Understanding Sage Intacct's Account categories' use in Templates

Applies to:

• Velixo NX
• Sage Intacct

TABLE OF CONTENTS

• Applies to:
• Overview
• Velixo's use of Account categories
• Differences in Account category names

Overview

Sage Intacct ships with a pre-defined list of (system) account groups and categories that are deployed as part of QuickStart implementations. This list is used by Sage Intacct for their own objects such as dashboards and out of the box reports.

Velixo uses this list to create out-of-the-box and generic reports that should always function on your data.

Sage Intacct supports 3 QuickStart templates:

• General industry template, for non-Services type businesses
• Services industry template, for Services-type businesses
• Not-for-profit, for Not-for-Profit businesses

This article goes through more details about our use of Account groups and Account categories.

Velixo's use of Account categories

Our reports seamlessly integrate with the Sage Intacct QuickStart list template for Account categories, provided for information by Sage at this link.

By aligning with the out-of-the-box account categories of Sage Intacct, users gain a standardized and efficient foundation for their financial reporting.

Utilizing the established account categories, users can streamline their reporting process, presenting information in a format that is both comprehensive and easily digestible.

To learn more about Sage Intacct's Account categories which are part of QuickStart templates, please visit Introduction to account groups and optionally to dig deeper into it: QuickStart templates for implementers. 

Advantages of Using Sage Intacct Account Categories:

Consistency:

• Utilizing the standard account categories ensures consistency in financial reporting across the organization.
• Consistent categorization simplifies data interpretation and promotes a unified understanding of financial performance.

 
Efficiency:

• The out-of-the-box account categories eliminate the need for manual categorization, saving valuable time and reducing the likelihood of errors.
• Users can efficiently generate reports with confidence, knowing that the underlying data aligns with established industry standards.

Different templates for each industry

The Not-for-Profit and Services QuickStart templates are reasonably different when it comes to account groups and category and reports, but the General and Services QuickStart templates only differ by a few additional account categories.

Velixo has decided to combine the Services and general account categories in its report templates, and package separate NFP templates.

Differences in Account category names

Sage Intacct reviews its account categories and may add new ones like they did for the Service industry in the 2022R3 release. 

Comparing the Sage Intacct list of account categories and the account categories present in some demonstration instances (such as the Skyline instance), Velixo found variances. Velixo only uses the Account category names from the Sage Intacct list (file link shared above).

The below is an example of the different names:

Rest assured that there is an easy way to remap those in our templates should you run into any issue.

Note: 

In Sage Intacct, it is possible that an account is not mapped to an Account category, and therefore a total may be incorrect (missing the transactions associated with the account). Since Account categories are used by Sage Intacct out-of-the-box dashboards, Velixo assumes any organization would ensure every account is mapped to an account category.

It is not possible to rename a system account category, however users can delete a system categories.

In the event that you run into an error caused by a "missing account category" due a deleted account category:

• review the above list. 
• review the list of account categories present in your Sage Intacct instance.
• update the name of the problematic account categories, by referring to your Template's instructions and/or your custom report design.

Note: You only have to perform those changes for Account categories that mapped to accounts.