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Creating a New Quarterly Entity

For general guidance on creating new entities in FloQast, please refer to the Adding New Entity to FloQast article and if you prefer to watch a video on this topic, please visit our FloQademy FAQ course!

 

What is a Quarterly Folders Entity, and what is their benefit?

The new quarterly folder structure is now available when creating entities in non-Close Workflow types (i.e., checklist-only processes). Selecting quarterly folders for your new entity will ensure that all views and folders within it will follow a quarterly cadence, which better aligns with use cases such as quarterly financial & SEC reporting.  

 

How to add a Quarterly Entity to FloQast

An Admin or System Admin can add a new entity to FloQast from the Admin Settings (Gear Icon). Once in the Admin Settings, select Entities, click Manage to the right of one of your existing entities and then scroll down to the Add New Entity section.

 

 

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You will be asked to fill in a few fields:

  1. Entity Name: This will be the name displayed in FloQast for the new entity. A corresponding folder will be built in your Cloud Storage underneath your root FloQast folder. It will be named FQ - Entity Name. Please note that certain special characters (such as slashes, colons, asterisks, etc.) are prohibited from your entity name. Your new entity name should also be unique from any pre-existing entity names.
  2. Workflow: You can select which workflow you want this entity to be placed in. For quarterly entities, they can NOT belong to a Close workflow type - so please choose a non-Close WF type.
  3. GL Group: For clients that manually upload Trial Balance documents to FloQast, the GL Group setting allows you to determine which entities will be considered in a group when running the Completeness Report. For quarterly entities, they will automatically be assigned to a GL Group. You can ignore this setting, as quarterly entities are not tied to reconciliations.
  4. Folder Structure: This will determine whether FloQast builds 12 monthly periods or 4 quarterly periods for your new entity. Set this to "Quarterly"
  5. Year End: This is the fiscal year-end of the new entity. The FYE of your other entity(s) will be filled in here, but you may change it if this new entity differs.
  6. Start Period: This will be the first QUARTER created in FloQast (and cloud storage) for this entity. The format for Start Period will be QQ/YYYY (ex. “Q4/2022”).  You may back-date your entity up to 2 years. You may not future-date the entity (i.e. if you wanted your entity to begin in some future month, you would need to revisit the Manage Entities page and create your entity at that time)
  7. Calendar Type: This allows retail companies to set up a retail calendar with options of a 4-5-4, 4-4-5, 5-4-4, or 4-4-5 hybrid setup. Non-retail companies can set up a standard calendar. Additionally, FloQast offers a Non-Close calendar with due dates in the current period for activities not related to the monthly close.

After the above settings are filled out, click "Create New Entity" to continue with the entity creation process.

 

 

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