Intacct Credit Card Reconciliation when using Expensify

Mikail
Mikail Approved! Accountant Posts: 14 Expensify Newcomer

Hello!

My name is Mikail and I have worked as an Accounting Software Consultant for 5+ years, recommending applications that focus on improving the technology stack for small to mid-sized businesses. I also implement the accounting software and configure most third-party integrations.

For years I have seen the difficulties of reconciling a credit card in Intacct when Expensify is connected and used for credit card expense management. When Expensify syncs credit card transactions into Intacct, it will ONLY sync the transactions using the TRANSACTION date - there is NO option to use the posting date. All of my clients reconcile against their credit card statement, which is always based on the posting date of the transaction. Although all of the expenses are pushed into Intacct, there are always discrepancies in the reconciliation because credit card expenses pushed into Intacct from Expensify often fall outside of the statement period. The only option to address this issue is to find the expenses that sync'd into the wrong statement period and manually update the date to match the posting date of the transaction on the credit card statement. I have clients with thousands of credit card transactions a month, so this becomes a huge task at month end. When a client starts to have high credit card transaction volume, I have no choice but to persuade my clients to use a different expense management system.

Expensify support has expressed that using the transaction date and providing no other option, is intentional. My last note from support regarding this issue was "We don't have any current plans to change this integration."

I am hoping that other Expensify/Intacct users out there are looking for a solution and maybe we can gain some traction through this discussion.


Please comment!! Thank you!

Mikail

Comments

  • SAOSBR
    SAOSBR Approved! Accountant Posts: 36 Expensify Admirer
  • Mikail
    Mikail Approved! Accountant Posts: 14 Expensify Newcomer

    Hi @SAOSBR!

    No, I have not received any help on this issue. Right now I am focusing on directing my larger clients over to Nexonia or Ramp which can sync transactions to the accounting software using the posting date. I'm not sure why Expensify thinks you reconcile credit card transactions by the sale date. If I'm onboarding a new client that has more than 300 credit card transactions a month, I will not implement Expensify.

    Are you experiencing similar issues?


    Mikail

  • Mikail
    Mikail Approved! Accountant Posts: 14 Expensify Newcomer

    @SAOSBR or anyone else have an idea how to export from Expensify to Intacct using the credit card transaction Posting Date?

    It seems unreasonable that Expensify would only allow exporting by the credit card transaction/sale date. This forces the reconciliation process to be time consuming and manual. The only work around I have right now is to manually edit all of the transactions that have a transaction date before the credit card statement start date and a posting date on or after the credit card statement start date. For one of my clients that means manually editing the date field in Intacct for 100+ transactions each month. Expensify has made the Intacct credit card reconciliation process extremely time consuming. I think Expensify is a great product overall and I want to keep these clients on Expensify, but I can't without a solution to this issue.


    @Sophie_Pinto @Sheena Trepanier @Stephanie Elliot @Maddy Lewis

    Any assistance would be greatly appreciated!

    Thanks!

    Mikail