Carlson Thought Leadership in Finance & Technology

How to Complete Your Year-End Checklist Using Sage Intacct

January 16, 2020 / by Mary Beth Gossart

ChecklistSage Intacct has made the closing procedures for year-end simple. To ensure a seamless transition into the new year, there are still a few factors to consider.

  • Have you created your new reporting periods?
  • Have you updated your Financial Statements for the new year?
  • Have you tidied up your Sage Intacct instance?
  • Have you updated any recurring entries?   
Reporting Periods

Reporting periods need to be added to the system to be available in reports, budgets, and pull-down lists. Sage Intacct only creates two years (current and forward one year) of reporting periods at a time, so it is important to make sure that periods needed for the coming year are created and ready to be used. If you are unsure whether your reporting periods have been created, you can check them by going to Reports/More/Reporting Periods.

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Create Reporting Periods

Go to Company/Import Data

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Under Set Up General Ledger Transactions, choose Default. This will create the next 12 months of reporting periods for you.

How to Update Financial Statements & Reporting Groups

If unique budget IDs are being utilized for each budget year (not recommended as it is not a best practice), each report that references your budget must be updated.

Check your reports to ensure they do not use absolute dates. All reports should be set to use dynamic date ranges such as “Current Year”, “Current Month”, etc.

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Time to Tidy Up Your Sage Intacct Instance

The year end is a great time to tidy up your Sage Intacct instance. It is necessary to keep data for historical purposes, but that doesn’t mean you need to clutter up your Sage Intacct views with outdated information. Changing the status of an item to Inactive will not only help you tidy up your Sage Intacct screens; it will also show you only pertinent data.

To deactivate a report, uncheck the box next to “This report is active.”

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To deactivate an account, department, vendor, customer, or item, just change the status to Inactive.

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How to Update Recurring Entry Schedules

Recurring transactions need to be updated for the new year to ensure they continue to run on schedule.

Recurring Journal Entries

Do you have questions about completing your year-end checklist using Sage Intacct? Our team of dedicated consultants is here to help make the process simple. Please contact us for more information!


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