Enhanced interface

About reconciling in Sage Intacct

Learn about reconciling a bank account or credit card account in Sage Intacct.

When to reconcile

Most companies perform a reconciliation at the end of the month. However, you can match transactions throughout the month or even perform daily or "soft" reconciliations to help eliminate your month-end close. Users with the appropriate permissions can then finalize the reconciliation when all transactions are accounted for.

Before you finalize a reconciliation, make sure that all transactions are entered into Intacct and that all charge payoffs are completed.

Where to reconcile and entity restrictions

Where you reconcile an account depends on the following:

Whether the account was created at the top level or within an entity.
Whether there are restrictions set up for the account.
Notes
- To reconcile a restricted bank account, you must have restrictions that are equivalent to, or greater than, the restrictions on the account.
- Reconcile the account in the same entity in which it was created.
- To prevent users at the top level from viewing reconciliation histories, including outstanding items, for an account based on their entity location restrictions, configure Cash Management to Enable user entity restrictions for bank accounts.

Where the account was created	Solution
At the top level	Accounts created at the top level must also be reconciled at the top level. A user must have access to the top level to reconcile the account.
At the entity level	Reconcile the account within the entity in which it was created. If the account has restrictions, you can only reconcile if you have equal or greater entity restrictions than what's defined on the account record. For example, you want to reconcile Acme cheque account which was created in Entity 2. This account is restricted to Entity 1 and Entity 2. Jane has entity restrictions for Entity 1, Entity 2, and Entity 3. She can reconcile the Acme account because both have entity restrictions for Entity 1 and Entity 2.

Where the account was created

Solution

At the top level

Accounts created at the top level must also be reconciled at the top level. A user must have access to the top level to reconcile the account.

At the entity level

Reconcile the account within the entity in which it was created. If the account has restrictions, you can only reconcile if you have equal or greater entity restrictions than what's defined on the account record.

For example, you want to reconcile Acme cheque account which was created in Entity 2. This account is restricted to Entity 1 and Entity 2. Jane has entity restrictions for Entity 1, Entity 2, and Entity 3. She can reconcile the Acme account because both have entity restrictions for Entity 1 and Entity 2.

Separate tasks with permissions

Make sure that reconciliation tasks are delegated to the appropriate representative in your company with reconciliation permissions. For example, a bookkeeper has permissions to match transactions. A staff accountant reviews matched transactions and records the reconciliation. Finally, a controller views reconciliation reports.

To reopen a reconciliation and make changes, you need permissions for both Reopen and Report.

Reconciliation methods

There are three ways to reconcile an account.

Terminology

A transaction is considered Matched if the following conditions are met:

The transaction automatically matched against incoming data from an import file or bank feed using a rule set.
You manually matched an Intacct transaction and a bank transaction on the Match transactions page.
This functionality is only available when you’re matching a transaction from an import or bank feed.
You're reconciling against a physical bank statement (there are no bank transactions in Intacct to match against) and you manually select the Intacct transaction and then select Clear transactions on the account reconciliation page.
This cleared transaction is considered Matched when you filter for it on the reconciliation page. In register reports, the transaction displays as "Cleared" only after you finalize the reconciliation by selecting the Reconcile button. Until then, it appears as "In Transit". A transaction is considered Cleared on the Bank transactions list and in register reports only after you select Reconcile.

Start a reconciliation

Reconcile an account in the entity in which it was created. Depending on your company's configuration, there might be additional restrictions in place.

Go to Cash Management > All > Reconciliation > Bank or Credit card.

The Reconciliation popup window appears where you enter basic information about the account you want to reconcile.

If you're reconciling with an import file or bank feed, make sure you have an applied rule set for the account to determine how to match incoming transactions.

If you're reconciling an account for the first time, there are some extra steps to do that you will not have to do in later reconciliations. For example, you might need to enter initial open items.

Match (or clear) transactions

After you select the account to reconcile, you continue to the account reconciliation page. The default view on this page is unmatched Intacct transactions. However you can filter for more transactions.

If you're reconciling with an import file or bank feeds, a tab appears above the transaction table labeled Bank. Select this tab to view bank transactions. You can start matching from either tab; Intacct or Bank.

If you're reconciling with a physical bank statement (there are no bank transactions in Intacct), select the Intacct transactions and then select Clear transactions.

Watch a video about resolving unmatched transactions. Or, read about matching transactions.

Filtering and sorting

When you access the account reconciliation page all unmatched transactions appear. Use filters to find the transactions you need to complete your reconciliation. The most commonly used filters appear above the transaction grid so they’re immediately available and visible when you reconcile. For more granular filters like Payee and General Ledger posting date range, select Show more filters. Make sure to select Apply filters after you select your filter.

Select any column head to sort that column alphanumerically. Learn more about viewing transactions during reconciliation.

Create additional transactions

If your account is out of balance, you might need to create additional transactions within Intacct to complete the reconciliation. Depending on your permissions, you can create these transactions from different access points.

Use creation rules to create journal entries and credit card transactions in Intacct from bank data.

Foreign currency banks

Create or record transactions with your foreign currency bank only in that bank's currency. For example, with a Canadian bank you should generally transact only in Canadian dollars. This enables you to reconcile all transactions correctly to your bank statement.

If you accidentally enter a General Ledger journal entry to your Canadian bank account in a transaction currency other than Canadian dollars, that transaction will not appear for bank reconciliation. You’ll have to account for such a transaction manually in your bank reconciliation process.

Your bank might use an exchange rate that differs from how you record transactions in your accounting system. In this case, adjust the exchange rate differences by booking a GL journal entry for your bank reconciliation to complete your month-end bank reconciliation.

Change a closed reconciliation

You might need to change or correct a transaction error that's in a reconciliation that has already been closed. In this case, you need to reopen a reconciliation.

You need Cash Management permissions for both Reopen and Report for Reconcile bank or Reconcile credit card, depending on the account.