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How to Use AutoRec Depreciation

Table of Contents

How do I turn on AutoRec Depreciation? ↑ Back to top

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. Simply follow the steps below to turn AutoRec on for your accounts!

  1. From the Folders or Reconciliations tab, hover over a particular grouped reconciliation and click on the "Gear" icon to open the settings for that Reconciliation (available to Admins and Managers in FloQast)
  2. Click "Edit" on the General Settings section
  3. Click the "Reconciliation Type" drop-down menu and select AutoRec Depreciation. Note that this option is only available on grouped accounts.
  4. Save your changes! Make sure to apply your changes to "this period and going forward." This will allow you to begin using AutoRec in the current period, and will also make it available in your future periods in FloQast.

 

Where does AutoRec Depreciation appear within FloQast? ↑ Back to top

The option to open "AutoRec Depreciation" will appear underneath your accounts in both the Folders tab and the Reconciliations tab. 

View Deprec. Schedule.png

 

How do I begin using AutoRec Depreciation? ↑ Back to top

When you first click on the AutoRec link below your reconciliation name, you will be greeted by the Pairing page, where you can match your asset accounts with their corresponding depreciation accounts.

welcome to autorec deprec.png

 

Next, choose your preferred calculation method:

Calculation method.png

Choose whether you want to start from scratch, upload a summarized template from Excel, or upload a detailed historical template:

select historical view.png

 

If you chose Summarized History, you can map your account pairings with your existing spreadsheet fields:

Map Data.png

Finally, select your starting & ending rows, and upload the file for the account pairing you chose:

File and Import.png

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:

Detailed History.png

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.

1- rollforward tab.png

 

Is there an Excel Export? ↑ Back to top

Yes! You have 2 options when it comes to exporting this information: Monthly or Year to Date. In the Depreciation module click the kebab button > Export >  choose the Monthly or Year to Date option.

Export options.png 

  • 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.

 

Monthly export.png

YTD Export.png 

 

Frequently Asked Questions ↑ Back to top

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.

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