What is FloQast Matching?
FloQast has released the industry’s first AI-powered matching solution that requires no rules definition whatsoever. FloQast Matching helps accounting teams automate the highly manual and error-prone process of matching transactions, which is core to the task of reconciling high-risk and high-transaction-volume accounts such as cash, intercompany and clearing accounts. Accounting teams can now accurately and efficiently perform one-to-many or many-to-many matches across any type of general ledger (GL) account – saving them hours, and in some cases, days of work every month.
How do I turn on FloQast Matching?
FloQast Matching must be enabled by your FloQast Support team. If you are interested, please contact your Account Manager, Setup Person, or firstname.lastname@example.org.
Once enabled, FloQast Matching 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 Matching for → Turn on "Enable FloQast Matching" slider:
Where does FloQast Matching appear within FloQast?
The option to "Match Transactions" 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 Matching enabled.
How do I begin matching transactions?
Hitting the "Match Transactions" button will launch a window where you will be prompted to upload two files:
- General Ledger file listing all transactions for given account and period
- Secondary Source file (i.e. bank or subledger system) listing all transactions for the same period and account
What format do these files need to be in?
Both files must be Excel files, either .xlsx or .xls file format.
Your files may contain up to one million rows of data each.
Both files must follow a specific template that includes four pre-defined columns:
- 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 match 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 match the Reference 2 field in the other file
- Column D= Amount
- Balances 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 balance column Consider the +/- sign of the amount as it must match the sign from the other file
Once your files are selected, you can hit "Upload" and FloQast will begin matching your transactions! While the matching is in progress, the "Processing Files" message will appear. You can close out of this screen and still view that matching is in progress based on the "Matching in Progress" message immediately under the account:
What does it look like once my transactions are matched?
FloQast will search both files that you upload to identify:
- one-to-one matches
- one-to-many matches
- many-to-many matches
- single-sided matches (such as reversal JEs)
- similarity matches (not perfect matches, but likely matches as determined by AI engine)
When FloQast has finished matching your transactions, you will be greeted with a green banner that says "Your matching job is complete." You can click "View matches" on the right-hand side of this banner or click on "Matched" underneath the Account to launch the Transaction Matching module.
If there is an error reading your files or matching your transactions, the message will say "Matching Error" in orange instead of saying "Matched." You can click on the words "Matching Error" to view the details of the error message. Please check the format of your uploads and try re-uploading your files again by clicking on "Matching Error" a second time to re-launch the matching module. If you continue to receive an error, please contact email@example.com for assistance.
The FloQast Matching interface for the account will launch and immediately display the percentage of matches:
How do I create a new match that wasn't automatically completed?
Any unmatched transactions will be placed in the "Match Transactions" tab. The left-hand side will show the remaining transactions from the GL file, and the right-hand side will show remaining transactions from the Secondary Source file.
All columns are sortable by clicking on Date, Amount, REF1, or REF2. The GL transactions and Secondary Source 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. You can search by multiple keywords by including a space between search queries.
Checking the box next to a transaction (or multiple transactions) will pull the information to the center of the screen so you can compare GL to Secondary Source. If you build a match, you'll be given a green "Match" button!
Clicking "Match" will move the newly created match to the "Completed Matches" tab and remove the selected transactions from the list of remaining items.
How do I remove a match that was automatically built?
You can remove any of the system-generated matches if you believe they were matched in error. On the "Completed Matches" tab, simply check the box next to the match that you'd like to remove. Once selected, a button to "Remove Match" will appear. If you opt to remove a match, you'll be prompted with a window to confirm the removal. Once removed, the transactions will be added back to the "Match Transactions" tab as remaining transactions.
Now that FloQast matched my transactions, how do I complete my reconciliation?
You can export your matches to Excel by hitting the "Export" button in the upper right-hand corner of the FloQast Matching interface.
The exported Excel file will contain four tabs:
- Tab 1 = unmatched General Ledger transactions
- Tab 2 = unmatched Secondary Source transactions
- Tab 3 = results of all matched transactions
- Match date, who matched (FloQast or specific user), and unique identifier for each match will be displayed
- Tab 4 = Reconciliation template summarizing unmatched transactions
- #fq-[account number] reference will automatically be placed next to the ending balance after user manually inserts the ending balance from the secondary source file (i.e. ending bank statement balance)
- This file can then be used as the Supporting Document that FloQast pulls the per-Excel balance from
Note: If you match 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 the FloQast Matching interface for the specific account, you can hit the "Back to Reconciliations Page" or "Back to Close the Books Page" button to return to the core FloQast application.
If you have any questions about FloQast Matching, please contact firstname.lastname@example.org