Fixed Balance:
An account can be assigned a Fixed Balance in FloQast when 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 "Reconciled Balance" 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!
Auto Sign-Off
Once a Fixed Balance has been entered, you can enable further automation by selecting the desired Frequency and checking the Daily Reconciliation Sign-Off box. This setup streamlines the process for your team by having the system automatically sign off for the preparer and reviewer on a reconciliation. When a Fixed Balance is combined with these settings, no manual sign-off is required. System-generated sign-offs will be performed according to your chosen frequency 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:
Auto Sign-Off can only be enabled for Reconciliations with at least one assignee.
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.