CONFIGURE General Ledger In Sage Intacct

Question 1

Learning Activity 1
Verify the Accounting Method and Adjust General Ledger Configuration

Answer 1

To Verify, Go to:
GENERAL LEDGER > Setup > Configuration > Scroll under the Accounting Settings > Accounting Method Section > Record and report on > Select Accrual Only.

Scroll down to: Multi-Currency management Section, Check for Enable Multi-Currency subscription Field > Not Selected or leave unchecked.

Scroll down to Transactions Section and Set the following Field Values:
If posting transactions to a future period > Select, Allow and show warning.
Enable transaction allocation in journal entry > Not Selected.
Ignore closing rules for statistical entries > Selected.

Click on Save to save all the changes made.

Question 2

Learning Activity 2
Create a journal

Answer 2

Go to:
COMPANY > Setup > Configuration > Import Data > Scroll down to: Setup General Ledger transactions > Hover over Journal > Click on Default > Select Create > Select Done ✔️.

Create an Adjustment Journal, Go to:
GENERAL LEDGER > Setup > Journals > Adjustment > Select Add and set the following Field Values:
Symbol > ADJ
Title > Adjustment Journal.

Click on Save to save the changes made.

Question 3

Learning Activity 3
Enable Dimensions in the General Ledger

Answer 3

NB: Use the Entity Switcher to switch to the Top Level
Go to:
GENERAL LEDGER > Setup > Configuration > Scroll to Dimension Settings > Under the Column Enable put the tick on all appearing Applications. > Under the Enforce balancing, only put a tick on the Location Application.

Click on Save to save the changes.

Question 4

Learning Activity 4
Import General Ledger Chart of Accounts.

Answer 4

NB: The GL Chart of Accounts is imported or Added at the Top Level!

Use the Entity Switcher menu to swith to Top Level.
Go to:
COMPANY > Configuration > Import Data > Set up company master list > Scroll to Chart of Accounts > Select Import > Choose the File > Select the correct Date Format > Uncheck Process Offline > Type in your Email Address
Click on Import at the top right hand
Select Done ✔️.

On Chart of Accounts row > Select View in order to Verify the GL Accounts were imported correctly as they were on the Csv file.

Question 5

Learning Activity 5
Create a Journal Entry to test the Configuration.

Answer 5

Use the Entity Switcher to Go to E100-Keyword Email.
Go to:
GENERAL LEDGER > All > Journal Entries > Select Add > Set Field Values as:
Journal > GJ- General Journal
Posting Date > Today’s Date
Description > Testing Journal and Account Config > Scroll to Entries Section. Set these values :
In ROW 1:
Account > 8100-Interest Income
Department > 410-Finance
Location > 110-Downtown
Credit > 100

Row 2:
Account > 1099-Undeposited Funds
Department > 410-Finance
Location > 110-Downtown
Debit > 100

Select Post

Question 6

Learning Activity 6
Reverse the Journal Entry

Answer 6

Use the Entity Switcher to Go to E100-Keyword Email
Go to:
GENERAL LEDGER > All > Journal Entries > From the list of Journals displayed, Select the: General Journal > View Transactions > Select View next to the transaction to be reversed > Click on Reverse and set some Field Values:
Reversal Date > Today’s Date
Description > Reversed - Testing Journal and Account config. > Select Reverse.

To Verify if the Journal was surely reversed, Go to:
The Original Journal Entry > Select More Actions > View Audit Trail > Verify that the Journal Entry was Created, posted and then Reversed.
Select Done ✔️.
Select Done ✔️ once again.

Verify the Reversal Journal
Go to the:
Journal Entry List > Verify that both the Original Journal Entry and the Reversal Journal are displayed.

Question 7

Learning Activity 7
Create Attachment Sequence.
Create Attachments Folder.

Answer 7

NB: You Create the Attachment Sequence so that the System can auto-number Attachments.
Switch to the Top Level.
Go to:
COMPANY > Setup > Configuration > Company > Select Edit > General Information Tab > Global Settings Section > Attachment Sequence Type > Click on the drop down arrow > Click on Add > Set Field Values:
Sequence ID > Attachments
Sequence Type > Numeric
Numeric Sequence Length > 6
Fixed Prefix > Attach
Separator > -
Primary Sequence > 1

Click in any box and verify that the Next unused Sequence has picked correctly as: Attach-000001.
Select Save.
Select Save again.

Create an Attachment Folder.
Go to:
COMPANY > Setup > Storage > Attachment Folders > Select Add > Set Field Values as:
Name > Attachments
Description > Global Attachments Folder
Select Save.

Question 8

Learning Activity 8
Enable Inception to Reporting Periods.

Answer 8

This function is performed at the Top Level, therefore use the Entity Switcher to switch to Top Level.
Go to:
REPORTS > Setup > More > System Reporting Periods > At the top left corner Check ✔️ Include Inactive > Name Column > Search for Inception, Select the word Inception and press Enter.

Inception to Current Month > Select Activate > Select Activate > Select OK.

Inception to Date > Select Activate > Select OK.

Verify if the Inception Reporting Periods were Setup by, Go to:
GENERAL LEDGER > All > Reports > General Ledger > Reporting period fiels > Click on the drop down arrow > Ytpe “I” and confirm that Inception to Current Month and Inception to Date display in the list.