Tip of the Week: Preparing for Year End with Sage Intacct

How to Prepare for Year End in Sage Intacct

There are quite a few things to do when preparing for year end, but Sage Intacct has lots of handy tools which speed up the process for you.

In this tip of the week, we’ll cover year end checklists, system settings, reporting periods, updating budgets and more.

(Click to expand the images for easier viewing.)

In Sage Intacct, navigate to:

Applications > Company > All > Checklists

Tip: if you’d like to make this easier to navigate to, click the star to add it to your favourites.

This is a list of all the checklists in the account. Click ‘Edit’ next to the checklist you’d like to amend.

As you can see, there are tasks in the checklist and they are assigned to team members. At the top, you can change the checklist status, owner and more.

Note: Users will only receive new task emails if notifications are enabled in their user settings.

Click ‘Save’ or ‘Cancel’ to return to the checklists page.

Let’s see some more details about the year end close checklist.

To view the checklist, click ‘View’.

In the ‘Constraints based on this assignment’ column you’ll see a number if there are constraint(s) for the task. Click the number to see more details.

The constraint for this task is:

Accounts Payable needs to be closed before you can close the General Ledger.

To close this window, click ‘Done’.

Checking GL Account Settings

To check your GL accounts, navigate to:

Company > General Ledger > General Ledger accounts

Check the below settings to make sure they’re configured how you want them:

• Account number
• Account type
• Period end closing type
• Close to account
• Closing account
• Department
• Disallow direct posting

Tip: You should also make sure any accounts you don’t want to use are set to inactive.

If you want to enable the ability to change account codes, navigate to:

General Ledger > Setup > Configuration

Tick the ‘Allow changes to account numbers, including length’ checkbox and click ‘Save’.

Checking Permissions

Whenever a new feature is released, the permissions relating to the feature are automatically unticked. To update user permissions, navigate to:

Company > Admin > Roles

Click ‘Edit’ next to the role you want to adjust.

Next, click ‘View subscriptions’.

Here you can adjust permissions for users with this role. Let’s drill down further into GL permissions.

Click ‘Permissions’ on the General Ledger row.

Check for any new permissions which you’d like to give to your user role.

In this example, we’ll tick edit financial account numbers and statistical account numbers, then click ‘Save’.

Tip: it’s easiest to spot which permissions are new when looking at an admin with all permissions ticked.

To look at the reporting periods you currently have set up, navigate to:

Reports > Setup > Reporting Periods

These are all the reporting periods currently setup. In this example, we want to create the reporting periods for 2025.

To use the default method to create the reporting periods, navigate to:

Company > Setup > Import data

Scroll down to reporting periods, click ‘Default’, click ‘Create’ and then click ‘Done’.

Alternatively, if you want a quick way to add reporting periods but prefer not to use the default ones, click ‘Template’ to download an import template which you can add your own reporting periods to.

To deactivate reporting periods that you’ll never use, navigate to:

Reports > Setup > System reporting periods

Find the period you want to get rid of and click ‘Inactivate’ on the relevant row.

This will stop it from coming up anywhere in the system where reporting periods are mentioned, such as the trial balance report.

Add any new budgets to the system, this can be done manually or via file import. Read this tip of the week for step by step instructions.

If there is a new budget that should be included in reports, update the budget information in the relevant financial reports.

If you’re using Purchasing and/or Order Entry, you may need to make price list updates.

It’s also a good idea to clear any non-converted Purchase Orders. To do this, you’ll need to set up a transaction definition. If you need help, don’t hesitate to get in touch with our team.