Matching Bank Reconciliation Transactions in Sage Intacct
The Bank Reconciliation functionality in Sage Intacct makes matching transactions much easier by automating a lot of the process.
In this week’s tip, we’ll show you how to edit rules and run reconciliation in Sage Intacct.
(Click the images to expand for easier viewing.)
Matching and Creation Rules
Matching and Creation Rules allow Sage Intacct to automatically match and post transactions from your bank statement by following a defined set of criteria.
It means that as transactions are synced into Sage Intacct via bank feeds or manual import, they’re automatically created or matched together, so you don’t have to go through and process them all manually.
To add or edit your matching and creation rules, navigate to:
Applications > Cash Management > Setup > Reconciliation rules > Matching and creation rules
Here are all the match and create rules we have set up in this demo system. To edit a rule, click the pencil icon.
Example: Create Rule for Bank Fees
For example, this is a creation rule for bank feeds. The filters are set so this rule only applies for transactions that are after 1st January 2018, made via debit and contain ‘Bank Fee’ in the description.
This means that any transaction meeting all 3 criteria will be automatically created as a transaction in Sage Intacct.
Make any edits to your rule and click ‘Save’.
Bank Reconciliation
To start the bank reconciliation, navigate to:
Applications > Cash Management > All > Reconciliation > Bank
Next, select the bank account from the ‘Account to reconcile’ dropdown, enter the date and balance if needed and click ‘Continue’.
We have 2 tabs – 1 for transactions in Intacct and another for those on the Bank statement. Use the filters across the top to help you quickly find what you’re looking for.
Work through any unmatched transactions, selecting which ones match together and clicking ‘Match’, until your reconciliation is complete.
Tip: If you’d like to see both the Intacct and Bank tabs side-by-side, you can open them in separate windows and split your screens so you don’t have to switch back and forth between the tabs.
If you have any questions about bank reconciliation or anything else in Sage Intacct, get in touch and we’ll be happy to help.
