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Entity Level Settings

Users are able to assign settings at the entity level in the following areas:

 

Journal Entry Settings > Fields & Options

Users can manage the entity options for an ERP by choosing to disable certain entities, which will have the following effects:

  • Users can only select an enabled entity when creating or importing a journal entry.
  • Users can only select an enabled entity when making updates to the workflow controls or approval rules settings

 

Sync Fields: The Sync Fields action is an ad-hoc data fetch from the ERP, pulling in the most recent GL updates to reflect in your journal entries. No additional Sync GL action is required from within the FloQast Admin Settings.

 

Journal Entry Settings > Workflow Controls

In Workflow Controls, a user can select an entity from the dropdown list and update any settings for that specific entity. The changes may also be applied across multiple entities all at once.

 

 

Journal Entry Settings > Approval Rules

Approval Rules allow JEM Admin users to define automated workflows for journal entry approvals based on specific criteria. These rules determine how journal entries are processed and who needs to review them once submitted.

 

Rule Set Up

In this section, the basic details of your approval rule are defined:

  • Name: Enter a name for your rule
  • Rule Type: Choose the level of approval required. The options include:
    • Auto Approve (Low Risk)
    • One-Level Approval (Standard Risk) - Requires a single reviewer
    • Two-Level Approval (High Risk) - Requires two different reviewers

Conditions

Here, you set the criteria that will trigger this approval rule:

  • Entity: Select the entity this rule will apply to.
  • Preparers: Choose which users are responsible for preparing journal entries.
  • Amount: Thresholds that apply only to journal entries exceeding certain values or falling within specific ranges. You can set up multiple rules with different threshold ranges to create a tiered approval system. Examples include:
    • Low Risk Rule: Journal entries with amounts less than or equal to $10,000
    • Standard Risk Rule: Journal entries with amounts greater than $10,000 but less than or equal to $50,000
    • High Risk Rule: Journal entries with amounts greater than $50,000

Approval Flow

This final section determines who must approve journal entries when the defined conditions are met:

  • Approvers: Select the users who will act as approvers in the workflow.
  • Note: If a Preparer is listed as an Approver option, Journal Entry Management has an inherent control that you cannot approve your own journal entry.

 

Rules are automatically applied to journal entries when they are submitted for approval. The system evaluates the entry against all existing rules and applies the matching rule.

Any newly created rule will not apply to existing journal entries. The existing journal entries in 'Prepared' approval status without an applied approval rule will have an option to apply one manually if an applicable rule exists.

 

 

Legacy Approval Flow

Early JEM adopters may still have the legacy approval rules applied. If you would like to learn more about enabling the newer Approval Rule method in your instance, please reach out to your Account Success Manager.

 

Users also have the ability to assign specific reviewers to each entity. 

The user assigned as a Reviewer to a particular entity and journal entry is the only one able to see and utilize the review actions.

Example of an assigned reviewer:

Example of a user who is not an assigned reviewer:

 

Journal Entry Actions are limited based on the workflow controls and approval rules:

  • Review
    • Journal Entry is prepared
    • The reviewer is not the creator of the journal entry
    • Approval Workflow is enabled
    • The reviewer is an assigned reviewer
  • Approve
    • Journal entry is in review
    • The reviewer is not the creator of the journal entry
    • The reviewer is an assigned reviewer
    • The reviewer is the one who moved the journal entry from prepared to in-review
  • Edit
    • The user is the creator of the journal entry
    • The state of the journal entry is in progress, prepared, or rejected
    • The approval workflow is enabled
  • Sync
    • The Journal entry has been posted
    • The reviewer is the creator of the journal entry, the approval workflow is enabled and the user is an assigned reviewer
    • OR the reviewer is the creator of the journal entry and the approval workflow is disabled

 

 

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