What is FloQast AutoRec?
FloQast has released the industry’s first AI-powered reconciliation solution that requires no rules definition whatsoever. FloQast AutoRec helps accounting teams automate the highly manual and error-prone process of reconciling transactions, which is core to the task of reconciling high-risk and high-transaction-volume accounts such as cash, credit card, and clearing accounts. Accounting teams can now accurately and efficiently reconcile one-to-many or many-to-many items across any type of general ledger (GL) account – saving them hours, and in some cases, days of work every month.
For more info, please visit https://floqast.com/products/floqast-autorec/
How do I turn on AutoRec?
AutoRec must be enabled by your FloQast Setup Team. If you are interested, please contact your Customer Success Manager, Setup Lead, or firstname.lastname@example.org.
Once enabled, FloQast AutoRec is turned on at the account level. Navigate to:
Admin Settings → Manage Reconciliations → Select applicable Entity and Folder → Select account that you'd like to activate FloQast AutoRec for → Turn on "Enable FloQast AutoRec" slider:
Where does AutoRec appear within FloQast?
The option to "Reconcile" will appear underneath your accounts in both the Close the Books tab and Reconciliations tab. The option will only appear for accounts that have had FloQast AutoRec enabled.
How do I begin reconciling transactions?
Hitting the "Reconcile" button will launch a window where you will be prompted to upload two files:
- Primary Source file listing all transactions for given account and period (typically used as the list of transactions from your general ledger)
- Secondary Source file (i.e. bank or subledger system) listing all transactions for the same period and account
If outstanding transactions exist in the prior period, you can choose to rollforward those transactions from the prior period as part of your upload to the current period. See here for more information on how Rollforward works
What format do these files need to be in?
Both files must be one of the following formats: .xlsx or .xls or .csv
Your files may contain up to one million rows of data each.
Both files must follow a specific template. You can use Settings to tell FloQast where to find your transactions in your files. Or you can use our default format:
- Column A*= Date
- Date must be in excel-recognizable format, such as MM/DD/YYYY
- Column B*= Reference 1
- Pick a reference field (i.e. description/text/memo) that is most likely to agree to the Reference 1 field in the other file
- Column C*= Reference 2
- Pick another reference field (i.e. description/text/memo) that is most likely to agree to the Reference 2 field in the other file
- Column D*= Amount
- Amounts must be listed in standard format with two two decimal places (ex: $12345.67)
- Amounts from each file MUST be in the same currency
- Any debit or credit columns must be consolidated into a single column
- Consider the +/- sign of the amount as it must match the sign from the other file
*If your files are not automatically exported into this format, you may customize what columns FloQast pulls these four pieces of data from. Learn more here!
Once your files are selected, you can hit "Upload" and FloQast will begin reconciling your transactions! While FloQast is busy reconciling your transactions, the "Processing Files" message will appear. You can close out of this screen and still view that reconciling is in progress based on the "Reconciling in Progress" message immediately under the account:
What does it look like once my transactions are reconciled?
FloQast will search both files that you upload to identify transactions that agree, even when the reference fields do not agree 100%. This would include transactions that agree:
- single-sided (such as reversal JEs)
When FloQast has finished reconciling your transactions, you will be greeted with a green banner that says "Your reconciliation is complete." You can click "View Results" on the right-hand side of this banner or click on "Reconciled" underneath the Account to launch the AutoRec module.
If there is an error reading your files or reconciling your transactions, the message will say "Uh, oh, something went wrong!" in orange instead of saying "Reconciled." You can click on the link to view the details of the error message. Please check the format of your uploads and your settings and try re-uploading your files again by clicking on "Acknowledge" button to re-launch the module. If you continue to receive an error, please contact email@example.com for assistance.
Once you click the "View Results" or the "Reconciled" link, FloQast will show you your reconciliation results for this account and immediately display the percentage of transactions reconciled:
How do I reconcile transactions that are listed as outstanding?
All outstanding transactions will be placed in the "Outstanding" tab. The left-hand side will show the remaining transactions from the primary file, and the right-hand side will show remaining transactions from the secondary file.
All columns are sortable by clicking on Date, Amount, REF1, or REF2. The primary file transactions and secondary file transactions can be independently sorted on their respective sides.
The columns are also searchable using the Search Bar. Each side can be independently searched to narrow the transactions displayed.
Checking the box next to a transaction (or multiple transactions) will pull the information to the center of the screen so you can compare the primary transaction(s) to the secondary transaction(s).
You may also utilize the "select all" button to select all visible transactions with a single click!
If you would like to select multiple (but not all) visible transactions, you may click the first transaction and then shift-click the final transaction in your range. All transactions between will be highlighted as a result.
When the difference between the sum of transactions of the primary file and secondary file net to zero, then you'll be given a green "Reconcile" button!
Clicking "Reconcile" will move the transactions to the "Reconciled" tab and remove the selected transactions from the list of outstanding items.
How do I undo a set of transactions that were reconciled in error?
On the "Reconciled" tab, simply check the box next to the set of transactions that you'd like to undo. You can select one or multiple at once if you need to undo more than one set of transactions. Once the checkbox is selected, a button to "Undo" will appear and you'll be prompted with a window to confirm the action. Once you confirm the action to undo, the transactions will be added back to the "Outstanding" tab as outstanding transactions.
Can I add additional transactions after my initial upload?
Yes, you can upload files containing new transactions using our Progressive Reconciling feature. Click here to learn how to use the Add button.
How do I complete my reconciliation using AutoRec?
Once all possible transactions are reconciled in the module, AutoRec will automatically calculate your adjusted ending balance. You can export your reconciliation to Excel by hitting the "Export" button in the upper right-hand corner.
The exported Excel file will contain four tabs:
- Tab 1 = Reconciliation template
- #fq-[account number] reference will automatically be placed next to the ending balance after user manually inserts the ending balance from the secondary source (i.e. ending bank statement balance)
- This file can then be used as the Supporting Document that FloQast pulls the per-Excel balance from
- reconciled date, who reconciled (FloQast or specific user), and unique identifier for each reconciled set of transactions.
Note: If you uploaded 20,000+ transactions, the above report will export to a .zip file that contains four files. Each Excel workbook will contain one of the respective tabs above (total of four files in the .zip).
When you are done utilizing AutoRec for the specific account, you can hit the "Back to Reconciliations Page" or "Back to Close the Books Page" button to return to FloQast Reconciliations or Close the Books.
If you have any questions about FloQast Matching, please contact firstname.lastname@example.org