An account can be assigned a Fixed Balance in FloQast there is no expected change in balance period over period, such as a clearing account or fixed asset. Many companies use this for their zero balance accounts as well. The Fixed Balance amount entered will appear in the "Per Excel" column within FloQast, and therefore it is not necessary to upload supporting documentation with a #FQ reference.
A Fixed Balance amount can be entered using the Inline Editing for Reconciliations feature:
Fixed Balance amounts can also be assigned in bulk if you have several accounts that could benefit from this setting. There is a column dedicated to Fixed Balance on the Reconciliation Template:
Note: When you are making edits using the Reconciliation Template. please be sure to re-upload your entire template (not just accounts you are editing) when using the "Add Revised Recs" button. If you have additional questions about using the Reconciliation Template, please see this article or contact Support!
Once a Fixed Balance has been entered, there is another setting that you may enable called Auto Sign-Off. This setting enabled additional automation for your team by having the system automatically sign-off for the preparer and reviewer on a reconciliation. When Fixed Balance + Auto Sign-Off are enabled together, no manual sign-off is required on this reconciliation. System-generated sign-offs will be performed the first time balances are Refreshed and the Per-GL ties to the Fixed Balance.
Auto Sign-Off can be enabled right beside the Fixed Balance amount using the Inline Editing for Reconciliations feature:
If you would like to enable the Auto Sign-Off feature on ALL of your existing Fixed Balance accounts, there is a setting in the Reconciliation Settings to efficiently achieve this.
When enabled, Default Auto Signoff will automatically check the Auto Sign-Off box for all future accounts that are assigned a Fixed Balance.
If you would like to apply this to all existing Fixed Balance accounts too, you may check that box as well.
NOTE: If you upload an Excel workbook with a #FQ reference, the value beside your #FQ will supersede the Fixed Balance amount. If an Excel workbook is uploaded to override the Fixed Balance amount, then a manual sign-off is required. The Auto Sign-Off feature works in conjunction with the Fixed Balance feature, so a system-generated sign-off will not be executed if an Excel workbook is uploaded.