Month-end and year-end close checklists in Sage Intacct

The Sage Intacct advanced Checklist feature empowers accounting teams to streamline and standardize their month-end and year-end close processes, ensuring accuracy, accountability, and efficiency through organized categories, real-time statuses, and step-by-step task management.

What are Sage Intacct Checklists

Checklists are a powerful tool for accounting teams—especially during the busy month-end and year-end close cycles. Whether you’re a controller, CFO, or finance manager, having a structured, repeatable process helps ensure accuracy, accountability, and peace of mind. If you’re using Sage Intacct, you’ll be pleased to know that the platform offers a robust Checklist feature designed to streamline your close process. Below, we explore how to leverage Sage Intacct Checklists and provide step-by-step recommendations for effective month-end and year-end closes.

Intro to Sage Intacct Checklists

The Sage Intacct Checklist feature is far more advanced than basic task managers. You can organize your lists into categories such as Month End Close and Year End Close, and each checklist can have an overall status for quick visibility. Assignment categories and statuses like Not Started, In Progress, or Complete make it easy to filter your list views and dashboards, ensuring you always know what remains outstanding.

For monthly and annual closes, create separate checklist categories. Assignment statuses keep your team aligned and accountable as you move through your close process.

Month-end closing checklist for Sage Intacct

Here are the recommended steps for a smooth month-end close in Sage Intacct:

1. Review transactions

• Ensure all financial transactions for the month are recorded.
• Verify intercompany transactions if using the multi-entity feature.
• Tip: Use Sage Intacct’s GL Outlier Detection to catch errors and identify risks before transactions are approved.

2. Reconcile bank and credit card accounts

• Match Sage Intacct records with bank statements.
• Investigate and resolve any discrepancies.
• Tip: Connect your bank directly to Sage Intacct with the Bank Feed feature for continuous visibility.

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: Implement Click2Pay for convenient invoice payments.

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: Use 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: Automate inventory management with a barcode solution.

6. Fixed assets management

• Record any new assets purchased during the month.
• Adjust for depreciation.
• Tip: Implement Sage Intacct Fixed Assets to streamline this process.

7. Review and create journal entries

• Ensure all adjusting entries are made, including accruals or prepayments.
• Validate auto-posted entries.
• Tip: You can always re-open a period in Sage Intacct for late entries.

8. Generate financial reports

• Create preliminary income statement, balance sheet, and cash flow statement.
• Review for inconsistencies or unexpected results.

9. Check in on the budget

• Compare monthly expenses to your budgets.
• Review year-to-date figures.
• Tip: Use Sage Intacct Budgeting and Planning for added flexibility and control.

10. Review user access and permissions

• Ensure that only authorized individuals have access to Sage Intacct.
• Update permissions as needed.
• Tip: Assign permissions using user-based or role-based options in Sage Intacct.

Year-end closing checklist for Sage Intacct

The annual close is critical for compliance and business planning. Here’s a suggested year-end checklist:

1. Complete all month-end tasks

Ensure all monthly closure tasks are finished for the final period.

2. Reconcile all ledger accounts

Confirm balances match between subsidiary ledgers and the general ledger.

3. Tax preparations

• Gather and organize data for tax filings (sales tax, VAT, or other relevant taxes).
• Adjust for any year-end tax accruals.

4. Inventory year-end valuation

Review and adjust inventory values as needed for the year-end.

5. Review financial statements

Generate and analyze year-end income statement, balance sheet, and cash flow statement.

6. Year-end adjustments

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

7. Plan for the upcoming year

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

8. Document year-end processes

Maintain detailed records of procedures, decisions, and adjustments for transparency and future reference.

Next steps

Rand Group is dedicated to helping organizations maximize the value of their Sage Intacct investment. Our team of experienced consultants can assist with checklist setup, process optimization, and year-end best practices to ensure your close is efficient and accurate.

• Need help customizing your Sage Intacct close process? Contact Rand Group today for expert guidance.
• Explore our Insights for more tips and best practices on financial management and technology.
• Learn more about our services and solutions designed to streamline your accounting operations.

Reach out to Rand Group to discover how we can help you get the most from Sage Intacct and make every month-end and year-end close a success.