Tip of the Week: Bank Payments in Sage Intacct

Account Types in Sage Intacct

Within ‘Cash Management’ in Sage Intacct, you will find the 3 types of bank accounts. They are a Current Account, Savings Account and Credit Card Account.

You can control who within your company has permissions to each of these. Additionally, you can set these accounts up at either top level or at entity level.

Transaction Types in Sage Intacct

1. Funds Transfer

The transfer of funds from one cash account to another. Cash account includes current accounts and savings accounts.

Keep in mind, if your banks are all at entity level, you will not be able to transfer funds between them. Therefore, we normally recommend you set up your banks at top level, and restrict them down to an entity level if needed.

2. Manual Payment

You can use manual payments in the following scenarios:

• You received an AP purchase invoice, or there’s no AP purchase invoice entered in Sage Intacct, and you need to print a cheque or record a payment
• You unexpectedly received a cash on delivery package and paid the delivery person with a hand-written cheque.
• A supplier called you about an overdue AP purchase invoice that you never received, and you paid the AP purchase invoice over the phone with a credit card.

3. Deposits

Creating a deposit is the next step in the workflow when you receive payments into an undeposited funds account for Accounts Receivable invoices, and other receipts created in Cash Management.

The deposit ensures that your books reflect the transfer of funds from your undeposited funds account to your bank account when you decide to move the collected and held payments to your bank.

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