Month End & Year End Close Checklists in Sage Intacct

Ah, the checklist. That humble list of tasks, often overlooked and underappreciated—but oh so handy! I mean, really, who doesn’t like to tick off a few boxes during their workday?

Here, we’ll take a quick look at the Sage Intacct Checklist feature and then dive into the steps we encourage you to include in your own Sage Intacct Month-End Close and Year-End Close checklists. There are even a few bonus tips thrown in for good measure. 

Watch the on-demand webinar: Improve Month End with Sage Intacct Checklists

Intro to Sage Intacct Checklists

The Sage Intacct Checklist feature is leagues above the Microsoft Outlook Tasks function. You can organize your lists into categories—think Month End Close and Year End Close. Plus, checklists can have an overall status so you can see at a glance which lists have been completed and which still have open items. There are also assignment categories and assignment statuses.

Since we’re on the topic of month-end and year-end close checklists, you could use a category representing each. Assignment statuses are cues like Not Started, In Progress, or Complete. Categories and statuses help you filter your list views and dashboards to quickly see what assignments remain open. 

Month-End Closing Checklist for Sage Intacct

Let’s dive into a list of the recommended steps you take when performing month-end close in Sage Intacct. 

1. Review Transactions

    • Ensure all financial transactions for the month are recorded.
    • Verify intercompany transactions have been executed correctly if using the multi-entity feature.
    • Tip: Sage Intacct uses GL Outlier Detection to catch errors and identify potential issues and risk before a transaction is approved.

2. Reconcile Bank and Credit Card Accounts

    • Match Sage Intacct records with bank statements.
    • Investigate and resolve any discrepancies.
    • Tip: Consider connecting your bank directly to Sage Intacct with the Bank Feed feature.

3. Accounts Receivable

    • Check outstanding invoices and follow up on overdue amounts.
    • Record any necessary bad debt provisions.
    • Ensure balance in GL matches subledger balance.
    • Tip: Consider implementing Click2Pay to provide a convenient way for customers to pay your invoices.

4. Accounts Payable

    • Ensure all bills received during the month are entered and posted.
    • Schedule or initiate any pending payments.
    • Ensure balance in GL matches subledger balance.
    • Tip: Consider incorporating an AP automation tool to speed and secure processing.

5. Inventory

    • Reconcile inventory quantities in Sage Intacct with physical counts.
    • Adjust any variances and investigate significant discrepancies.
    • Tip: Consider automating inventory management tasks with a barcode solution.

6. Fixed Assets Management

    • Record any new assets purchased during the month.
    • Adjust for depreciation.
    • Tip: Consider implementing Sage Intacct Fixed Assets to speed and simplify this process.

7. Review and Create Journal Entries

    • Ensure all adjusting entries are made, such as accruals or prepayments.
    • Validate auto-posted entries.
    • Tip: Remember, in Sage Intacct, you can always re-open a period if you need to make a late entry.

8. Generate Financial Reports

    • Create preliminary income statement, balance sheet, and cash flow statement.
    • Review for any inconsistencies or unexpected results.
    • Tip: Check out this Sage Intacct Reporting & Dashboards video to learn how to take your report writing skills to the next level.

9. Check In On the Budget

10. Review User Access and Permissions

    • Ensure that only authorized individuals have access to Sage Intacct.
    • Update permissions if necessary.
    • Tip: Remember that Sage Intacct has two options for assigning permissions: user-based and role-based.

Year-End Closing Checklist for Sage Intacct

Next, here’s a suggested list of steps to take when performing year-end close in Sage Intacct. 

1. Complete All Month-End Tasks

Ensure the month-end closure tasks are complete.

2. Reconcile All Ledger Accounts

Ensure balances match between subsidiary ledgers and the general ledger.

3. Tax Preparations

  • Gather data for tax filings, including sales tax, VAT, or other relevant taxes.
  • Review and adjust for any year-end tax accruals.

4. Inventory Year-End Valuation

Review inventory values and make necessary year-end adjustments.

5. Review Financial Statements

Generate and review year-end income statement, balance sheet, and cash flow statement in detail.

6. Year-End Adjustments

Record any year-end adjusting entries, such as asset write-downs or year-end bonuses.

7. Plan for the Upcoming Year

  • Update budget figures in Sage Intacct for the following year.
  • Review and adjust dashboard metrics or KPIs as needed.

8. Document Year-End Processes

Keep detailed records of year-end procedures, decisions, and adjustments. This aids in transparency and guides future year-end closures.

Contact us if you have questions about Sage Intacct Checklists or other features so you can get the most from Sage Intacct.