The Add Adjustment Entry modal allows users to manually create and book adjustments directly within the FloQast consolidation system. This is useful for making top-side adjustments, reclassifications, or eliminations that may not be reflected in the general ledger but are essential for accurate consolidated financials.
Key Fields in the Adjustment Entry Modal
- Date of Entry:
- This field defaults to the current date but can be modified by the user. It represents the effective date of the adjustment entry.
- This field defaults to the current date but can be modified by the user. It represents the effective date of the adjustment entry.
- Entity:
- The Entity Selector dropdown lets you choose the entity for which you are adjusting. The entity selected here will determine which financial data the adjustment impacts.
- The Entity Selector dropdown lets you choose the entity for which you are adjusting. The entity selected here will determine which financial data the adjustment impacts.
- Functional Currency:
- This field displays the functional currency of the selected entity. Adjustments will be booked in this currency.
- This field displays the functional currency of the selected entity. Adjustments will be booked in this currency.
- Entry ID:
- The Entry ID is a unique identifier for the adjustment entry. The system defaults to [Year]-[Sequential Number] (e.g., 2024-01-0006), but users can manually set the Entry ID if desired, as long as it remains unique.
- The Entry ID is a unique identifier for the adjustment entry. The system defaults to [Year]-[Sequential Number] (e.g., 2024-01-0006), but users can manually set the Entry ID if desired, as long as it remains unique.
- Additional Details:
- This free-text field allows you to add relevant information or context about the adjustment entry. This is particularly useful for audit trails and providing further clarity to reviewers.
- This free-text field allows you to add relevant information or context about the adjustment entry. This is particularly useful for audit trails and providing further clarity to reviewers.
Line Item Adjustments
Each adjustment entry requires at least one line item. These lines represent the adjustments made to financial statement line items and ERP accounts.
Line Item:
Select the Financial Statement Line Item (FSLI) to which the adjustment should be applied. Each row in the table represents a different financial statement line item.
ERP Account:
From the dropdown, select the specific ERP account that corresponds to the adjustment.
Debit/Credit:
Input the debit or credit values for the adjustment. These fields determine how the adjustment will impact the financial statements.
Each row must balance, meaning the total debits and credits must equal zero.
Post-Adjustment Preview:
This field shows the expected financial impact of the adjustment after it is submitted. It provides a summary of how the adjustment will affect the financial statements, ensuring accuracy before final submission.
Add New Line:
Clicking Add New Line allows you to create additional line items for the entry. This is useful for creating multi-line adjustments where multiple accounts or FSLIs need to be affected.
Actions
- Submit:
- Once the entry is completed and all line items have been added, click Submit to finalize the adjustment. The system will validate the entry to ensure all required fields are completed and the debits/credits are balanced.
- Cancel:
- If you need to discard the entry, click Cancel to exit the modal without saving changes.
- If you need to discard the entry, click Cancel to exit the modal without saving changes.
Unsupported Features
While FloQast's Add Adjustment Entry modal provides robust functionality for creating adjustments, there are some features that are currently not supported. These include:
- Preparer/Reviewer Workflows:
At this time, the adjustment entry process does not include multi-step workflows where one user prepares and another reviews the entry. This functionality will be introduced in future releases. - Attaching Documentation:
Users cannot currently attach supporting documentation to an adjustment entry. This capability is planned as part of an integrated document management workflow. - Auto-Reversing Entries:
The ability to automatically reverse entries after the ERP journal entry is made is not yet available. - Auto-Carry Forward Entries:
Adjustments do not currently carry forward automatically across reporting periods.
These features will be supported through the upcoming integration with FloQast's Journal Entry Management (JEM) system. This unified UI/UX experience will allow users to post entries to either their general ledger (GL) or the consolidation system, streamlining the workflow and ensuring consistent data management across both platforms.