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Year End in Sage Intacct

In Business Management Software, Sage Intacct by Nathan Davies

Reading Time: 4 minutes

Year-end can be a stressful time of year for everyone involved. Your finance system can often add to this problem. This blog should clear up any doubt that Sage Intacct can help ease the burden and keep you organised.

Virtual Close

Usually, with Finance systems, a big part of the system takes care of is closing down the profit and loss balances into your retained earnings account. This is a process that happens on a rolling basis in Sage Intacct. This means that depending on how you run your reports, your account balances will appear as if they already been cleared down. Below is from the Help & Support site to help define it:

“Sage Intacct has a virtual close, so it will virtually move your profit and loss balances into your retained earnings, how many months it moves depends on the reporting period you select when running the report.

For example, if you were to run the TB in November with a Jan – Dec financials year:

Reporting Period in Financial Report is Current Month = Retained earnings would be a sum of all income statement accounts from 01/01/2020 – 31/10/2020 

Reporting Period in Financial Report is Current Quarter = Retained earnings would be a sum of all income statement accounts from 01/01/2020 – 30/09/2020

Reporting Period in Financial Report is Current Year = Retained earnings would be a sum of all income statement accounts from 01/01/2019 – 31/12/2019″

To get the figures you require, always use reporting period Fiscal – Current YTD so that it runs for your financial year, not just calendar year.

Sage Intacct Year-End Process

1. Create a Checklist

The checklist can outline the steps involved to complete year-end. This can be all held within Sage Intacct (outlined below).

2. Close the subledgers (AP/AR> Books> Close to end of financial year)

Close each of the subledger to prevent users from posting to the period. The subledger can be open and close independently.

3. Reconcile the subledgers

Accounts Payable> Reports> AP Ledger.

Top Tip: When running subledger reports be sure to select “Based on GL Posting date. Ensure you have set the reporting period to Fiscal – Current YTD and set the as of date to the final day of the year.

5. Reconcile the bank

Cash Management> Reconciliation> Bank. Be sure that you have the most efficient matching attributes to make use of auto-match effectively.

6. Make accruals and Adjustment Journals

7. Run Financial Reports

8. Close General Ledger


Make it easier with Sage Intacct

Memorized Journals

Within Sage Intacct, you can set up memorized journals that can act as a template. Setting up the template can be key as it can reduce data entry down to only having to populate the values of debits and credits by prepopulating the accounts, description and dimensions for you. However, these values can be overwritten or changed if need.

Reporting with Period Comparisons

Within Sage Intacct, reports can all have clear period comparisons to allow you to better see any accounts that do not look right. Sage Intacct can take it one step further and add colour or graphic indicator to give you areas to investigate. Sage Intacct as standard has drill-down capabilities to help you navigate through the transactions much quicker than having to run multiple reports.

Check Lists

A brand new feature that users may not have come across is the introduction of Checklists in the R1 2021 release. Checklists allow you to assign different processes to different users in the system. Each “Assignment” (as it is called within Sage Intacct) can allow for the user to update its statuses in relation to where they are up to in relation to the task, users can also set a percentage complete on their Assignment which can give clear visibility of how things are going. Each assignment is given an estimated start and end date to ensure deadlines are met. This feature can certainly keep year-end organised and define everyone’s role to get it done.

An advantage of the checklist is it can be saved in the system and you can better estimate how long it is going to take the next time, perhaps provide more resource to areas that did not meet due dates.

Dashboard

When performing year-end, visibility can be key. The above can be easily added to a dashboard to give a full overview of the assignments on the checklist or have the reports required all in one place with a set of memorized filters. Dashboards can seem daunting, but not too worry – if this is something that could be of use, we can provide training to enable you to create or create what you require.

Conclusion

I hope this helps you understand how the year-end process works in Sage Intacct and guides you through the process with ease. If you need any help or support with any processes in Sage Intacct please don’t hesitate to reach out to us, you can get in touch with us here, or call us on 01824 780000 or email us at info@itassolutions.co.uk

If you haven’t already got Sage Intacct and were just curious how the year-end process works within the software, we have a wide range of resources that you may find useful if you’re looking to learn more about Sage Intacct. You can access on-demand Sage Intacct webinars and demos here, take a tour of Sage Intacct here, or learn more about the product here.

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