Create-a-Report simplifies the report creation process for Flux Analysis while also allowing for greater flexibility.
If your team wants to focus on analysis that aligns with your controls (specific comparisons and thresholds, for example) while having greater autonomy over creating your reports, our ‘Create-a-Report’ was built with you in mind.
How to Create a Flux Report:
Anytime you choose to create a new report, you will be greeted with the screen below. Admins and Managers can build new reports from the settings pages or you may be sent to the ‘Create-A-New-Report’ page if it is your first-time visiting Flux Analysis.
Creating a Flux Analysis or any kind of analysis report tends to drive fear into the hearts of their creators. It takes too much time and planning or requires upper management to get these reports created/edited. Fortunately, we can walk you through it below and get you up and running very quickly allowing you to spend time on data analysis, and not building requirements!
1. Your first step is to name the report. At FloQast we typically name ours (as above) using a ‘Company name, Report Type, Comparison’. If you have many reports, we would advise you to name the report in a similar fashion to make the reports easier to identify and select from the Flux Reports Drop Down.
2. The next step is to select the comparison period of the report. The ‘Comparison Type’ is specific to the report you create. Therefore, if you select the ‘Month-over-Month’ comparison, the only comparison available on that report will be the current month vs. the immediately preceding month.
The available Reporting Options are:
- Month-to-PYMonth (Same Month from the Previous Year)
- Quarter-over-PYQuarter (Same Quarter from the Previous Year)
- Fiscal Year to PYE (Previous Year End)
- Custom (Current Options with dual drop-down)
3. Once all the required report information has been filled in (Report Name, Comparison Type, Report Type, Base Entity*), you will be presented with two options, ‘Do It For Me’ or ‘Select/Upload Template’
*TB Upload Companies* will be given the option to select a base entity. Selecting a base entity will let the Flux Analysis module know which Trial Balance and corresponding Chart of Accounts to use for Flux Reporting.
- Do It For Me allows FloQast to take the first pass at the grouping with the click of a button. Do It For Me is a great option if you want to get started immediately and are open to fine-tuning your report as you progress.
- Select/Upload Template allows the user to select a previously created Flux Template or to create an entirely new grouping. ‘Uploading’ your own template would be advisable if you have a complex flux analysis, or if you would like to leverage the best practices knowledge of our FloQast team.
4. Once the desired comparison period and method of creating the new grouping template has been selected, the report creator will be able to select the settings for the report.
Settings that can be added/edited:
- Base Entity: The Base Entity determines what GL your Report is pulling balances from, as well as what users have access to the Report. Only users with access to the Report's base entity will be able to view this Flux Report
- Report Name
- Locations (Intacct) / Subsidiaries (NetSuite) - Circle #1 via screenshot below. Displays balances in chosen Location's/Subsidaries' local currency.
- Consolidation Entity (NetSuite) - Circle #2 via screenshot below. The "Consolidation Entity" represents an FX Conversion Field, that allows balances to be converted from Local to Functional currency.
- Reporting Book ID (Intacct): Circle #3 via screenshot below. The "Reporting Book ID" allows users to choose the "Consolidation" reporting book to pull in balances in a different currency associated with the "Consolidation" reporting book.
- Report Materiality Thresholds
- Reporting Book
- Flux Completeness
All of the above items are fully editable and always accessible to Admins and Managers through the Flux Settings.
Lastly, you may create as many reports as necessary. They’ll all appear in the Flux Analysis Report Drop down and you can start fluxing once you arrive at the report.
If you have any questions, please feel free to contact firstname.lastname@example.org and we’ll be happy to help get you set up!