Preparing a Mapping Document:
The mapping document is one of the most important aspects of the FloQast setup as it centralizes all of your workflow checklist items and close reconciliations in one excel workbook. In addition, it includes your FloQast folder structure which will be the backbone of your engagement. Please follow these 4 steps to prepare your mapping document: Step 1: Create your Folder Structure, Step 2: Add Reconciliations, Step 3: Map Reconciliations to Folder Structure, Step 4: Add Checklist Items.
Step 1: Create your Folder Structure
Determine how many companies you will be setting up in FloQast, as each company will become a top-level folder. Next, list out the business processes related to each of your companies. Each of the business processes will become its own subfolder in FloQast. Refer to the screenshot below to see how your folder structure might appear in the application.
Please note that sharing and permissions of folders are granted at the company level. If a specific business process contains sensitive information (i.e. payroll information) where you would want to limit access to select individuals, then we recommend the following two options:
Step 2: Add Reconciliations
The next step in creating your mapping document is entering in all of the balance sheet accounts for which you perform reconciliations. We recommend generating a trial balance report directly from your ERP and copying and pasting the GL account string into the 'Reconciliation' column of the mapping document template. It may seem a little backward to start with the GL accounts, but we find this is the best way to come up with your process folders.
Please ensure that your GL account strings and names are unique as the application will get an error for any duplicate values entered.
Frequency of Reconciliations
Subsidiary, Location & Currency
Subsidiary - If you are a Netsuite client, the subsidiary field will be necessary if you complete your reconciliations by the subsidiary.
Location - If you are an Intacct client, the location field will represent any entities or locations out of the GL that you need to reconcile.
Currency - If you are reconciling in a functional currency, please add a 3 letter currency code for each rec. The default currency is USD.
Deadlines can be business or calendar days. Enter a number to indicate either the business day or calendar day you would like to have a deadline. FloQast will automatically calculate the actual date of the application. You can also enter in negative days to indicate pre-close procedures. For example, if you enter "-2" the application will calculate 2 days before the prior month end.
Step 3: Map Reconciliations to FloQast Folder Structure
The next step is to map the reconciliations from Step 2 to a business process folder from Step 1. Simply add the folder name within column A of the mapping document. As a tip, we recommend hiding the checklist columns while you are mapping the reconciliations.
Note that folder names cannot contain any special characters (i.e. &, -, etc.).
At this point, you may not have entered every business process sub-folder which was created in Step 1. That is okay because you most likely will not have reconciliations for every business process in your engagement (i.e Reporting). You can add these folders while you are adding in your checklist items during Step 4.
Once you are done mapping all GL accounts to a folder, we recommend sorting column A using the 'A to Z' sorting tool.
Step 4: Add Checklist Items
Similar to reconciliations, you will need to do this on a separate tab for each company you plan to set up in FloQast.
Frequency of Checklist Items
Deadlines can be business or calendar days. Enter a number to indicate either the business day or calendar day you would like to have a deadline. FloQast will automatically calculate the actual date of the application. You can also enter negative days to indicate pre-close procedures. For example, if you enter "-2" the application will calculate 2 days before the prior month end.