We always look forward to new releases of Sage Intacct, as each one adds a tremendous amount of functionality—sometimes in the form of tiny tweaks and sometimes in the form of big, process-enhancing changes. The new Bank Feeds feature is one of the latter—it’s a big deal. Customers who signed up as early adopters have already caught a glimpse of it in Release 3, and the feature will be available to all users by mid-October. What’s so special about Sage Intacct Bank Feeds? We’re glad you asked.
Bank feeds are a quick connect feature to your bank
Bank feeds are a way to connect your accounting application to your financial institution so that you can download transactions and more quickly match them as part of the reconciliation process. Sage Intacct now supports bank feeds, allowing you to directly connect to thousands of U.S. banks, bring in transaction data and perform “soft” reconciliations as often as you wish—even daily. The result is a much more accurate picture of your organization’s financial standing along with much less work at month end.
Sure, you may have been doing something like this already, but it likely involved exporting a file from your bank, doing a bit of manipulating and importing it into Sage Intacct. Not anymore.
Sage Intacct makes it easy
After a quick configuration process, you’ll be set to bring your transactions into reconciliation where they are auto-matched, saving you valuable time and making your month-end reconciliation process faster and easier. You choose which field(s) to match on, including: date, document number and amount. Any unmatched transactions flow into the Bank Transactions page where you can receive a payment against a customer’s invoice. Refresh the feed at any time so you’re always working with the most current transactions.
- You’ll need to subscribe to Banking and Payment Cloud.
- Some banks require addition permission forms, but most do not.
- You’ll need to be running the Action UI to take advantage of Bank Feeds, but honestly, you should be running it already.
So, could Bank Feeds actually make bank reconciliations fun? We can’t make any promises regarding fun, but we can assure you it will make them much faster and easier. See the new Bank Feed functionality in action by attending our free webinar on November 7, 2019. Register here. Of course, you can also contact us with any questions you have about your Sage Intacct solution.