AutoRec Amortization can be used with Grouped Reconciliations. If you have an account group, Amortization can be turned on by an Admin or Manager via Inline Editing or the Reconciliation Settings.
After turning it on, you can enter the Amortization Module, and you will be guided through a setup wizard. The Amortization Module you know and love from your individual accounts is here, but there are a few differences when using a group.
When importing your existing schedules, you will see the same three options as with an individual account, but they will be slightly different. These options are:
- Summarized History
- Detailed History
- Start from scratch
Summarized History
If you choose summarized history, you will be able to upload your existing file for each account in the group. Simply map out the columns in your file via the settings, and upload. You will need to upload a schedule for all of the accounts in the group.
Detailed History
For detailed history, FloQast will provide you with a historical template to import the full detailed history of your items. If you choose this method, you will only need to upload one template for all of the accounts in the group. You will need to put the GL Account number for every item in the schedule in column A. FloQast will provide you with samples of the account numbers to help you get started, but you will need to add more or remove any unused rows depending on the number of items you have. Every item on the schedule will need the account number field filled out.
Please ensure there are no blank rows or missing GL Account numbers before uploading.
Start from Scratch
If you choose Start from scratch, you will simply be taken directly to the Amortization Module and can begin adding your items without any historical data imported.
Using Amortization for Grouped Reconciliations
Once you have set up your accounts, you can begin using the module to track the items in this group! The first page you will see is the summary tab, which shows all of the accounts in the group. From there, you can click into any specific account, and switch between accounts on the Rollforward and Amortization tabs.
When you add an item directly in the module, there is a field to select the account to allocate the item to.
The final thing you may run into using the module is, in the rare case an Admin or Manager edits the group and removes an account from the group, any items assigned to that account will be moved to unallocated.
If any items are unallocated, you will be prompted to click into that section and assign the items to an account, and all applicable data will be moved with the item.
If you have any further questions on setting up or using Amortization for Grouped Reconciliations, please reach out to your Accounting Success Manager or support@floqast.com.