An accounting period is a time range (typically a month) during which business transactions are recorded for financial reporting. At the end of this period, the books are "closed," meaning no additional transactions can be recorded for that period.
Handling Expenses from a Closed Period
If an expense from a closed period wasn’t exported before the books closed, it must be carried forward to the next open accounting period to avoid inaccuracies. Fyle addresses this by exporting such expenses with the date of the first day of the current accounting period.
Example Scenario:
Accounting Period: June 1 – July 1 (current period).
Expense Date: May 1 (closed period).
Outcome: The May 1 expense will be exported with a date of June 1 to align with the current accounting period.
Steps to Enable Posting in the Current Accounting Period
Log in: Access the Fyle-Sage Intacct integration with your Fyle Admin credentials.
Navigate to Settings:
Go to Configuration → Advanced Settings → Other Preferences.
Enable the Option: Toggle Post Entries in the Current Accounting Period to Enable.
Once enabled, expenses from closed periods will post as entries dated the first day of the current accounting period.
Key Notes
This setting ensures that all unexported expenses from closed periods are accounted for without causing errors in Sage Intacct.
Expenses will appear in Sage Intacct with a date corresponding to the start of the current month.
Need Assistance?
If you require help setting this up, contact our support team at [email protected].