Streamline Bank Reconciliation with Sage Intacct Bank Feeds Creation Rules
Date:15/05/2024
Sage Intacct’s bank feed feature has revolutionized the process of downloading bank transactions directly into the bank reconciliation module. And with the addition of creation rules in R2 2022, this feature became even more powerful. In this blog post, we will guide you through the step-by-step process of setting up creation rules in Sage Intacct Bank Feeds, saving you time and eliminating traditionally tedious manual data entry during reconciliations.
Step 1: Confirm Permissions
First, ensure that you have the necessary permissions to set up and manage bank transaction rules — only admin users can complete this step. Once you’ve confirmed you have the appropriate access, navigate to your Company menu, select the Admin tab, and click on Roles. Locate the role you want to update and confirm that the following permissions are selected under Cash Management: Bank Transaction Rules (List, View, Add, Edit, Delete) and Bank Transaction Rule Sets (List, View, Add, Edit, Delete). Save the permissions and the role.
Step 2: Setup Journal Entry Transaction Template
Navigate to Cash Management > Setup Tab > Reconciliation txn templates > + Journal Entry. Fill in the required fields in the Transaction Template for Journal Entry, such as ID/Name, Description, Posting State (Draft or Posted), Journal, and Journal entry offset. Save the template when finished.
Step 3: Setup Creation Rule and Apply to a Rule Set
Navigate to Cash Management > Setup Tab > Reconciliation Rules > + Rules. Populate the rule details, including ID/Name, Filter Transactions by (data source, field, operator, value), Group by (document number or posting date), Transaction type, and Transaction template (created in the previous step). Save the rule when finished.
Next, navigate to Cash Management > Reconciliation Rules > Rule Set and either add a new rule set or edit an existing one. Enter a unique ID/Name for the rule set and select the Account Type (e.g., Bank). Click to select the rule previously created and prioritize the rules within the rule set, placing more specific rules first and more generic rules last. Assign the rule set to the relevant bank account(s) and save the rule set.
By following these steps, you can leverage Sage Intacct’s bank feed creation rules to automate bank reconciliation and eliminate manual data entry. This feature saves time, improves accuracy, and streamlines your financial processes. If you encounter any issues, remember to review and adjust your rules within the rule set. And that’s it! Now you can enjoy the benefits of a more efficient bank reconciliation process with Sage Intacct Bank Feeds creation rules.