The Account Mapping Template in FloQast Consolidation is used to map your ERP accounts to the relevant Financial Statement Line Items (FSLIs) for accurate reporting. This template ensures that each general ledger (GL) account is aligned with the correct financial statement category, simplifying the consolidation process and maintaining consistent reporting. By leveraging the template, you'll be able to streamline account mappings and ensure consistent, reliable financial data for consolidation reporting in FloQast.
Below, we'll dig into some key components of the Account Mapping Template
Account Number:
The unique identifier for each GL account from your ERP system. This ensures that each account is mapped correctly for consolidation.
Account Description:
A brief description of the GL account, providing context for what the account represents.
Financial Statement Line Item (FSLI):
The line item to which the account should be mapped. Proper mapping ensures that the account is categorized correctly on the Balance Sheet or Income Statement.
FSLI Type:
Defines whether the account is categorized as an Asset, Liability, Equity, Revenue, or Expense. This ensures that accounts are reported in the correct section of the financial statements.
Subgroup 1 and Subgroup 2:
Optional fields that allow you to organize accounts into more granular subgroups. If your reporting requires additional detail beyond the main FSLI categories, these fields help to further classify accounts.
How to Use the Account Mapping Template
Step 1: Download the Template
- Navigate to the Chart of Accounts section in FloQast Consolidation.
- Click the Upload Documents button and select the Account Mapping Template tab.
- Click Download Template to retrieve the latest version of the mapping template.
Step 2: Populate the Template
- Open the template in your preferred spreadsheet editor.
- Fill out the Account Number, Account Description, and map each account to the appropriate FSLI.
- Use the Subgroup 1 and Subgroup 2 fields to further organize accounts where necessary.
- Complete the FSLI Type column to categorize each account as an asset, liability, equity, revenue, or expense.
- Once the template is filled out, save it as an XLSX file.
Step 3: Upload the Template
- Go back to the Chart of Accounts section in FloQast Consolidation.
- Click Upload Documents and select the Account Mapping Template tab.
- Click Browse to upload your completed file.
- Click Process File to apply the mappings.
Once the template has been processed, FloQast will automatically map your ERP accounts to the correct FSLIs in the consolidation system. You can review and adjust any mappings directly within the Chart of Accounts screen.
Unmapped Accounts
If new accounts that have not been mapped have been detected, FloQast will notify you. These unmapped accounts will appear below the mapped accounts in the Chart of Accounts, allowing you to select and assign them to the appropriate FSLIs without needing to re-upload the template.
Frequently Asked Questions (FAQs)
Q: What happens if new accounts are added after I upload 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 make changes directly in FloQast without re-uploading the template?
A: Yes, you can update mappings directly in the Chart of Accounts screen by selecting unmapped accounts and assigning them to the correct FSLIs.
Q: What if I have accounts that don’t fit into the default FSLIs?
A: You can customize the mapping using the Account Mapping Template. If further customization is required, contact FloQast support for assistance.