Benefits of Locking Folders:
When all work is completed in a folder in FloQast, you will have the opportunity to lock the folder from the Close The Books tab. Besides the feeling of accomplishment that your folder is completed and locked, there are also some internal-controls benefits to locking your folders!
Locking a folder will set all checklist items and reconciliations to a "read-only" state, ensuring all sign-off timestamps remain intact. No sign-offs can be removed unless the folder is first unlocked, helping you lock in your evidence of completion/review for upcoming audits.
Locking a folder also ensures that no new items are added to the folder via inline editing or the settings template. Your current list of checklist procedures and reconciliations are the ones locked in place.
Note: The Refresh button is still available in a locked folder, and your balances can still be refreshed to show the latest and most accurate numbers. FloQast strives to be a source of truth for your reconciliation balances, so the per-GL and per-Excel columns will reflect legitimate changes that your team makes to either the GL system or supporting documentation.
Note: Locking folders is restricted to users with the Admin or Manager role in FloQast.
In order to lock a folder, all checklist items and reconciliations in that folder must be completely signed off. Note that if you have the Strict Folder Locking feature enabled (see screenshot below), then additional conditions must be satisfied before a folder can be locked. Specifically, the reconciliations in the folder must be tied out and review notes must be in a closed state.
Some Cloud Storage Providers allow folder/file locking through their respective APIs. Whenever possible, FloQast takes advantage of these locking capabilities to lock the matching folder within Cloud Storage too. OneDrive, Dropbox, and Google Shared Drive do not permit folder/file locking through the API. Box, Google MyDrive, and Egnyte do allow locking to varying degrees:
Box - The files within the corresponding Box folder will be locked indefinitely by the connected Box user.
Google MyDrive - The corresponding Google MyDrive folder will have its permissions updated. The connected GDrive user will convert the other collaborators on the folder from "can edit" to "can view" on the folder, which waterfalls to the files within the folder. Google Drive upholds certain exceptions, such as allowing the original folder owner and the original file owners to retain edit access.
Egnyte - The files within the corresponding Egnyte folder will be locked by the connected Egnyte user. Egnyte does not allow a file to remain locked longer than one week, so all files will be unlocked by Egnyte after 7 days. The folder will remain locked in FloQast.
Locking Folders in Bulk:
If you prefer to lock all folders for a given month at the same time, you can do so on the Dashboard tab, as shown in the screenshot below. In order to do this, work in all folders must be completed.
If you have multiple entities in FloQast, then the All Entities view in the Dashboard tab will give you insight as to which entities can be locked down.