The Chart of Accounts screen in FloQast Consolidation displays the structure of your financial accounts, organized by Balance Sheet and Income Statement. It allows you to review and manage how your ERP accounts are mapped to the financial statement line items (FSLIs) for consolidation purposes, including subgrouping of accounts. Subgrouping helps organize accounts under related categories, providing clarity and ensuring financial statement items are properly categorized.
Key Features of the Chart of Accounts Screen
- Period Selector:
Similar to other screens in FloQast, the Period Selector allows you to choose the period for which you're reviewing accounts. This ensures you're always working within the correct reporting period and reviewing the right data for each period. - Account Structure: Balance Sheet and Income Statement
The Chart of Accounts screen is divided into two main sections: the Balance Sheet and the Income Statement. Each section further breaks down into subcategories. For instance:
- In the Balance Sheet, you might find categories such as Cash and Cash Equivalents, under which specific accounts like bank accounts are listed.
- In the Income Statement, categories such as Sales Revenue will break down into detailed accounts like First Year Commissions or Renewal Commissions.
- In the Balance Sheet, you might find categories such as Cash and Cash Equivalents, under which specific accounts like bank accounts are listed.
- Mapped Accounts
Each account listed within the Chart of Accounts is mapped to an entity. For example, in the screenshots, accounts like BofA Checking Sytel 0001 are associated with entities such as Sytel Australia Pty or Sytel Germany GmbH. This ensures that each financial line item is tied to the correct entity, facilitating accurate financial reporting across multiple entities. - Subgrouping of Accounts
Accounts within each financial statement line item can be grouped into subcategories, helping users organize accounts more effectively. Subgrouping provides a clear breakdown of related accounts, ensuring that each account is categorized correctly within the financial statements. - Unmapped Accounts
If FloQast detects new accounts that have not yet been mapped, a notice will appear below the financial statement sections, informing users of the unmapped accounts. Users will be able to select one or multiple unmapped accounts and move them to the correct section within the chart of accounts. This ensures that no accounts remain unmapped, preventing reporting inconsistencies. - Re-upload Functionality
If you need to modify or correct the chart of accounts, the Re-upload button allows you to upload a new version of the financial statement template or account mapping template, ensuring your mappings are up-to-date.
Uploading Financial Statement and Account Mapping Templates
To streamline your consolidation setup, you’ll upload two critical templates:
- Financial Statement Template
The Financial Statement Template defines the structure of your Balance Sheet and Income Statement. You can download the template directly from the upload modal, then populate it with the necessary financial statement line items.
- Once the template is filled out, upload it using the Browse button, and click Process File to update the Chart of Accounts with your financial statement structure.
- Account Mapping Template
The Account Mapping Template maps your ERP accounts to the financial statement line items defined in the Financial Statement Template. This template ensures each ERP account is categorized correctly under the appropriate financial statement line item.
- Download the template, fill it out, and upload it via the Browse button, just like the Financial Statement Template. Click Process File to complete the mapping.
- Download the template, fill it out, and upload it via the Browse button, just like the Financial Statement Template. Click Process File to complete the mapping.