BTerrell Group Blog

Binbin Zhai

Recent Posts

Document Management in Intacct

Posted by Binbin Zhai on Tue, Apr 28, 2015

Are you tired of digging the invoices from piles of document? Are you desperate to go paperless and to save some trees?

Intacct provides a simple and convenient attachment management solution. You can simply and effortlessly attach invoices, contracts and bank statements in every transactions and in every dimensions (i.e. customer, vendors and projects).

First of all, we need to create several folders for our attachments. In this way, the thousands of documents will not crowd together. You also can create subfolders.


Afterwards, you can freely add attachments by using the Select Attachment screen. You even can drag the file into the screen if you do not like the Choose Files from your computer's complex folder organizing tree.


What you need to attach multiple documents in one place? For example, the AR team likes to keep records of customer contracts and tax forms. Even though there is only one field for attachments, you actually can attach multiple documents in one attachment.

And, your employees can attach their receipts for their expenses, which will save the accounting team a lot of time on filing receipts.

If these out-of-the-box attachment functions cannot satisfy your passion and requirements on document management, there are multiple add-on services on the market place, such as Nexonia and Docassist. If you are interested in, and would like to know more about them, please subscribe to our blog or contact us!

Tags: AP, document management

Have Fun with Intacct’s Revenue Recognition!

Posted by Binbin Zhai on Wed, Feb 04, 2015

Some things in accounting are very frustrating, which make me sometimes doubt my career. Revenue Recognition is definitely tops the list; the multiple recognition methods, slow and complicated spreadsheets, and constant manual maintenance. I feel stressed even thinking about this. Even worse, is when I spot a mistake from a few months earlier.

As a business grows, more revenue schedules are added to the spreadsheet and then, you have to look for a new accounting employee. The cruel fact is that it is hard to find a competent candidate, even if you offer a very good salary.

With the Revenue Recognition feature of Intacct Order Entry, the pain goes away in a snap! It only requires some simple steps.

1)      Create a Revenue Recognition Template for the specific method you need.


Intacct offers multiple methods including straight-line, milestone, and percent completed. Don’t see anything you like? Use the custom option and create your own method.

2)      Add the Revenue Recognition template to the GL group if the method is required for specific items. The revenue of the items automatically defers when you invoice it.


3)      If you only need the template on some transactions, add the template to the transaction line on the Invoice detail line.


4)      If you are brave enough to make it more complicated, such as combining it with the billing template, you can create a custom order entry transaction.

5)      If you set up a manual post schedule, the deferred revenue posts individually or by group with Revenue Recognition schedules.


6)      If you have project accounting, create a template with Project Accounting as the source. The update on projects triggers the revenue schedule automatically.


7)      Intacct also offers two out-of-the-box reports, Deferred Revenue Forecast and Deferred Revenue, to help you track or review the deferred revenue status and future post.

This great feature reduces 70% of my time on deferred revenue and lets me play with complicated methods. If you’d like to have some fun on revenue recognition, you must try this!

Tags: revenue recognition

How to Set up Global Consolidation in Intacct

Posted by Binbin Zhai on Fri, Oct 24, 2014

Global Consolidation is one of the awesome features of Intacct. As it automatically pulls the daily exchange currency rate into each transaction, you can run any report at any time in US dollars or other currency. No more running complicated manual calculation or spreadsheet so giant that it makes your computer run slow. Even better, it is very easy to set up.

In Global Consolidation, a book is created for consolidation reporting. Locations that you will be consolidating and reporting are selected in one book. A specific Currency can be set in the book.

To get started, open the Global Consolidation module in Intacct, and create a new book from the Book Setup tab.


Enter the name of the book and select the reporting currency you need. Then, the statistical Journal Symbol and Statistical Journal Title will pop out automatically.

Select budget -- if you have any -- and select the default department you need, which means gain/loss from consolidation are tagged to that departments.

Intacct suggests leaving the Translation Methods as default.

If you do not have a Balance Sheet account for Cumulative Transaction Adjustment yet, go back to the GL module and create one.

Select the Cumulative Transaction Adjustment account on both Currency exchange Gain/Loss Account on Net Assets and Net Income.


Select the entities that you plan to consolidated and add them into the right column.

It creates a special Elimination entity in GL module for your book and select from Global Consolidation.

If you would like to have the Inter-entity elimination entries posted automatically, which is cool and convenient, you can check the box of Inter-Entity auto elimination. If you didn’t select all entities with Inter-entity transactions in your book, it is not suggested to check the auto elimination, because all un-balanced due to/due from account balances will be auto eliminated to the Cumulative Transaction -Adjustment account.

If any account falls into the rules that we set up in book information, with Accounts to Override tab, you can change the setting for each individual account.

The basic setup is almost done. Before you save it, please double check that everything is correct.

After you save the book, you can go to the Corporate View tab to see a chart for consolidation structure. If you need to change anything for your book, this is the last time to change it.

At this point, you can start to consolidate the book you created. For a first time consolidation, you will have to consolidate each period from the earliest one to up to date. Later, you can set up a consolidation recurrence to let Intacct do it for you.

After the book is consolidated currently, you finally can run a report.

Select the book as the reporting method. If you leave the location as blank, the report will include the data from all entities selected in the book. If you select a specific location, the report will only show the data from the location in book currency. 


And now you are ready to use Global Consolidation in Intacct!

Tags: Intacct, global currency