Sage Intacct Year End Adjustments
There are 4 main types of adjustments you may want to post for year end in Sage Intacct – GL Journal adjustments, adjustments to closed books, compliance and tax adjustments, and finally, entries for user-defined books.
These may be required during the year-end process or shortly afterwards.
In this article, we’ll run through each type of adjustment and how you post them.
Setting up Journals
Navigate to:
Applications > General Ledger > Setup > Journals
As you can see, we have a journal set up for the year-end. This is a good way to keep your year-end journals separate from any other journals you’re posting.
Let’s have a look at how we use the journal code.
Navigate to:
Applications > General Ledger > Journal Entries
In the ‘Journal’ dropdown, select your year-end journal. Then complete the rest of the details for your journal entry.
Note: If the year has already been closed, you won’t be able to use the year-end journal and will need to use adjustment journals instead.
Posting Adjustment Journals
Navigate to:
Applications > General Ledger > Adjusting
To start adding the adjustment journal, click ‘Add’.
Select your journal from the ‘Journal’ dropdown and complete the rest of the details. You can have multiple journal codes set up if you wish.
Note: This method of posting can only be used if the period is closed.
Other Types of Journal Adjustments
Compliance and tax adjustments:
- Turn on in General Ledger Configuration
- Set up Journal codes
- Enter your Adjustments
These are commonly used for things like GAAP accounting and VAT adjustments. Keep in mind that tax adjustments don’t affect the General Ledger directly.
User Defined Books:
- Used for any other reporting requirements
- Must be enabled in GL Configuration
- Create User Defined Journals
- Create User-Defined journal entries
Commonly used for commitment accounting and keeping track of Purchase Invoices. This is another type of book which can be used separately or combined with your General Ledger accounts for more effective reporting on other areas of the business.
User Defined Books
Navigate to:
Applications > General Ledger > Setup > More > User-defined books
As you can see, we have different user-defined books for elimination, allocation, and more.
To process an elimination journal, navigate to:
Applications > General Ledger > Setup > User-defined
As you can see, there’s an elimination journal already set up. Here’s where you would add one if it wasn’t already there.
Then to post to the journal, navigate to:
Applications > General Ledger > All > User defined
Find your eliminations journal and click ‘View transactions’.
To start adding your journal, click ‘Add’.
Then complete the details and click ‘Post’.
Note: This won’t be included with your normal General Ledger; it only gets included with your reporting.
For further assistance with your year end in Sage Intacct, contact support here if you’re an existing customer or complete the enquiry form.
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