Cash in on Sage Intacct’s enhanced bank feeds and reconciliation

By - November 22, 2019

How excited should you be about one of the newest features of Sage Intacct? Imagine a game show contestant winning a huge prize or Oprah’s audience when everyone found out they were getting a new car. Yes, if you’re wondering, people really are that thrilled about the possibilities of Sage Intacct’s enhanced bank feeds and reconciliation, which was one of the biggest highlights of 2019 Release 3, and you should be, too.

Time to simplify bank reconciliation

When you subscribe to the Banking and Payment Cloud, your bank account information can be downloaded straight into Sage Intacct. In fact, as transactions are automatically imported into Sage Intacct, they can be matched, reconciled and approved effortlessly. You can perform soft reconciliations every time you pull in new banking information, even setting up the system to do daily reconciling for greater everyday cash insight.

Using bank feeds will make your monthly close process much easier. Since all your banking details will be readily available, you won’t have to painstakingly reconcile each transaction by hand at the end of the month.

In addition to the new bank feed feature, the existing bank reconciliation process in Sage Intacct was enhanced in 2019 Release 3. You can choose to match bank feed transactions by date, amount or document number. You can also find partial matches, that is, multiple transactions that add up to a listed total. To help you find transactions more easily, you can filter headers on the reconciliation and match screens.

How to enable bank feeds

Account information from more than 10,000 banks in the U.S. can be linked to Sage Intacct. In addition, international coverage will be increasing in the near future.

The bank feed feature made its debut with 2019 Release 3 and will be rolling out gradually. Users who signed up to be early adopters get to use it first. It should be accessible to all companies by mid-October 2019.

Once the feature has been made generally available, you can enable bank feeds by first subscribing to Banking and Payment Cloud. You’ll need to have admin access to update your subscriptions. You can also select which users should have bank feed permissions. Then, on the checking account or savings account information pages, you can authorize each account that should connect to bank feeds. If you don’t see your bank’s name among the popular options listed, you can type it in to search for it.

Most companies will link to their banks indirectly, so when you connect your bank and Sage Intacct, you will see the connection immediately. If your company’s bank requires a direct connection, you will see an “authorization required” message instead. If you see that alert, you will need to fill out a permission form that allows your company’s financial institution to share information with Sage Intacct.

When your banking account has been added to Sage Intacct, you will choose a start date and information will be pulled from that date on. A start date 30 days prior to the day you set up bank feeds is recommended, though you can pull over less information by putting in a more recent date. To start with, Sage Intacct does not recommend bringing over more than 30 days of data, because there is no guarantee your bank will support sending information from longer than a month ago.

Want to experience the excitement of Sage Intacct’s new bank feed feature for yourself? Set up a time to talk with an RSM expert about how your company can take advantage of this tool to save time every day and at the end of the month.

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