Tip of the Week: Sage Intacct Bank Feeds & Bank Reconciliation

The bank feeds and bank reconciliation features in Sage Intacct make it much easier for you to manage your cash throughout the month.

In this tip of the week, we’ll show you how to set up bank feeds in Sage Intacct and how to perform a bank reconciliation using Sage Intacct’s handy reconciliation feature.

(Click the images to expand for easier viewing.)

Navigate to Cash Management > All > Current Account

Select Edit next to the account you want to edit.

Press the Banking Cloud tab and press the Connect button.

Select your banking provider.

You’ll be redirected to your bank to enter your credentials and complete the process.

Note: if you can’t see your bank, use the search function. If you still can’t find your bank, get in touch with us and we’ll advise the next steps.

Ways you can reconcile an account:

• Manually
• Import a bank file
• Bank feeds

Transactions have 3 states:

• Matched
• Partially matched
• Unmatched

Cash Management > Reconciliation > Bank

Select the bank account you want to reconcile and ensure the dates and ending balance are correct. If you’re using an import file from your bank, press import to upload the file. Once you’re happy with the details, press Continue.

Tip: if you want to check what rules are applied to the bank, press Applied Rule Set.

On this screen, you’ll see all your unmatched and matched transactions.

The Bank tab has information from your bank feed or import and the Intacct tab is for the Sage Intacct side.

Note: this only includes what you’ve paid or received, it won’t include all your open invoices.

To see matched transactions, change the State dropdown to all or matched.

If there’s anything which you think is matched incorrectly, select the checkbox next to the transaction and press Unmatch Transactions. The state will change to unmatched.

Once unmatched, press Match to match it correctly.

Next, select the checkbox next to the transaction you’d like to match to and press Match.

Journal Entry

To create a journal entry, press the Action dropdown next to the relevant transaction and select Journal Entry.

Adjust any details as needed, then press Submit to post the journal.

Funds Transfer

If one of the transactions is a fund transfer, press the Action dropdown and select Funds Transfer.

Using the From Account dropdown, select which account you received the funds from. Once you’re happy with the details, press Save.

Continue to work through your transactions, matching, unmatching, posting journal entries and funds transfers as needed until you’ve completed your bank reconciliation.

For more information about Cash Management in Sage Intacct, read this tip of the week article.