Configuring bank feeds in Sage Intacct can streamline your financial reconciliation process significantly. In this tutorial, based on Mike Baio's comprehensive course, you'll learn how to set up and use Sage Intacct bank feeds effectively.

Understanding Bank Feeds

Bank feeds create a connection between Sage Intacct and your bank, allowing transaction data to flow directly into your accounting system. This feature supports both bank and credit card accounts and can significantly aid in reconciliation by matching bank transactions with Sage Intacct transactions.

Setting Up Bank Feeds

1. Prerequisites:

• Ensure you have a subscription to cash management.

• Be subscribed to Sage Cloud Services.

• User setting up bank feeds should have administrative privileges.

2. Enabling ISO Country Codes:

• Navigate to Applications > Company > Setup > Configuration > Company.

• Ensure 'Use ISO Country Codes' is checked.

3. Subscribing to Sage Cloud Services:

• Go to Company > Admin > Subscriptions.

• Find and enable 'Sage Cloud Services'. Note: Enabling this service is free for up to 200 bank accounts.

4. Assigning User Permissions:

• Assign necessary permissions for bank feeds and matching in the user roles settings under Company > Admin.

5. Connecting Bank Accounts:

• In Company > Cash Management, select the type of account (checking or credit cards) you wish to connect.

• Edit the existing bank account and navigate to the 'Banking Cloud' tab.

• Click 'Connect' and follow the prompts to link your bank account.

6. Using Multi-factor Authentication:

• If your bank uses multi-factor authentication, be prepared with your phone for a text message or phone call during setup.

7. Optional: Setting Up Financial Institutions:

• If you have multiple accounts under one login, set up a financial institution in Sage Intacct and assign multiple accounts to it.

Managing Bank Feeds

1. Status Monitoring:

• Keep an eye on the bank feed status. Statuses like 'Pending', 'Confirmed', or 'Authorization Required' are common and need attention.

2. Refreshing Bank Feeds:

• Bank feeds update every four hours. Use the refresh button for an immediate update if needed.

3. Troubleshooting:

• If transactions are not appearing after three days, contact support for troubleshooting.

4. Setting Up Matching Rules:

• Create matching rules under Cash Management > Setup > Reconciliation Rules to automate the matching process during reconciliation.

Considerations and Best Practices

• Transaction Appearance: Transactions appear the business day after they post at the bank.

• Do Not Disconnect: Avoid disconnecting bank feeds hastily as it may result in loss of transaction data.

• Manual Matching: Use the matching feature to manually reconcile transactions as needed.

By following these steps, you can efficiently set up and manage bank feeds in Sage Intacct, enhancing your financial reconciliation process.

For a detailed walkthrough and additional insights, watch Mike Baio's video: Effortless Bank Feed Configuration in Sage Intacct. This resource provides a comprehensive guide, ensuring your bank feed setup is successful and efficient.