The Entities screen in FloQast Consolidation provides a complete view of your organizational structure, enabling you to manage and arrange the entities within your consolidated hierarchy. This hierarchy is essential for ensuring accurate reporting across multiple entities, currencies, and workflows.
Period Selector
Similar to the Home screen, the Period Selector allows you to choose the period for which you are viewing entities. This ensures you're always working within the correct reporting period and can review your hierarchy for specific periods.
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Entity Hierarchy:
The Entity Hierarchy displays the full list of entities that are part of your consolidation. Entities are arranged visually to represent parent-subsidiary relationships or other hierarchical structures, using a drag-and-drop interface.-
Drag and Drop: Use the six-dot kabob to grab an entity and move it within the hierarchy. You can move entities up/down to change their position in the order, or left/right to place them within the correct parent-subsidiary relationship. This visual arrangement ensures that your consolidated financials reflect the correct organizational structure.
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Hierarchy Example: In the screenshots, Sytel US LLC serves as the parent entity, while entities like Sytel Mexico SA and Sytel UK Ltd are subsidiaries. You can easily rearrange the entities as needed to reflect mergers, acquisitions, or organizational changes.
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Expand Rows:
Use the carrot button ( > ) next to each entity to expand or collapse the children or subsidiaries. This feature allows you to visually navigate the hierarchy and understand the relationships between parent entities and their subsidiaries. -
Workflow Name:
This column displays the close workflow name associated with each entity. It helps differentiate between Legal Entities and Close Entities, which are containers that can include more than one legal entity. -
Source GL:
The Source GL column shows the data source for each entity’s trial balance data. This could be a specific ERP system or a manual TB Upload. Understanding the data source helps users track where the financial data originates and how it’s being processed through the consolidation system. -
Functional Currency:
This column shows the functional currency for each entity, ensuring that all financials are consolidated correctly across multiple currencies. Users can adjust the functional currency from the dropdown as needed, aligning it with the source ERP's currency settings.
Clicking Manage Entities opens a modal that allows you to add or remove entities from your consolidation. This feature helps ensure that only the relevant entities are included in your consolidation process.
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New Entity Detection:
If a new entity is detected in file uploads, an alert will appear above the Entity Hierarchy. The alert will prompt you to add the new entity or entities through the Manage Entities modal. This process ensures that newly added entities are incorporated into the consolidation hierarchy and financials. -
Manage Entities Modal:
The Manage Entities modal shows a list of all available entities, sourced from your ERP and other systems. Only the checked entities are included in the consolidated entity hierarchy.-
To add a new entity, simply check the box next to its name and click Save. The entity will then be added to the hierarchy.
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If an entity should no longer be part of the consolidation, you can uncheck its box, and it will be removed from the hierarchy.
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Source ERP:
This column shows the specific ERP from which the entity’s data originates. For example, entities sourced from SAP 4.0 will display this in the Source ERP column. This helps you identify the system providing the financial data for each entity.
When new entities are detected during file uploads, an alert will be placed at the top of the Entities screen above the Entity Hierarchy. The alert will notify users that new entities are available and must be added to the hierarchy. From there, users can access the Manage Entities modal to integrate these new entities into the existing structure and make sure they are placed in the correct position within the hierarchy.
Entity Placement and Hierarchy
The Entity Hierarchy in FloQast is highly flexible, allowing you to drag and drop entities using the six-dot kabob to rearrange them. This ensures that you can quickly adjust for any organizational changes and maintain an accurate representation of your company's structure.
- Move Up/Down: Change the vertical order of entities to reflect their reporting or priority within the organization.
- Move Left/Right: Shift entities to the left or right to designate them as parent or subsidiary entities, ensuring the correct relationships are maintained for consolidation purposes.
Entities and hierarchies are bound to periods in FloQast. This means that if a new entity is added to the open period or a hierarchy is restructured, past periods will remain unaffected. The changes will only apply to the current and future periods, ensuring that historical reports and structures remain consistent.