Year-End Close in Sage Intacct
After you’ve finalised the year-end, you’ll want to close the books so people can no longer process transactions.
In this tip of the week, we’ll show you how to close the books for the General Ledger and subledgers, how to reopen books and other year-end processes.
Reconcile GL Accounts
Before we begin, here are some important tasks to complete for year-end:
- Reconcile bank accounts
- Reconcile balance sheet accounts
- Check your control accounts agree to the sub-ledger balances for Accounts Payable and Accounts Receivable
- Ensure the dates you use for these reports agree, and when running the subledger reports, use the GL Posting date
Other accounts to consider:
- Fixed Asset accounts
- Project control accounts
- Inter-company accounts
- Commitment ledgers
Closing the Books
Start at the top level and navigate to:
Applications > General Ledger > Books > Close
Select the entity you’d like to close the books for using the ‘Entity or entity group’ dropdown.
Select the period that you’d like to close using the ‘To the end of period’ dropdown.
Click ‘Close books’. This closes not just the General Ledger, but the Accounts Payable and Accounts Receivable subledgers too.
Reopening the Books
To demonstrate how to re-open the books, we’ve switched to the United Kingdom entity, as that’s what we just closed in the last step.
Navigate to:
Applications > General Ledger > Books > Open
Select the period that you’d like to reopen from the ‘To the beginning of period’ dropdown.
Then, tick the subledgers you’d like to reopen and click ‘Open books’.
Closing Subledgers
If you want to continue working in the General Ledger, but have the subledgers closed, then you’ll need to close them individually.
To demonstrate this, we’ll navigate to:
Applications > Accounts Payable > Subledger > Close
Select the period you’d like to close from the ‘To the end of period’ dropdown, or you have the option to close a single summary.
Then click ‘Close’.
Note: Always keep in mind that this is done by entity, so make sure you do the same for each of your entities.
For further assistance with your year end in Sage Intacct, contact us here if you’re an existing customer or complete the enquiry form.
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