The Consolidation Completeness Report provides an end-to-end view of the transformation journey for your financial data. It captures each stage of data processing—starting from the trial balance and running through FX translations, signage changes, account roll forwards, adjustment entries, and more. This report gives you full visibility into how each number on your financial statements has been derived, offering confidence and clarity over your consolidated data.
This report is designed to give users a comprehensive understanding of the path a number takes from its source to its final form on the Balance Sheet or Income Statement. It’s a vital audit support and compliance tool, ensuring that all transformations and adjustments are clearly documented and traceable.
Key Features of the Completeness Report
The Consolidation Completeness Report breaks down your financial data into detailed individual elements, showing how trial balance accounts map to financial statement line items (FSLIs) and how those accounts are transformed through processes like:
- FX Translation
- Account Sign-Flips
- Roll Forward Adjustments
- MTD/YTD Adjustments
- Ledger-to-Report Traceability: Each row in the report corresponds to a unique combination of account number and entity, with fields showing how the data has been transformed along the way. This gives you full traceability from the ledger source to the financial statement, ensuring that every step in the data transformation process is transparent.
- Validation and Completeness Checks: The report identifies any gaps in the data (e.g., unmapped accounts, balance discrepancies, or transformations that have not been applied). For any incomplete or unsupported elements, you’ll see fields labeled as "Not Found" or "Not Live," giving you a clear picture of where data issues may exist.
- Multi-Period, Multi-Entity Support: The Consolidation Completeness Report supports multiple periods and entities, ensuring that you can view the completeness of your data across your entire organization’s financial structure. This is particularly useful for multinational entities or organizations with complex legal and reporting structures.
How to Generate the Completeness Report
You can generate the Consolidation Completeness Report from the kebab (⋮) menu on the Financials screen. Simply select the option labeled Export Consolidated Completeness Report. This feature is available to users with the appropriate access.
- Performance Considerations: Generating the report involves processing a significant amount of data, so the report is created on demand. Depending on the size of your organization and the number of transformations, it may take a few moments to generate.
- Understanding the Export: The report is exported as an XLSX file, making it easy to analyze and share with stakeholders. You can filter and sort data as needed to trace specific accounts, entities, or transformations.
Fields in the Completeness Report
The Completeness Report includes a wide array of fields that track the transformation journey of your data. Some of the key fields include:
- Entity: The entity associated with the trial balance account.
- Period: The period for which the data applies.
- Account Number: The trial balance account number.
- Account Description: A description of the account as it appears in the trial balance.
- Financial Statement Line Item (FSLI): The line item on the financial statement to which the account is mapped.
- Subgroup 1 / Subgroup 2: Additional groupings within the FSLI for more granular detail.
- Sign-Flip: Indicates whether the account’s value was flipped (e.g., from positive to negative) for reporting purposes.
- Functional Currency / Reporting Currency: Shows both the functional currency and the reporting currency, with applied FX rates for translation.
- Roll Forward Accounts: Lists any accounts that are rolled forward into the current account for the selected period.
When to Use the Completeness Report
- Audit Support: The report is a key tool during audits, providing a clear trail from trial balance data to the finalized financial statements. Auditors can trace each transformation and adjustment, making it easy to explain how numbers were derived.
- Internal Review: For internal finance teams, the report provides a detailed look at how data moves through the system, ensuring that all necessary transformations are applied correctly. Any missing or incomplete data is flagged for review, so issues can be addressed before the final close.
- Compliance and Regulatory Reporting: The Completeness Report ensures full compliance with regulations by providing transparency over every adjustment, transformation, and currency conversion applied to the data. This is particularly useful in regulatory environments where data accuracy and traceability are required.
As the FloQast Consolidation product evolves, we plan to introduce further enhancements to the Completeness Report. This includes more detailed reporting on adjustment entries, advanced roll-forward logic, and additional data transformation processes to ensure every aspect of the financial consolidation is fully transparent and traceable.