You can automatically sync monthly additions from QBO and NetSuite into AutoRec Amortization and Depreciation, which can then be automatically posted. More information on syncing monthly additions can be found here.
When you’re ready to post your Journal Entries from Amortization and Depreciation, you can click on the Submit Journal Entry button.
You will then be greeted with a confirmation pop-up and a preview of the journal entry. By default, Journal Entries are posted by line item detail, but you can opt to post them summarized by account details. The entry that is displayed within the confirmation modal is posted in summary and will show the total expense for the month.
After clicking the Submit button, the Journal Entry indicator will change to a blue Processing stage, and a confirmation message will display in the bottom left corner.
Once the Journal Entry is posted, the indicator will change to green, and a timestamp of the posting will appear if you hover over the indicator.
NetSuite Users:
- Entries will be posted to the subsidiary specified in the reconciliation settings. Only one subsidiary can be selected for posting to succeed.
- Entries will be automatically posted in a draft state and will need to be approved within NetSuite.
- We support additional dimensions, including department, location, and class. FloQast already supports a department field in the modules, but users must rename the custom headers if they want to leverage class or location in their journal entry posting.
QBO Users:
- Entries will be posted directly to the ledger without any approval workflow.
- We support additional dimensions including department and class. FloQast already supports a department field in the modules, but users must rename the custom header if they want to leverage class in their journal entry posting.
Incorporating FloQast's Journal Entry Management
Workflow settings from Journal Entry Management will apply when posting journal entries from AutoRec.
Note: FloQast will automatically post the journal entry if the approval workflow is disabled in Journal Entry Management.
- Automatically post after journal entry is approved: When enabled, the journal entry must be approved in Journal Entry Management and then it will be posted to the ERP.
- Automatically post after journal entry is prepared: When enabled, FloQast will automatically post the journal entry from AutoRec.
- Supporting documents are required when preparing a journal entry: Leave this option disabled if you would like to post journal entries from AutoRec.
Troubleshooting
Here are some common reasons that a JE might fail to post:
- The most common reason JEs fail to post is invalid account numbers. The numbers in the "Account" column of Amortization/Depreciation must match the numbers in the Chart of Accounts.
- For NetSuite, you must specify a Subsidiary in the Rec Settings slideout on the Recs page, and only one subsidiary can be selected.
- Additional dimensions, such as Department and Class, must match the options in your ERP. Class can be created in your Amortization/Depreciation schedule by renaming either the Custom 1 field or Custom 2 field to 'Class'.
Here's what you can do if a JE fails to post:
- If a JE is rejected or fails to post, you can try posting it again immediately as long as the status is "Failed" or "Not Posted."
- If a JE is stuck in "Processing," the status will automatically reset to "Not Posted" after 30 minutes, allowing you to try again.
- If the JE still does not post, please reach out to support@floqast.com with as many details as possible.
Frequently Asked Questions
Q. Why did I receive a message saying that the journal entry posting failed?
A. Please double-check that the Account Details field is filled out for each item. This should represent a valid expense account within your chart of accounts. If you are using department and class fields, then please ensure these are valid options within your ERP.
Q. What happens if I make a change to my schedule after I post the journal entry?
A. You can post a second adjusting entry that will account for the net new activity since the last time you posted an entry.
Q. What happens if the journal entry is deleted in QBO after posting from FloQast?
A. This will not sync back into the amortization module, but it would impact your ending balances that would be used for tie-out purposes.