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Export expenses to the next open accounting period in Sage Intacct
Export expenses to the next open accounting period in Sage Intacct

How to export expenses from expense management to Sage Intacct once the respective accounting period is closed

Updated over 7 months ago

An accounting period is the time range during which business transactions are accumulated into financial statements. An accounting period is generally considered to be a month in internal reporting. In such cases, the expenses and income made in a particular month are accounted for by the end of the month or the beginning of the next month.

If an expense incurred in that particular month is not accounted for before closing the books, then it needs to be carried forward to the next month and accounted for. Otherwise, the expense goes unaccounted resulting in inaccurate balances.

For example, if the current accounting period is June 1-July 1 and there’s an expense from May 1 that didn't get posted on the accounting system before its actual accounting period (e.i. May 1-June 1), the accounting system might throw an error while trying to add an entry in the current accounting period. To avoid this error, expense management can carry the date of the first of the current month to add it to the current accounting period that is open to entries.

Follow these steps to set up this function in your integration:

Sign in to your Capital One-Sage Intacct integration with your credentials.

Select Configuration from the main top bar. Select Advanced settings.

Enable the Post entries in the current accounting period toggle.

Once this option is enabled, expenses from the previous months that were not exported during their respective accounting periods will now get posted on the first of the current month.

For example, if the current accounting period in Sage Intacct is June 1-July 1 and the admin is trying to export an expense from May 1, the export will carry the date of the first of the current month,i.e., the May 1 expense will be exported as a June 1 expense.

This covers the steps to enable posting entries to the current accounting period for the Sage Intacct integration.

If you have any more questions about exporting expenses to the next open accounting period in Sage Intacct, reach out to our support team at support@capitalone-fylehq.com.

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