Exporting Credit Card Expenses from Fyle as Export Reports on Sage Intacct is one of the popular methods of export among Fyle admins. When employees spend on behalf of the company, the expenses are filed and the amounts are logged directly to a specific GL account while exporting from Fyle to Sage Intacct.
Similarly, when a vendor cancels the sale at some point in the journey or when the employee returns a purchase, a refund would be issued to the employee. This would be reported as a negative expense by the employee and needs to be exported to Sage Intacct so that the accountant can balance out the refund to a previous spend and hence nullify the amounts.
It is important to export both the expense (+ve entry) and the refund (-ve entry) as the credit card account is credited while a purchase is made - and it needs to be debited when the amount is refunded. Fyle supports exporting the refunds of Corporate Credit Cards in the Expense Report module.
How to export refunds to Sage Intacct?
For the refund you're about to export, make sure that you've already filed the expense with the exact amount and GL account.
To file the refund, enter a -ve sign before the amount and submit it like any other regular expense.
Once the refund expense is submitted and approved, you (the admin) can export it to Sage Intacct.
The expense entry and refund entry can belong to the same report or two different reports. It will get exported to Sage Intacct either ways.
Points to remember while exporting refunds
The Fyle-Sage Intacct Integration does not export the data if the total report value is negative. For example, if the total report value you are trying to export is -$200, Sage Intacct will block this data from being created.
Make sure that the total amount in the report is either zero or a positive number. A few expenses in the report can still be negative.
Expense Report Example
The below screenshot is an example of how the expense and the refund are exported in an expense report:
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