What are Hard Due Dates?
FloQast now offers Hard Due Dates for specific checklist and reconciliation items during the close. A hard due date is a calendar-like due date. This feature can be used alongside the business-day or calendar-day deadlines already utilized in FloQast.
In the above example, you can see business due dates- the item needs to be prepared by the 12th business day and reviewed by the 13th business day of the month.
You can also see hard due dates- the items needs to be prepared by the 15th and reviewed by the 20th of the month.
What are they used for?
Hard due dates can be utilized for items such as:
- Quarterly Filing Dates
- Management or External Department Reporting (ex: Finance)
- Tax Filing Deadlines
- Much more!
How can you switch to Hard Due Dates in FloQast?
FloQast Admins can update deadlines via the "Manage Checklist" or "Manage Reconciliations" tabs under their Admin Settings.
To update a due date, simply click "Use Date" and enter a number. The value entered will make the item due on that day every month. For example, entering 15 will make the item due on June 15th, July 15th, August 15th... You can switch back to an offset business-day or calendar-day deadline by clicking "Use Offset" and entering a value.
Hard due dates can also be implemented via Excel by uploading a revised template. The way to differentiate a ‘Hard Due-Date’ from an offset is by placing an * behind the desired date in the template. For example: 15*
Hard Due Dates must be a number between 1-31. If a hard due date is applied with a 31 and there are fewer than 31 days in the month, it will automatically apply to the final calendar in the month.
Hard Due Dates cannot be applied with a Negative number.
If you use Business Day settings and your Hard Due Date falls on a weekend, then your deadline will be pushed up to the business day immediately before. You can think of an item with a Hard Due Date of 15* as being due no later than the 15th. If the 15th is a Saturday, then the item will show as due on Friday the 14th.