Deep Dive: Expensify Card and Sage Intacct Auto-Reconciliation
If you are using both Sage Intacct and the Expensify Card, we will automatically reconcile your expenses daily in Sage Intacct!
- First, go to your group policy that is connected to Sage Intacct and click on Configure under Connections > Sage Intacct. On the Export tab, make sure that you have selected a specific entity. In order for Expensify to create the liability account, you need to sync at the entity level (for multi-entity environments).
- Also on the Export tab, ensure that the user selected as the Preferred Exporter is a policy admin with an email address that belongs to the domain that you will be using for the Expensify Cards, e.g., if your domain is company.com, your Preferred Exporter's email address would need to be firstname.lastname@example.org.
- Next, head to the Advanced tab and ensure that Auto-Sync is enabled.
- Now, head to Settings > Domains > Company Cards > Settings. Use the dropdown menu next to "Preferred policy" to select your group policy that is connected to Sage Intacct and has Scheduled Submit enabled.
- In the dropdown menu next to "Expensify Card reconciliation account", select your existing Sage Intacct bank account for that you use for daily settlement. This account will need to be the same account that you set in the next step.
- In the dropdown menu next to "Expensify Card settlement account", select your daily settlement business bank account (shown in Expensify under Settings > Account > Payments).
- Next, use the dropdown menus to select your cash-only and accrual-only journals. If your organization is cash-only, or accrual-only you can use "No Selection" for the journals as necessary. If your organization is cash-and-accrual, please select both a cash-only and an accrual-only journal. Be sure to save your settings!
How this works with Daily Settlement:
- After the card is set up and the first auto-sync runs, we will create the Expensify Card Expensify Clearing Account within your Sage Intacct general ledger. After the first card transaction is exported, we will create a Liability Account.
- In the same sync, if there are newly posted transactions from your Expensify Cards, we will then create a journal entry with the total of all posted transactions for the day. This journal entry will credit the business bank account (set in Step 4 above) and debit the new Expensify Clearing account.
- Once the Expensify Card transactions are approved in Expensify, the report will be exported to Sage Intacct with each line as individual credit card expenses, and an additional journal entry will be created that credits the Expensify Clearing Account and debits the Expensify Card Liability Account.
How this works with Monthly Settlement:
- After the first export of a card transaction, Expensify creates a Liability Account in Intacct (but no clearing account).
- Each time monthly settlement occurs, Expensify takes the total amount or purchases since last settlement and creates a Journal Entry that credits the settlement bank account (GL Account) and debits the Expensify Liability Account in Intacct.
- When expenses are approved and exported to Intacct, Expensify credits the Liability Account and debits the correct expense categories.
- How-to: Select your Expensify Card Reconciliation Account
- FAQ: Accounting Integration not syncing, how will this affect auto-reconciliation?