Managing interest and bank charges efficiently in Sage Intacct Cash Management can significantly enhance your financial tracking and reporting. This tutorial provides a comprehensive guide on how to handle these transactions.

Accessing Interest and Charges:

• Navigation:

• Go to Cash Management.

• Select All Transactions.

• Click on Interest and Charges.

• Adding a New Transaction:

• Click on the plus sign or add option.

Creating Interest and Charges Entries:

• Filling Details:

• Bank Account: Choose the appropriate bank account.

• Account Display: This shows the account set for interest and charges.

• Date and Transaction Type: Specify the transaction date and type (service charge or interest).

• Reference Number and Description: Enter these for record-keeping.

• Location: Auto-populates based on the account settings.

• Amount: Enter the amount of interest or charges.

Additional Features:

• Multiple Dimensions: Add other dimensions to the transaction if necessary.

• Saving the Transaction: Click Save to record the entry.

• Reversing Transactions: You have the option to reverse entries if needed.

• Posting Details: Check the impact of the transaction on your account, such as debit or credit entries.

Special Notes:

• Service Charges vs. Interest Earned: You cannot record both in the same transaction.

• List Preferences: Adjust your list value to display the desired number of rows for easy viewing.

• Transaction Effects: For instance, a service charge may show as a debit to expenses and a credit to your bank account.

Example Scenarios:

• High Service Charges: If a bank account incurs significant charges, such as $500 for bounced checks, record this under service charges.

• Interest Income: In cases where an account earns interest, like $50,000, record this under interest earned and see how it affects your cash and interest income accounts.

Integration with Other Functions:

• Funds Transfers: With updated balances reflecting interest or charges, you can efficiently manage funds transfers between accounts.

Conclusion:

Handling interest and charges in Sage Intacct Cash Management is crucial for accurate financial reporting and bank reconciliation. By recording these transactions correctly, you can maintain a clear picture of your financial standings, including bank fees and interest income.

Watch the detailed walkthrough on YouTube to master the process of managing interest and charges in Sage Intacct Cash Management. This video provides practical insights and step-by-step instructions to enhance your proficiency in cash management tasks.