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The Ultimate Month-End Checklist for Sage Intacct Users

by Umar Hassan
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In this article, we run through a helpful guide on how to use Sage Intacct‘s month-end checklist function to simplify the month-end close procedure and make it less hectic and more effective for medium-sized businesses.

If you don’t know it already, Sage Intacct is cloud-based accounting software that allows you to streamline the month-end close process, making it less chaotic and more efficient for medium-sized companies.

So, in order to streamline the month-end close process using Intacct’s month-end checklist feature, focusing on reconciliations, journal entries, financial reporting, and task assignments, we’ve created this handy checklist you can follow:

1. Set Up Month-End Checklist

1.1.Create Checklist Categories: Organise your checklists into categories such as ‘Month End Close’ to make them easier to find.

Define Checklist Status: Use statuses like ‘Not Started’, ‘In Progress’, and ‘Complete’ to communicate the progress of the checklist.

Assign Checklist Ownership: Assign an owner to each checklist to ensure accountability.

Use Assignment Categories: Create views for different users, such as AP, AR, GL, and CM, to tailor the checklist to specific department needs.

2. Reconciliations

2.1. Bank and Credit Card Reconciliations: Match Sage Intacct records with bank statements and resolve discrepancies.

2.2. Sub-Ledger Reconciliations: Ensure that AP and AR ageing reports reconcile with the general ledger.

Other Reconciliations: Reconcile prepaids, fixed assets, work in progress, and any deferred revenue accounts.

3. Journal Entries

3.1. Review Transactions: Ensure all financial transactions for the month are recorded and intercompany transactions are executed correctly.

3.2. Post-Adjusting Entries: Make necessary accruals, deferrals, reversals, and other adjustments.

3.3. Automate Recurring Entries: Utilise Sage Intacct’s automation features for recurring journal entries to reduce manual work.

4. Financial Reporting

4.1. Generate Preliminary Reports: Create income statements, balance sheets, and cash flow statements.

4.2. Review for Inconsistencies: Investigate any unusual changes or results.

4.3. Budget Comparison: Compare actual expenses to budgeted figures and review year-to-date performance.

5. Task Assignments

5.1. Assign Tasks: Use the checklist feature to assign specific tasks to team members with clear deadlines.

5.2. Monitor Progress: Utilise dashboards to monitor the status of tasks and ensure they are moving forward.

5.3. Collaborate: Add a collaboration feed to the dashboard to communicate with team members and address any issues.

Additional Tips

Dashboard Integration: Add components like ‘Closed Thru Summary’ to your dashboard for quick access to close period windows.

Automated Consolidations: Use Sage Intacct’s capabilities to perform consolidations, reducing the manual effort required.

Visibility and Control: Customise the close process and maintain oversight while leveraging automation.

Continuous Improvement: Regularly review and optimise the checklist and closing procedures to enhance efficiency.

By following these steps and utilising Sage Intacct’s checklist feature, medium-sized businesses can achieve a less chaotic and more efficient month-end close process. The key is to set up a structured system that leverages automation and clear task assignments, ensuring that all critical aspects of the close process are addressed in a timely and accurate manner.

How to customise a month-end checklist in Sage Intacct

In addition to the above, you might want to customise a month-end checklist in Sage Intacct. So we’ve included a quick guide. It involves several steps, including creating a new checklist, adding or removing items from an existing checklist, assigning checklist items to specific users, and setting up checklist statuses.

You can do this by doing the following:

Navigate to Checklists: Go to Company > All > + Checklists.

Fill in General Information:

  • Checklist Category: Select ‘Month-End Close’
  • Checklist Status: Choose ‘Not Started’
  • Checklist Name: Enter a name, e.g., ‘March 2024 Close’
  • Checklist Owner: Assign an owner

Add or Remove Items from an Existing Checklist

Editing Checklist Items: To add or remove items, you would typically access the checklist you wish to modify, then use the edit function to add new tasks or remove existing ones. While specific steps for adding or removing items are not detailed in the provided sources, the process generally involves navigating to the checklist details and using the interface options to manage tasks.

Assign Checklist Items to Specific Users

Assignment Categories: Utilise assignment categories to create different views for various users, such as AP, AR, GL, and CM. This allows for a tailored checklist that shows only relevant tasks to a specific manager or department.

Use of Assignment Status: Assignment statuses like ‘Not Started’, ‘In Progress’, and ‘Complete’ can be used to track the progress of tasks. These statuses help in assigning and monitoring the completion of checklist items.

Set Up Checklist Statuses

Defining Statuses: When setting up or editing a checklist, you can define its overall status (e.g., ‘Not Started’, ‘In Progress’, ‘Complete’) to communicate the progress of the entire checklist to the team. This status can be updated as work on the checklist progresses.

Additional Tips for Customisation

Customise Assignments View and Add to Dashboard: For easy accessibility, customise the assignments view to filter tasks based on categories and statuses. Then, add this view to your month-end close dashboard. This ensures that each team member can easily see their tasks and the current status of the month-end close process.

Collaboration Feed: Consider adding a collaboration feed to the dashboard to facilitate communication among team members regarding the checklist items. This can be useful for asking questions and resolving issues quickly.

By following these steps, you can effectively customise a month-end checklist in Sage Intacct to suit your business’s specific needs, making the month-end close process more organised and efficient.

These are just some of the things that Sage Intacct can do to help your business become more efficient and at the same time, reduce manual errors.

We at Itas Solutions are an Intacct partner that can help you get the most out of Intacct. Our team at Itas Solutions possess a huge amount of experience with Sage Intacct, ensuring that we understand the platform inside and out. This expertise is critical for a smooth and efficient implementation process, as well as for customising the software to fit your unique business needs.

Who Are Itas Solutions?

Itas Solutions in the UK is a multi-award-winning company that specialises in providing Sage accounting software solutions.

We focus on delivering comprehensive support and services for various Sage products, including Sage Intacct, Sage 200, and Sage 50. We pride ourselves on being a trusted partner for businesses seeking to implement or enhance their accounting software systems.

Our dedication to excellence in the field of financial transformation consultancy and Sage technologies is further highlighted by its recognition as a multi-award-winning Sage Partner. 

We offer a blend of transformation consultants and technical experts to assist businesses in optimising their financial processes through the effective use of Sage software.

If you would like to discuss this more and how we can help you, then call us on +441824 780 000 or email us at [email protected]

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