Intacct GL Transaction Templates

Any accountant who works on the general ledger side of an accounting system knows that hand-entering journal entries are often a tedious and error-prone task. If an organization makes a number of journal entries that are similar to each other but with different line amounts, the default shortcut by the GL accountant to alleviate this would be to hunt down the journal entry they want to copy, duplicate it, and modify the amounts to reflect the impact of the new transaction. Good examples of these types of transactions would be the amortization on loans, line of credit/cash adjustments and payroll accruals, just to name a few.

Duplicating an existing journal entry works decently for these purposes, but there are a few drawbacks:

  1. Hunting down the journal entry that you want to duplicate for a new transaction can be time-consuming.
  2. If the GL accountant does not correctly click the Duplicate link, they run the risk of changing the line amounts and saving over the transaction by mistake.
  3. There is no clean listing kept of when a particular GL entry type was used. You can run a GL report to get close, but you will likely see other transactions posted from other areas of the system.

Intacct has thought of this efficiency shortfall and provides Transaction Templates to help make reoccurring GL entry quicker, more accurate, and cleaner.

Transaction templates are set up under the setup menu for the General Ledger module.

When a new transaction template is created, users can create new transactions from the template, with the GL accounts and dimensions already filled in. The only thing that the posting user needs to do is change the date of the transaction and provide the line amounts.

In addition, any GL transactions that one posts through a transaction template becomes part of the history for that template. For example, all of the entries for the amortization on a particular loan show up on a neat list on the transaction template; this can make reconciliation quicker and easier.

If you have any questions about Transaction Templates or Intacct features in general, feel free to contact the Maner Intacct team; Wes Salisbury at wsalisbury@manersolutions.com or Dave Caldwell at dcaldwell@manersolutions.com.