Sage Intacct Bank Feeds: Creation Rules

• November 1, 2022
• Ashley Klapperick

As of 2019, Sage Intacct released the ability to download bank transactions directly from your bank to Sage Intacct’s bank reconciliation. Throughout the last three years, this feature has seen many enhancements each quarter. As of R2 2022, Intacct has announced the addition of creation rules. If you’ve been taking advantage of the Sage Intacct Bank Feed feature, you know that you must have matching rules in place in order to match incoming bank transactions automatically. Intacct has extended the functionality allowing you to add a rule that creates journal entry transactions to match incoming transactions. In this post we’ll walk through the following:

1. Setting up a Transaction template for our Journal Entry
2. Create a creation rule to save you time and eliminate manual data entry when completing your reconciliations
3. Create/Assign a rule to a Rule Set and make sure your rules are prioritized with the most specific/complex rules first and more generic rules last.

Step 1: Confirm permissions (only admin users can complete)

• Navigate to your Company menu and select the Admin tab, click on Roles

• Locate the Role you need/want to update and click the Subscriptions link on the right across from the role.

• Locate Cash Management and click on Permissions on the right side of the screen

• Confirm the following permissions are selected:
  • Bank Transaction Rules: List, View, Add, Edit, Delete
  • Bank Transaction Rule Sets: List, View, Add, Edit, Delete

• Save the Cash Management permissions and then the Role

Step 2: Setup journal entry transaction template

• Navigate to Cash Management > Setup Tab > Reconciliation txn templates > + Journal Entry

• Populate the following fields in the Transaction Template for Journal Entry:
  • ID/Name: enter unique ID and brief name or the JE transaction template
  • Description: provide more details about what template is being used for
  • Posting State: select Draft or Posted
    • Draft transactions appear for reconciliation with a state of Draft matched
    • Posted will automatically post and match the transactions
  • Journal: select the journal you want the transaction to post to
  • Journal entry offset: select the account in which you want the entry to post and any dimensions per your company requirements

• Save when finished

Step 3: Setup creation rule and apply to a rule set

• Navigate to Cash Management > Setup Tab > Reconciliation Rules > + Rules

• Populate the following information in the rule:
  • ID/Name: enter a unique ID and name for the rule
  • Filter Transactions by: specify the data source, field you want the rule to validate, operator to take place on validation and value that is being validated
    • Add as many filters as needed to accommodate requirements for the transaction creation
  • Group by: group transactions by document number or posting date that may correspond with this one transaction
  • Transaction type: select the transaction you want to be created from rule
  • Transaction template: select the template you created in the prior step

• Save when finished
• Navigate to Cash Management > Reconciliation Rules > Rule Set > either Add new rule set or Edit existing rule
• In this example I’m going to add a New Rule Set, the following will be entered
  • ID/Name: unique Rule set ID and Name to distinguish from others
  • Account Type: Bank as I will be applying this rule set to my bank account
  • Select Rule: click to select the rule previously created

• In the pop-up window, select the rule(s) that you want to be included in the Rule Set.
  • Make sure to set more complex/specific rules first and more generic rules at the latter of the rule set

• Assign the Rule Set to bank account(s)

• Save the Rule Set

Now that you have your transaction template(s), rule(s), and rule set(s) set up and applied to bank account(s) watch the system work and automatically create and match transactions for you. If you run into issues, you may need to tweak your rules within your rule set. Make sure your filters are specific and make no spelling or specifics are miscoded or entered incorrectly.

What’s Next?

If you still run into issues or want more of a detailed guide view our webinar from Tuesday, October 25th.  During this webinar, we discuss and demonstrate how to set up transaction templates, rules and rule sets for bank feed transactions. If you registered for the event, you will receive an email with access to the PowerPoint presentation download and recording.

 

Tags: Automate Bank Reconciliation, Reconciliation Rules, Rule Sets, Cash Management | No Comments »