The Financial Statement Template in FloQast Consolidation helps map your ERP accounts to Financial Statement Line Items (FSLIs) for accurate reporting. It simplifies the process of aligning your Chart of Accounts (COA) with financial statement categories, ensuring your accounts are correctly organized and categorized for consolidated reporting.
Ensuring that the Financial Statement Template is correctly filled out is crucial for accurate consolidated financial reporting. Make use of the subgrouping feature to provide a clear and organized structure for your financial statements. This template will help streamline your consolidation process and maintain consistency across your financials.
Key Features of the Financial Statement Template
Account Number:
Enter the specific account numbers from your ERP system or trial balance. Each account must be uniquely identified to ensure proper mapping.
Account Description:
Provide a description of each account to help identify what it represents. This should be clear and specific to avoid confusion.
Financial Statement Line Item (FSLI):
Map each account to the correct financial statement line item (e.g., Cash and Cash Equivalents, Sales Revenue). Proper mapping ensures that accounts appear in the right sections of your Balance Sheet or Income Statement.
Subgrouping of Accounts:
Subgroup accounts under related financial statement line items to further organize them. Subgrouping helps categorize accounts more effectively for better clarity in reporting.
[Example: Under the FSLI Operating Expenses, subgroup accounts like Administrative Costs or Marketing Expenses.]
How to Use the Financial Statement Template
Step 1: Download the Template
- Navigate to the Chart of Accounts section in FloQast Consolidation.
- Click the Upload Documents button and select the Financial Statement Template tab.
- Click Download Template to get the latest version.
Step 2: Populate the Template
- Open the template in your spreadsheet editor.
- Fill in the Account Number, Account Description, and map each account to a Financial Statement Line Item (FSLI).
- Use the Subgroup fields to categorize accounts under related FSLIs where necessary.
- Save the file in XLSX format.
Step 3: Upload the Template
- Return to the Chart of Accounts section in FloQast Consolidation.
- Click Upload Documents, select the Financial Statement Template tab.
- Click Browse to upload the completed file.
- Click Process File to apply the mappings.
Step 4: Review Mappings
- Once the template is processed, FloQast will map the ERP accounts to the respective FSLIs. Review the mappings on the Chart of Accounts screen to ensure everything is correctly categorized.
Unmapped Accounts
If new accounts are detected that haven't been mapped yet, FloQast will notify you of these unmapped accounts. They will appear below the financial statement sections, allowing you to select one or many unmapped accounts and move them to the correct section.
Adjusting Mappings
You can make further adjustments directly in FloQast without needing to re-upload the template. Simply select the unmapped accounts or update existing mappings within the Chart of Accounts screen.
Frequently Asked Questions (FAQs)
Q: What happens if I add new accounts after uploading the template?
A: FloQast will detect any unmapped accounts and notify you. You can then map these accounts in the system without needing to re-upload the template.
Q: Can I adjust the mappings directly in FloQast?
A: Yes, you can update the mappings directly in the Chart of Accounts screen by selecting the unmapped accounts and assigning them to the correct FSLIs.
Q: What if I have accounts that don’t fit the default FSLIs?
A: You can customize the mapping by adjusting the Financial Statement Template or reach out to FloQast support for additional assistance.