What do think about Sage Intacct GL account category assignment?
By David Caldwell
I have never been an extremely strong advocate of category assignment in most mid-market business accounting software solutions. In my opinion, particularly having to do with Sage Intacct as a financial reporting system, relying strictly on categories in the design and construction of financial statement layouts is somewhat limiting. Instead, setting up unique account groups ultimately leading toward more enriched looking and in-depth analysis financial statements
However, not all companies need to go to the extent of setting up elaborate account groups to satisfy their financial statement needs. Rather one could consider using account categories to utilize the financial statement layouts that are “out of the box” to the Intacct System. If one were to examine those reports one would find that in many ways those financial statements may satisfy smaller and less demanding organization’s needs to producing their financial statements, thereby eliminating the flurry of having to create and construct financial statements and account groups from ground up.
Another consideration, maintaining a category assignment allows you to have that new General Ledger Chart of Accounts to be automatically added to the existing financial statements eliminating the need of constantly having to update account groups and financial statements. This is great news for many, who want to add an account and not have to look back to see if the new account is populating the appropriate financial statements. Utilizing account category assignment means far and away less overhead for the accountants, especially in hard pressed times to getting financial statements prepared for the next meeting.
One other final consideration, account categories server to enhance the use of the standard reports in Sage Intacct’s General Ledger system. Instead of having to define a range of accounts to report or inquiry, one may chose a category and those accounts that are assigned will appear in the output.
At this point in time, the account categories that are included with Sage Intacct are all pre-defined. Perhaps on Sage Intacct’s enhancement roadmap will allow the end user community the ability to add additional categories to further enhance category assignment and Sage Intacct’s reporting output. Considering the benefits derived from the use of categories in Sage Intacct certainly can make Financial Reporting a timelier and a near effortless responsibility.