Reconcile an account for the first time
Related information
Related topics
Learn how to reconcile an account for the first time and what the AUTO ENTRY and AUTO CONTRA fields mean. You might have transactions from another system that need to be accounted for. You can enter these as initial open items.
Before you begin
Before you reconcile for the first time, make sure you have the following taken care of:
Learn about the necessary Cash Management permissions that you need to enable to match transactions and perform a reconciliation.
To make sure all transactions, including journal entries created in the general ledger, are pulled in to the reconciliation, identify the GL account for the bank or credit card account.
Go to the account record page to find this information.
Rules determine how incoming transactions match to your existing Sage Intacct transactions. You can also use rules to create additional transactions for reconciliation. Rules are contained within a rule set that's then applied to the account.
Learn more about rules and rule sets.
Have the following information on hand before you reconcile:
- Statement ending date.
- Statement ending balance.
-
Beginning balance cut-off date.
This is usually the day before the first day of the statement period. For example, if the first statement you’re reconciling is for the period 5/1–5/31, then the Beginning balance cut off date is 4/30.
- Any supporting documents.
Initial open items consist of outstanding checks, deposits, or other transactions that had not cleared the bank when you last reconciled the account, but that were included in your opening GL balances in Sage Intacct.
Reconcile an account for the first time
-
Go to Cash Management > All > Reconciliation > Bank or Credit card.
- Select the Account to reconcile.
-
Enter the Beginning balance cut-off date.
This is the usually the day before the first date of the statement period.
-
To enter transactions from a previous system, select Initial open items.
These are transactions that have a date before the beginning balance cut-off date.
Initial open items have no effect on the General Ledger.
- Enter the Statement ending date and the Statement ending balance.
- Select Continue.
-
In the transactions table, you see two entries:
AUTO ENTRY: The beginning balance, which consists of the sum of the account's GL transactions up to the beginning balance cut-off date.
This number should equal the ending balance on the General Ledger as of the Beginning balance cut-off date.
For example, the Beginning balance cut-off date is April 30. The amount of the AUTO ENTRY equals the ending balance of the GL as of April 30. This establishes a beginning balance for the reconciliation and clears all transactions on the GL for this bank before the statement period.
AUTO CONTRA: Appears if you entered initial open items. This is the net total of your initial open items and provides the offset to outstanding item records.
- Select these transactions and select Clear transactions.
- Continue reconciling the account by matching transactions and creating additional transactions, as necessary.
- When the Amount to Reconcile is zero, select Reconcile.
