Setting up bank feeds and performing bank reconciliation in Sage Intacct can help make your financial management much more efficient.
In this Tip of the Week article, we show you step-by-step how to do this using Sage Intacct. Additionally, you can watch the quick tutorial to help better your understanding.
How To Connect Your Bank Feed
Setting up a bank feed has three steps:
- Navigate to Cash Management > All > Current Account > Edit > Banking Cloud
- Select your banking provider, using the search bar if necessary.
- This will take you to your bank to enter authentication credentials in order to complete the process.
Bank Reconciliation
Performing a bank reconciliation at the end of the month, or matching your transactions throughout the month can help eliminate the month end close procedure for your business.
Where you reconcile an account to is dependent on a few things:
- Whether the account was created at the top level or within an entity, as you should perform your reconciliation in the same area that your account was created in.
- Whether there are restrictions set up for the account, as this will affect the user’s ability to perform a reconciliation. For instance, if you set up the banks at the top level and a user can only access the entity level, that user will not be able to perform a bank reconciliation for that bank.
There are 3 ways to reconcile an account:
- Manually
- Import a bank file
- Bank Feeds
To access the Bank Reconciliation screen, go into Cash Management > Reconciliation > Bank.
On this next screen, select which account you wish to reconcile from the drop-down box.
If you have a bank feed, most of the boxes will be filled in automatically, but if you don’t, you can insert relevant dates and balances manually.
From here, you’re also able to import bank transaction CSV files, as well as see what rule sets are being applied to the reconciliation.
If you’re okay with all the information displayed on this screen, click Continue.
This will take you to the Reconcile bank account screen. At the top of this screen, there is information on your transactions, such as their values. There is also information on your bank feeds, if one is connected, and a running total of how much still needs to be matched.
Here, you have the option to switch between Intacct and Bank. The Bank side includes your bank feed, whereas the Intacct side includes anything you’ve paid or received a payment for.
For more information, please complete the enquiry form on the screen. Additionally, if there’s anything you would like to see featured as a Tip of the Week please email [email protected].
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