5-Minute Guide to Reconciliation in Sage Intacct

Reconciliation 101

Payment reconciliation is a crucial step in the accounting process, ensuring company accounts are up to date and helping to uncover fraud, errors, and outstanding balances. Reconciliation gives you a comprehensive view of your company’s financial health, so you can forecast your cash flow and make insightful, strategic financial decisions.

Unfortunately, reconciliation as a manual process is a time-consuming headache, eating up time that could be better spent on more high-level projects. Accounting departments spend 36 hours manually reconciling payments monthly, adding up to 432 hours or 18 days yearly.

That’s where Paystand’s Sage Intacct integration comes in.

Our integration delivers a headache-free reconciliation process with automated cash application and deposit reports. Everything integrates into your Sage Intacct Dashboard, so you always have a real-time view of your finances.

A step-by-step guide to reconciliation in Sage Intacct

Here’s how to reconcile payments in Sage Intacct in seven short steps.

1. Empty your available funds balance by going to transactions → withdrawals in your Paystand Dashboard.

2. Select the subsidiary connected to your Paystand Dashboard from your Sage Intacct Dashboard.
Navigate to cash navigation → checking. A table will open up.
Select the checking account connected to your Dashboard and click “Reconcile” on the same row.

(Tip: If you need help deciding which checking account to select, contact Paystand Support!)

3. Enter your bank statement’s ending date and enter any number on the “Statement ending balance” field (we will come back to this!), and click “Continue.”

4. Scroll to the bottom of the page, where you’ll find a table with a list of filters above it. Select “All” for all filters, and hit “Apply Filters” on the right side of the screen.

5. Select all items in the table and click “Match Transactions.”

6. At the top of the page, copy and paste the “Book Balance” amount into the “Statement Ending Balance” field and hit “Continue.”

7. The amount to reconcile should now equal 0. Click on the “Reconcile” button at the top of the page.

And you’re done with reconciliation!

Improving reconciliation

Digitized, automated reconciliation allows you to slice your closing time in half. Free up your AR stuff for more strategic tasks that help to grow and scale the business.

Our Sage Intacct integration allows you to breeze through reconciliation while also realizing these key benefits:

• Speedier fraud detection — Software can flag mismatched records in the blink of an eye, allowing your finance team to detect and handle fraud more efficiently.
• Saving BIG on time and money — Automation relieves your finance team of manual labor that eats up their time. You can focus on strategic planning while saving on the human work you'd otherwise spend on rote tasks.
• Faster collections and financial closing — Automation eliminates reconciliation errors and manual tasks, taking your month-end close time from weeks to days.
• Growth and scalability — Automation enables you to scale your payment reconciliation processes more efficiently as the company expands and additional income streams and payment methods are added.
• Increased clarity and transparency — Automated payment reconciliation takes the guesswork out of financial forecasting, giving you real-time visibility through built-in and customizable dashboards, graphs, reports, and charts.

Paystand + Sage Intacct = painless AR

To learn more about how our Sage Intacct integration makes AR so easy it almost feels like cheating, download your free copy of our ebook.