically defaults to All, listing all your unmatched transactions for easy viewing and management.

Platform Efficiency

Enhanced Email Delivery Elevates Security

The R3 release incorporates an important email security change. The enhanced email delivery service uses DKIM, the industry-leading standard for email security. DKIM, or DomainKeys Identified Mail, is like a digital signature for your emails.

When a company sends an email, DKIM adds a special encrypted signature to the message header. This signature is unique to the sender and can’t be easily faked. When the email reaches the recipient’s server, the server checks the signature against the sender’s public “key” (like a public version of a lock). If the key matches, it means the email really came from the sender and hasn’t been altered in transit.

Usage Insights Keep You Informed

Usage insights is a new tool added with Sage Intacct R3 2024 that delivers real-time data and actionable insights to optimize your company’s operations. It provides pre-built dashboards that display operational metrics about your accounting processes, from multiple sources. Usage insights offer deep dives into key areas like transaction volume, usage patterns, access and permissions, and more.

Here’s what you’ll see in usage insights:

• Overview tab – track active customer and vendor growth, monitor Sage Intacct subscription module activations and user activity, and view the number of locations associated with your entities
• Customers tab – analyze customer growth trends and visualize customer locations on a map for better geographical understanding of your business
• Vendors tab – analyze vendor growth, visualize vendor locations on a map, and track AP Bills over time
• API usage tab – this information was moved to a tab within usage insights. It includes API transactions originating from web services, and AJAX calls for the current month plus the previous three months

AI Assistant in Sage Intelligent Time  

Sage Intacct continues to weave AI and machine learning throughout the platform, and in R3, the Time & Expense application is the beneficiary. With R3, the application will offer the option to generate time entry descriptions automatically using AI Assistant.

Before, activity cards collected from the Time Assistant showed generic “Computer Activity” and “Other Windows” titles. Now, the AI Assistant generates more specific titles to better summarize your work and the windows you had open. Descriptions generated automatically display a “Powered by AI” badge. (Note: these features are currently in beta.)

Industry Insights

Track Order Entry Transactions with the Contract Dimension

Sage Intacct made the contract dimension available to companies that use Order Entry Revenue Management, meaning you no longer have to subscribe to the Contract application to categorize, track, and analyze Order Entry transactions.

And That’s Not All

We warned you that Sage Intacct 2024 R3 includes dozens of new features and functionality, and we’ve just scratched the surface here. To learn more, check out our recorded webinar on the topic, review the full release notes on the Sage Intacct website, or reach out to our Sage Intacct team with your questions.