Adjusting Prior Periods is Easier with Intacct

Intacct has a unique General Ledger feature that I have not found in any other ERP system.   The feature that I am referring to is Adjusting Entry.  No, this is not your typical General Journal entry that one makes by selecting the Journal Entry menu item.  Rather this is the menu selection listed as “Adjusting Entry”.  

At first thought one would think this is where special types of adjusting entries are made at the end of an accounting period which might include such things as accruals or deferrals, perhaps adjustments for depreciation or even as far reclassifying an account balance or entry.    The purpose of “Adjusting Entry” types in Intacct is to allow a user to write a journal entry into a closed GL period without having to first open the closed period.   This feature is an incredible feature especially for those who have permissions to write this type of entry and to save a step from having to first open the period and then record a journal entry.   “Adjusting Entry” will also prevent the possibility of others writing to what would have been an otherwise closed period due to it being temporarily opened.  

General Ledger adjustment entries should be entered as most other General Ledger journal entries.  However, in case the date of an entry falls within a closed period, the Adjustment Entry selection would certainly allow you to complete the task without exposing temporarily opened closed periods to unintentional or unwanted journal entries made by others.   The Adjustment Entry is just another feature well thought out by Intacct and gives us another reason why we chose Intacct as our business solution.

 

To learn more about Intacct or Maner Costerisan, please visit our website at www.manersolutions.com.   

Article written by David Caldwell. Maner Costerisan specializes in helping not-for-profit organizations move to the cloud with Office 365 and Intacct, the leading cloud-based financial accounting software solution for associations and other not-for-profits. Vision, speed and accuracy are the keys to organizational success. Maner Costerisan understands these principles and has provided them to clients for over 100 years. As a CPA firm, we understand the importance of customer service. We are a professional services firm first and foremost and our focus is on the well-being and business success of our clients. With a highly satisfied client base of over 175 software clients, Maner Costerisan is the premiere mid-Michigan provider of financial accounting and ERP software solutions.

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ERP professionals providing insight and advice for not for profit organizations.