Sage Intacct Tips & Tricks: Using the Vendor/Customer Reconciliation Feature

Reconciling payments and bills can be a time-consuming process, often requiring manual review of individual transactions to determine which payments correspond to specific charges. Sage Intacct’s vendor and customer reconciliation feature streamlines this workflow by allowing users to efficiently match payments and credits to associated bills in Accounts Payable and invoices and receipts in Accounts Receivable. This functionality is particularly beneficial for businesses managing recurring charges or payments spread across multiple periods.

  With the reconciliation report, users gain immediate visibility into how payments and credits relate to outstanding charges—eliminating the need to examine each bill or invoice separately.

Setting Up the Vendor Configuration

1. Navigate to Accounts Payable > Setup > Configuration.
2. Click edit.
3. Scroll down to the Document sequencing section.
4. Check the “Enable vendor reconciliation” check box.
5. Set up or select an AP match sequence from the drop-down menu (note that there is no red asterisk, but it is required).
6. Click save.
7. Assign permissions for the Vendor reconciliation report to users.

Creating the Vendor/Customer Auto-Match Sequence

The next step is to create an AP Match Sequence. These are alpha sequences used in the vendor reconciliation report, which show the relationship between bills and the credits/and or payments applied to them.

1. Navigate to Company > Setup > Settings and select the "plus" icon next to Document sequences.
2. Enter the required fields and any other information that you want to include in your sequence. Required fields include:
   • Sequence ID (cannot be changed after saving)
   • Sequence name
   • Sequence status
   • Sequence type > Select Alpha
   • Primary Sequence
     • Enter "a". This is the initial value that Sage Intacct will use for the matching code. The second sequence is b, the third c, and so on. After the sequence increments to z, the next sequence will be aa.
   • Next primary sequence (automatically generated but can be edited)
3. Select Save.

Running the Vendor Reconciliation Report

1. Navigate to Accounts Payable > All > Reports > Vendor Reconciliation.
2. Run as you would a ledger or aging, but also add the match statuses you would like to include.
3. Click View.
4. Notice the match sequence of letters next to certain payments and charges

(Click on the picture above to view in a new tab.)

Running the Customer Reconciliation Report

1. Navigate to Accounts Receivable > All > Reports > Customer Reconciliation.
2. Run as you would a ledger or aging, but also add the match statuses you would like to include.
3. Click View.
4. Notice the match sequence of letters next to certain payments and invoices.

Looking for More on Sage Intacct?

For more helpful tips and tricks about Sage Intacct, subscribe to our blog and stay up-to-date with our latest tutorials. We're dedicated to providing valuable resources for businesses looking to optimize their financial management with Sage Intacct.

Check out these blogs to help get you started!

How to Process Credit Card Transactions
How to Reconcile Bank Transactions Using Import Templates
Creating Expanded Columns and a Summary for Reports