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Deep Dive: Expensify Card and Sage Intacct Auto-Reconciliation

Mark Louis
Mark Louis Expensify Team Posts: 143 Expensify Team
edited April 9 in Deep Dive Docs

If you are using both Sage Intacct and the Expensify Card, we will automatically reconcile your expenses daily in Sage Intacct!

Initial setup:

  1. 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).
  2. 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 email@company.com.
  3. Next, head to the Advanced tab and ensure that Auto-Sync is enabled.
  4. 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.
  5. 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.
  6. In the dropdown menu next to "Expensify Card settlement account", select your daily settlement business bank account (shown in Expensify under Settings > Account > Payments).
  7. 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 it works:

  1. During the very first sync after the card is set up, we will create the Expensify Card Liability Account and the Expensify Clearing Account within your Sage Intacct general ledger.
  2. In the same sync, if there are pending transactions from your Expensify Cards, we will then create a journal entry with the total of all pending 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.
  3. Once the Expensify Card transactions post and the expense report is 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.

Example:

We have card transactions for the day totaling $2.00, so we create the following journal entry:

The current balance of the Expensify Clearing Account is now $2.00.

The transactions post in Expensify and the expense report is final approved. In this example, we have two $1.00 Expensify Card transactions on our expense report. We now create a journal entry per line item on the expense report:

Each journal entry credits the Clearing Account and debits the Liability Account. The Clearing Account has a $0 balance.

An additional journal entry credits the Liability Account and debits the expense category (GL account) coded to the Expensify Card transactions:

The Liability Account has a $0 balance.

This process will occur daily during the Sage Intacct Auto-Sync to always keep your card reconciled.


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