How to navigate month-end like a pro in Sage Intacct: Top Tips

In Business Management Software, Sage Intacct by Sophie Galtress

Reading Time: 7 minutes

We all know how stressful it can be when it comes to closing the books. A lot of us dread it. However, those using Sage Intacct can breathe a sigh of relief. Gone are the days of manually consolidating spreadsheets and those late nights manually entering accruals. We love helping finance teams achieve more streamlined close times. So, in this blog, we are going to share with you our top tips and controls on how to navigate month-end like a pro in Sage Intacct.

Sage Intacct to help make closing the books a much quicker and easier process! Let’s dive in.

Timeline Review

The first thing we like to do is something that isn’t exclusive to Sage Intacct, but a good exercise to try and understand your month-end process, a timeline review. ‘What is a timeline review?’ you might ask. To put it simply, it’s a way to document all of the tasks that you need to do in order to carry out a month-end, and how long each task takes over a 28-day period.

It’s really important to carry out a timeline review as it can manage a stakeholder’s expectation of when tasks are more likely to be done. It will also allow you to see whether or not you’re on track, especially if some tasks are dependent on other tasks.

A good thing about keeping a timeline review each month, is that you can compare some months to others. You can see what months might take just a little bit longer to complete certain tasks and then to see whether you’re ahead or behind schedule.

If you’d like to download our Month End Timeline Review template, you can do so by clicking here.

navigate month-end like a pro in Sage IntacctDashboards

Dashboards are so important for the outputs at the end of the month as they display everything you need to see, all in one place.

What’s even better is if you’re getting an email month after month from colleagues asking to see the reports, users with an employee user license can login to their Intacct instance and access the reports for themselves. These dashboards also allow you to dig down into the numbers and may be able to highlight any problems they may have.

navigate month-end like a pro in Sage Intacct

Reporting Groups

A reporting group can almost replicate a pack of reports that are specific to an individual manager. It could be your favourite reports, or those that are commonly used. So instead of running reports at one time and joining them together in Excel, you can assemble a group of reports and Sage Intacct can create it for you!

To do this, head to Reports > Report Center > New Report. These Reporting Groups will also allow you to add a company specific cover page that introduces the reports and can also be formatted as a PDF document.

Sage Intacct report center

Balance Sheet

Adjustment Journals

This is one of the features that is definitely underused. Using the Adjustment Journal Entries list to make adjustments to accounting periods that are already closed.

Adjustment Journals (ADJ) can help you see any adjustments that have been made once the period end has been closed. Please keep in mind that you can add an adjusting journal entry only if the books are closed. If they are open, enter a normal journal entry instead.

Using adjustment journals will keep auditors happy as they can see these adjustments and see why they have been posted. You can have multiple versions so you can easily track them, and they will appear as audit-friendly in their own separate columns in the Trial Balance report!

Sage intacct journals

 

Checklists

A feature which not a lot of people know about in Sage Intacct is Checklists. Checklists allow you to assign tasks and track the responsibilities and progress of your own tasks and your colleagues. Sage Intacct checklists provide you with the following:

  • Visibility into the processes that you use for your specific activities.
  • Flexibility to assign and reassign work as needed.

It could be that you might need some modules to help you with certain tasks that are taking longer than others, and this is why Checklists are so handy, as it lets you know what’s in progress, what’s been completed, and you can see any comments people have made on their tasks.

When you assign a task to a colleague, Sage Intacct sends an email to that person which includes the assignment with its associated checklist and due date information.

Quick disclaimer: The features I’ve mentioned so far are readily available to all Sage Intacct users at no extra cost. However, the following features/modules may need configurating and may be an additional cost depending on your setup, but they are great for helping you streamline your month-end close!

Sage Intacct Checklists

Automated Revenue Postings

Sage Intacct’s Revenue Management module gets your revenue recognition out of spreadsheets and into your accounting system, where it should be.

But how does it do that?

  • Build revenue recognition templates.
  • Automatically calculate days in a period or pro-rate recognition posting.
  • Manage event or delivery-based recognition.
  • Schedule automatic postings of revenue recognition templates.

Maintains compliance of IFRS15 and ASC606.

