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The Reconciliations page is accessible only to Admins and Managers. Here you can control the settings that apply to your Reconciliations, add new accounts as reconciliations, and edit the settings on your existing reconciliations either in bulk or one-by-one.
Reconciliation Settings section:
To access the Reconciliations features, select the “Reconciliation Settings” button:
Some of the settings you can set across your reconciliations include:
Default Threshold – Set the materiality threshold for allowable differences between your GL balance and your Support balance for all reconciliations. Differences below the threshold set will be considered immaterial, and therefore the account ties out. The Default Threshold will apply to all new Reconciliations you add, but you can enter a specific threshold on an account-by-account basis if any accounts call for it.
Positive Reconciliation Value – Enabling ‘Positive Rec Value’ will display all account balances from the General Ledger as positive. This option should be enabled if all account balances in the source documents are listed as positive values. This setting applies to all periods when enabled.
Default Auto Signoff - Enabling this will automatically check the "Auto Sign-Off" box on each reconciliation that has a Fixed Balance entered.
Chart of Accounts
If you are an Intacct, NetSuite, or QBO client, your chart of accounts will automatically be pulled into FloQast through the integration. Your list of GL accounts will appear when you click the Add Account drop-down.
- Open that file directly in your Cloud Storage and add to the list
- Replace the file directly in your Cloud Stroage with a new version (in the same expected format)
- Use the "Upload Chart of Accounts" button in FloQast > Reconciliation Settings
Add New Account for Reconciliation:
Note: If you are adding one account or just a handful of accounts, we recommend using the Inline Addition feature. Read more here about Adding Accounts here.
You may also add a new reconciliation by using the Add Account drop-down on the Reconciliation Settings page. Your entire list of eligible accounts (from your Chart of Accounts) will appear as options. Please be sure to confirm your Entity and Process Folder selection before clicking the Add Account button, because this is where your new account will be placed.
Edit settings on new/existing Reconciliation:
Note: If you are editing one account or just a handful of accounts, we recommend using the Inline Editing feature. Read more here about Editing Reconciliations here.
Users can also configure each reconciliation by completing the steps below:
1. Select the applicable folder which houses the Reconciliation:
2. From there, you can customize your Reconciliations for the following options:
- Frequency – Set how often the Reconciliation is completed (Monthly, Quarterly, Annual, or Custom).
- Currency – Select the local currency symbol to be displayed for the Reconciliation.
- Fixed Balance - This setting will allow for a Reconciliation to be completed without uploading a source document. This feature is beneficial for balance sheet accounts where changes are not expected month over month. A good example is a clearing account or a deposit balance.
- Auto Signoff - When enabled, this setting creates a system-generated sign-off for the preparers/reviewers of an account as the balance from the GL is the same as the reconciliation value listed in the Fixed Balance field. No manual sign-off is required.
- Threshold – Change the materiality threshold for differences between the GL and Source Document.
- Assignee & Deadline – Add assignments (preparer/reviewer) and deadlines for each Reconciliation.
- Tags - assign organizational tags to specific reconciliations. This is great for filtering.
- Reconciliation Type - Choose between Standard, AutoRec Matching, and AutoRec Amortization. See in-depth articles on FQ AutoRec here:
Making Bulk Edits to Reconciliations
If you need to make many changes or additions to your list of Reconciliations, you can export your reconciliations to an Excel template. From this template, you can edit all of the settings referenced above and then re-upload your template via the Add Revised Recs button.
When making changes to your template, there are some important things to keep in mind:
1. Please do not remove/edit the Internal IDs. These are important for the system to track your reconciliation from one month to the next.
2. Please do not remove/add any columns to the template. You may leave certain cells blank if a column does not pertain to your reconciliation.
3. If you would like to add a brand new reconciliation, you may fill in the appropriate columns and leave the Internal ID column blank. The system will recognize that it's new and assign an ID automatically. Please be sure to match the format of the existing reconciliations when adding something new (i.e. assignees in email form, due dates in business date format, etc.)
4. If you would like to delete an existing reconciliation, you may delete the entire row that the account appears in.
5. Please re-upload your entire template (not just the accounts you are editing) with no filters applied. Deleting a row indicates that you'd like to remove the reconciliation from FloQast (referenced above in #3) so please be sure that your full list is re-uploaded.
6. The file will export to .xlsx format and should be re-uploaded in .xlsx. Uploading a .csv could return an error for you.
A copy of the original template that you download will also be automatically saved in your storage provider. The Reconciliation Template folder will store these previous versions in case you ever need to review them or roll back to them.
When you are done making your individual edits or have uploaded a new template, you'll finalize your settings by clicking Save Changes.
Your settings will automatically apply to the current calendar month and forward. When you click Save Changes, you will also be given the option to apply retroactively to prior periods.
Please note that your entire template will be applied to these historical periods (not just changes/additions that you just made). Therefore, only apply your template this way if you'd like the entirety of the reconciliations and settings to be applied. If you would like to make a one-off change in a historical period, please use the Inline Editing feature.
Note: As a control feature in FQ we do not remove sign-offs or apply settings changes if the Reconciliation account has been signed off on. Revised settings are also not applied to Reconciliations in Locked Folders.