FloQast offers many different ways to bring automation to the reconciliation process. Auto Sign-Off Types aim to use rules to reduce the time it takes to complete your reconciliations. These rules allow FloQast to automatically sign off on reconciliations on your behalf while including the flexibility to exclude auto sign-offs at year or quarter end.
Subledger Tie-Out
An account can be assigned as a Subledger Tie-Out in FloQast when you want to bring in subledger balances directly from your ERP or a third-party subledger platform into FloQast. This functionality is ERP and system agnostic and utilizes FloQast's Subledger API. If you want more information on setting up subledger balances to flow to FloQast via the FloQast API, please see this article or contact Support <support@floqast.com>.
The subledger amount from your ERP/system will appear in the "Per Excel" column within FloQast, and therefore it is not necessary to upload supporting documentation with a #FQ reference.
The cadence at which the subledger balance flows into FQ is based on the refresh button located on the reconciliation’s page and the cadence in which the Subledger API is being sent data into FloQast.
The Subledger Tie-Out setting can be selected using the Inline Editing for Reconciliations feature:
Subledger Tie-Out can also be assigned in bulk via the Auto Sign-Off Types Bulk Actions Settings located on the Reconciliations tab.
Auto Sign-Off for Subledger Tie-Out
This setting enables additional automation for your team by having the system automatically sign off for the preparer and reviewer on a reconciliation. When Subledger Tie-Out + Auto Sign-Off are enabled together, no manual sign-off is required on this reconciliation. System-generated sign-offs will be performed the first time balances are Refreshed and the Per-GL ties to the Fixed Balance. If a reconciliation is set to auto sign-off, a blue Auto Sign-Off badge will appear on the reconciliation, denoting that the auto sign-off setting has been applied. Once FloQast does trigger a sign-off, the blue badge will turn green and show the sign-off date to verify that the reconciliation has been completed.
You can turn on auto sign-off right below the Auto Sign-Off Type selected. If the auto sign-off option excludes year or quarter end, this means FloQast will not sign off on your behalf.
Subledger Transactions Export:
If Subledger transactions are being sent in via our FQ’s API Path and you have Subledger Tie-Out settings enabled for a reconciliation, you can export supporting documentation directly from the Reconciliations or Folders page. If transactions are being sent to FloQast, then a download button will appear next to the subledger balance. Upon clicking this button, the document will download to your file explorer.
The export formatting and headers will be based on the subledger type selected when sending balances via our FQ’s API Path. For more information, see the FloQast API Subledger Tie-Out article.
If Auditors have Document Access enabled, they can also download the Subledger Transactions Export.