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Top Features of Sage Intacct R2 2024 for Construction

Article by: Taylor Magness, Sales Engineer

Sage Intacct continues to enhance its robust cloud accounting solution with the latest R2 2024 update. This release introduces several key usability improvements and construction-specific features designed to streamline operations, enhance productivity, and provide deeper insights into project management. In this blog post, we delve into the notable updates and their benefits, ensuring you leverage these advancements to optimize your construction and real estate financial workflows.

General Usability Enhancements:

Accessing Release Notes

One of the best places to start with any new update is the release notes. Access the release notes directly from your Sage Intacct homepage to explore all the current updates and any changes from previous releases in one convenient location.

Advanced List Views

Enhancements to advanced lists have significantly expanded over the past few quarters. The new list views offer a dynamic and customizable experience. To activate this feature, simply click the "Turn on lists beta interface" within any of your lists. 

Advanced List views

Key Features:

  • Reordering Columns: Easily reorder your column sequence.
  • Dynamic Column Widths: Set column widths dynamically for better visibility of data you've historically been unable to see.
  • Advanced Filters and Sorts: Implement advanced filters and sorts with ease.
  • Save Custom Views: Save custom views for future use, simplifying data management.

To turn off this feature, just go back and disable it with the same button.

Enhancements in Accounts Payable

A significant enhancement in Accounts Payable (AP) allows access to payment files directly from AP. Previously, navigating to get to ACH and bank file payments required moving to the cash management application. This update eliminates the need to bounce between applications, streamlining the entire payment workflow.

Draft Payments in Accounts Receivable

The ability to draft payments in Accounts Receivable (AR) before posting them is another useful update. Draft any payments needing review before posting. This feature is especially useful for imported payments needing review. Go to the "Receive Payments" area to see any drafted payments, edit them as needed, and post when ready. If a draft is no longer needed, it can easily be deleted from the list.

New Receive payments tab in Sage intacct

Bank Transactions Assistant

The new Bank Transactions Assistant feature, available by default in the latest release, now supports additional file types in the import process, such as CSV, XLS, and XLXS files. The transaction assistant allows customers to be assigned to bank transactions brought in via bank feeds or through import processes.

Workflow Improvements: 

  • Assign Customers: Assign customers either by creating assignment rules or manually.
  • Receive Multiple Payments: Receive multiple payments for multiple customers directly from the bank transactions page.
General flow with Sage Intacct Bank Assistant feature

Construction-Specific Enhancements

AR Retainage Release Invoices

For construction clients, AR retainage release invoices now include the project's contract billing information. This update makes it easier to track historical data and project-related details. To see this in action, navigate to a retainage release invoice, and click on the new tab for "Project Contract Billing Details." This feature is specific to project contract-related retainage releases.

Project Contract Billing Details

Vendor Compliance Process

The vendor compliance process has also been improved. Lien waivers related to commitments can now include the project and a new notes field on the compliance record. These items can also be included in printed document templates as standard fields.

  • New Notes Field: Add additional information to lien waivers.
  • Edit the Project: Ability to edit the project within lien waivers if revisions are needed.
Compliance Record Notes

Reporting Enhancements 

The final update is related to reporting. Scheduled reports can now be filtered by both project and project group. When filtering by a project group, individual reports can be selected to divide them into separate sections for each project within the group.

  • New "Run as Individual Reports" Option: For projects or project groups.
  • Break Out Reports Individually: For better analysis and clarity.
Financial Report Writer

The Sage Intacct R2 2024 updates bring a host of new features and enhancements that significantly improve usability and cater specifically to the needs of the construction industry. By leveraging these updates, businesses can streamline their workflows, enhance project management, and gain deeper insights into their financial data.

If you have any questions about these updates or how Sage Intacct can benefit your organization, please feel free to reach out and we'll connect you with our Intacct experts. 

About the author

Taylor Magness, a Sales Engineer at Sockeye, initially joined as an ERP consultant specializing in Sage Intacct implementation for new clients. Recently transitioning to the pre-sale side, he now concentrates on leveraging technology to address client pain-points and business challenges in their existing software systems

Taylor Magness, Sales Engineer

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