How to navigate month-end like a pro in Sage Intacct

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Auto-Allocate Values Across Nominals and Dimensions

Sage Intacct’s Dynamic Allocations module automatically pulls the source balances and distributes them across dimensions, with a calculation method set as a basis. For example, if you have an overhead code that has no dimension allocations or departments, but you want to reallocate and distribute it amongst other departments, it will help you do that automatically at month-end.

The Dynamic Allocations module enables you to save time, reduce risk and improve your gross margins through an improved EOM close, simplified audits and improved visibility for finance leaders.

Some examples of where these Dynamic Allocations modules would need to be used include:

  • Sharing overhead costs like utilities or rates based on square footage.
  • Splitting HR salaries across departments based on overhead count.
  • Spreading indirect costs across funds.
  • Allocate salaries across projects based on hours worked on each.

So before Dynamic Allocations, it could take a day or longer each month, whereas with using the Dynamic Allocations module it will run in less than 10 minutes.

How to navigate month-end like a pro in Sage Intacct

Global & Domestic Consolidations

Consolidate hundreds of entities in minutes, not days, with Sage Intacct’s Consolidations module. Gain powerful consolidated dashboards.

This module allows you to slice and dice your management reporting with the ability to consolidate customer, supplier, department, project, contract, and any other dimensions you are using.

Some of the challenges which have been solved by this Consolidation’s module include:

  • Time-consuming, manual, and error-prone processes.
  • Inability to operate in different currencies for different entities.
  • Unable to switch between local and consolidated views.
  • Inflexible, delayed, and manual reporting.

At a click of a button, the system can consolidate 3 different currencies into one single base currency, eliminate the inter-company entries, and post the adjustments.

How to navigate month-end like a pro in Sage Intacct

Control and Unify Your Fixed Assets

Sage Intacct’s Fixed Asset Management module gives you the control of your assets that is needed. You can report, forecast, and maintain assets right from your Sage Intacct instance.

Streamlined fixed asset management through automation of lifecycle:

  • Acquisition – streamline asset acquisition and recognise assets directly from invoice.
  • Depreciation – automated calculations for financial and tax depreciation, and recurring journal entries.
  • Reporting – reconcile net book values in minutes.
  • Disposal – improve accuracy with partial, complete, and mass disposal of assets.
  • Asset management – track warranty, service, and insurance information with reminder alerts.

Another cool feature with fixed assets is that you can actually take a picture of an asset (let’s say a laptop) before you send it wherever it needs to go, and if it’s given back to you with a broken screen or a missing key, you have the evidence against the product that it was given out in perfect condition but has returned damaged – so they can’t argue that it arrived in that condition!

How to navigate month-end like a pro in Sage Intacct

Remove Excel from Prepayments

Managing your Prepayment on spreadsheets can not only be time-consuming, but also carries a lot of risk.

Sage Intacct Prepaid Expense Amortisation module replaces spreadsheets with accurate, real-time reporting, which allows you to make informed decisions about your business, confidently.

You can streamline prepayments by:

  • Creation from a purchase invoice – tag an invoice with a prepayment to take away the hassle of creating or adding to a spreadsheet.
  • Automatic calculation – PEA creates a schedule with the amount required to post each month.
  • Control – review all postings at month-end to confirm before hitting the ledger.
  • Reconcile – create a report to give visibility of exactly what your prepayment balance is made up of.

How to navigate month-end like a pro in Sage Intacct

Conclusion

And that’s a wrap of our favourite tips and features to help with your month-end in Sage Intacct!

You can learn more about these features in-depth by watching our latest Sage Intacct customer-exclusive webinar titled ‘Navigating Month End and Year End in Sage Intacct like a Pro’. If you’re one of our Sage Intacct customers, you can watch the webinar on-demand whenever you like!

If you’re not a customer of ours, you can still enjoy some of our other free content that’s available on our website, such as our library full of free downloadable guides! You can also learn more about our Sage Intacct training courses as well as our support packages.

If you want to learn more about any of these modules and features in Sage Intacct, please reach out to the team. You can give us a call on 01824 780000, or email us at info@itassolutions.co.uk.

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