Meru Accounting

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HOW TO ?

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General FAQ's

  • How to enable multi-currency function in QBO?
    1. Head to the Gear icon, then select Account and settings.
    2. Choose Advanced and go to the Currency section.
    3. Click on the pencil icon to edit.
    4. Select your currency from the Home Currency dropdown.
    5. Toggle on the Multicurrency switch, then confirm.
    6. Select Save and Done.
     
  • How to generate/see profit & loss account and balance sheet in QBO?
    1. On the left of your QuickBooks Online (QBO), click  Reports .
    2. Select the  Profit and Loss  Detail/Balance sheet Detail  report under the  Business overview  section.
    3. Modify the reporting period to a specific month/year.
    4. Click  Run report .

  • How to do Bank Reconciliation in SAGE INTACCT ?
    Bank reconciliation in Sage Intacct is a process of ensuring that the company's bank account balances match the transactions recorded in the accounting software. It helps identify any discrepancies between the actual bank records and your company's financial data, such as missing transactions, errors, or unrecorded fees.

    1. Set Up Bank Accounts
    • Navigate to the Cash Management module: Go to the Cash Management tab in Sage Intacct.
    • Set up the bank accounts you wish to reconcile (if they are not already set up).
      • To do this, go to Cash Management > Bank Accounts and create a bank account, linking it to the correct GL account.


     
    1. Import Bank Transactions
    • Import bank statements: Depending on your bank, you can import electronic bank statements (e.g., CSV, OFX) directly into Sage Intacct or manually enter the bank transactions.
      • Go to Cash Management > Bank Reconciliation.
      • Select Import Bank Data to import the latest statement.
      • Sage Intacct will match the imported data with the transactions in the system.

     
    1. Select the Reconciliation Period
    • Choose the bank account and date range for the reconciliation.
      • You will be prompted to select the bank account you wish to reconcile, as well as the start and end date for the reconciliation period (typically a month).

     
    1. Review and Match Transactions
    • Review the transactions in the reconciliation screen:
      • The system automatically matches the transactions in your Sage Intacct system with the bank's statement.
      • If Sage Intacct cannot find a match, you may need to manually reconcile the transaction by reviewing deposits, withdrawals, or other bank activities.
      • For unmatched transactions, you can either mark them as cleared, add adjustments, or investigate why they are not matched.

     
    1. Add Adjustments (If Necessary)
    • Adjust for discrepancies such as bank fees, interest, or other adjustments that are recorded on the bank statement but not yet entered in Sage Intacct.
      • These adjustments can be added manually by selecting the "Add Adjustment" option during the reconciliation process.
      • You might also need to add journal entries if adjustments are required for accurate reporting.

     
    1. Clear Transactions
    • As you match transactions, mark them as cleared.
      • Cleared transactions are the ones that match between your bank's records and your Sage Intacct data.
      • Ensure all matching deposits, withdrawals, and transfers are cleared.

     
    1. Check for Unreconciled Items
    • Identify and resolve unreconciled items: If there are still differences at the end of the process (e.g., unrecorded transactions, errors), investigate and resolve them by:
      • Ensuring transactions are entered correctly in both your bank and Sage Intacct records.
      • Reviewing any timing differences (such as outstanding checks or deposits not yet reflected by the bank).

     
    1. Review the Reconciliation Report
    • Once all transactions are cleared, review the reconciliation report. This report should show:
      • The adjusted balance for your bank account.
      • Any unmatched transactions, errors, or adjustments made during the reconciliation process.
      • The reconciled balance should match the statement balance provided by the bank.

     
    1. Complete the Reconciliation
    • Once everything matches, you can finalize the reconciliation:
      • Click Finish or Reconcile to complete the process.
      • This will update the system with the reconciled balances.

     
    1. Generate Bank Reconciliation Reports
    • Run bank reconciliation reports to document the reconciliation process. These can be found under Reports in Sage Intacct.
    • Use these reports for audit purposes, financial reviews, or reporting to stakeholders.

     
    1. Close the Period
    • After completing the reconciliation, close the period if needed.
    • This prevents further changes from being made to the reconciled period, ensuring data integrity.