For GL accounts that see large volumes of activity, teams will sometimes perform reconciliations on a daily basis - this helps distribute workload for a more streamlined close, and also reduces the risks of errors associated with large data sets.
FloQast Daily Reconciliation Sign-Off allows teams to track this iterative reconciliation process with the same controls that the app offers for other reconciliation frequencies. To enable, simply navigate to the slideout settings for any existing monthly reconciliation and toggle the daily sign-off checkbox.
Once a reconciliation is set up for daily sign-off, a new interaction will display on the recs table allowing team members to maintain history for each business day of the associated rec. Assignees of the parent reconciliation will be inherited for the daily sign-offs.
For the current day, a refresh button will allow the user to fetch the latest balance from the ERP for the given month. In the example of 11/28/2024, refresh would obtain the latest balance for the Nov 2024 period from the ERP.
If the team does not pull ERP information for a given business day or chooses to perform the reconciliation later, refresh will also search existing documents in the process folder for the anchor pattern #fqdr-gl-[gl acct #]-[calendar day] to override the “per GL” column.
To complete a tie out, the accompanying anchor pattern #fqdr-[gl acct #]-[calendar day] can be used to populate the Rec Balance column. From there, team members can complete sign off - daily recs will also respect controls like strict sign-off and strict tie-out and display on reconciliation export files. All anchor references for daily sign-offs will need to be in the same file.
If you have any questions, feel free to reach out to your FloQast Accounting Success Manager or support@floqast.com!