How to Use AutoRec Depreciation Copied!
Purpose: Use AutoRec Depreciation to pair your asset and depreciation accounts, import your asset history, and export your depreciation schedule. This article covers how to turn it on, where to find it, how to get started, and how to export your data.
How do I turn on AutoRec Depreciation? Copied!
FloQast AutoRec is turned on at an account-by-account level. The best way to enable it for a given grouped account is to use our Inline Editing feature. Follow the steps below to turn AutoRec on for your accounts.
- From the Folders or Reconciliations tab, hover over a particular grouped reconciliation and click the Gear icon to open the settings for that Reconciliation (available to Admins and Managers in FloQast).
- Click Edit on the General Settings section.
- Click the Reconciliation Type drop-down menu and select AutoRec Depreciation.
- Note: This option is only available on grouped accounts.
- Save your changes, and make sure to apply them to this period and going forward. This lets you begin using AutoRec in the current period and makes it available in your future periods in FloQast.
Where does AutoRec Depreciation appear within FloQast? Copied!
The option to open AutoRec Depreciation appears underneath your accounts in both the Folders tab and the Reconciliations tab.
How do I begin using AutoRec Depreciation? Copied!
When you first click the AutoRec link below your reconciliation name, you land on the Pairing page, where you can match your asset accounts with their corresponding depreciation accounts.
Next, choose your preferred calculation method:
Choose whether you want to start from scratch, upload a summarized template from Excel, or upload a detailed historical template:
If you chose Summarized History, you can map your account pairings to your existing spreadsheet fields:
Finally, select your starting and ending rows, and upload the file for the account pairing you chose:
Click Import, and you’re done. If you’d like to upload for the next account pairing, you can select the Add More Items popup and repeat the process. Or, if you’d like to review the data before uploading again, you can close the popup. Whenever you’re ready to upload again, select the Add Items button and choose Bulk Upload.
If you chose Detailed History, enter the period that you’d like your history to go back to and then download the blank template:
Fill out the template per the headers in each column, being sure to enter the GL Account number for each asset in column A:
Finally, upload the completed Historical Template.
Once data is imported, you’ll be brought into the Rollforward tab of the Depreciation module.
Is there an Excel Export? Copied!
Yes. You have two options when it comes to exporting this information: Monthly or Year to Date. In the Depreciation module, click the kebab button > Export > and choose the Monthly or Year to Date option.
- The Monthly export option generates an Excel file for the selected period. This export contains six tabs of information: Rollforward, Assets, Depreciation, Transfers, Disposals, and Journal Entry. These tabs mirror the information displayed within the depreciation module. The final tab contains the information necessary to book your journal entries for that period.
- The Year to Date export option generates a single Excel file spanning from the company’s fiscal year start through the current open period, eliminating the need to manually stitch together monthly exports. This export contains five tabs of information: Rollforward, Assets, Depreciation, Transfer, and Disposals. These tabs mirror the information displayed within the depreciation module.
Additionally, your #FQ anchor is located next to the ending balance of your account so that you can save the export directly to the appropriate FloQast folder and use it to sign off on the associated reconciliation.
Frequently Asked Questions Copied!
Why are items suddenly showing as ‘Unallocated?’
Someone removed an account from the Reconciliation Account Group, and all of the items associated with that account have been moved to an unallocated list. They will need to be allocated to different accounts, or the original account will need to be re-added to the account group on the Reconciliations page.
Why can’t I roll my schedule forward?
You may have unallocated items. Please review the previous Q&A for the solution.
What if I don’t know the start and end date of my item, or don’t want my item to begin depreciating yet?
Start dates and end dates aren’t required to add items. In the future, once you know the start and end date, you can edit the item to reflect them and begin depreciating.