The Settings section in FloQast Consolidation provides administrators with the necessary controls to configure the system to meet your organization's needs. This section allows you to customize key elements like company details, financial scaling, and mapping groups, ensuring that the consolidation process aligns perfectly with your company's financial structure.
Below is an overview of the settings categories and what you can configure within each.
General Settings
Company Details: Choose whether the company is Private or Public and optionally specify the industry. This is essential for customizing consolidation settings that might differ based on your company's type.
Primary Reporting Currency: Select the primary currency for your consolidated financials. This determines how functional currencies will be translated into your reporting currency.
Consolidation Calendar: Set your company’s Year-End for the consolidation environment and choose the First Period of Consolidation in FloQast. If you need to include historical data, you can also specify the first historical period.
Period Names: Choose between Standard Calendar Names (Jan, Feb, etc.) or define your own Custom Namesfor the reporting periods.
For more details, see General Settings.
Financials Settings
Scaling: Set the default scale for your reports. You can display values in Whole Numbers, Thousands(recommended), or Millions. This can be overridden for individual financial statements.
Display Format: Customize how your numbers are presented by choosing the separator style for thousands and decimals (comma, period, space) and selecting the number of decimal places. You can also enable Accounting Style for Negative Numbers to display negative values in parentheses.
For more details, see Financials Settings.
Mapping Groups
This section allows you to group entities that share the same chart of accounts and financial mapping rules. By grouping similar entities together, you reduce the need for redundant account mapping and ensure consistency across financial statements.
Create Groups: Define groups of entities that will share the same financial statement mapping rules.
Assign Entities to Groups: Once groups are created, assign entities based on their general ledger or ERP source. This helps streamline the consolidation process by applying consistent mappings across similar entities.
For more details, see Mapping Groups Settings.
FX Rates
Manage the exchange rates applied to entities operating in multiple currencies. The FX Rates section allows you to define and update the rates used when converting subsidiary financials into your primary reporting currency.
For more details, see FX Rates Settings.