Admins and Managers have the ability to add, edit, and delete reconciliations on the Close The Books tab and the Reconciliations tab. Perhaps most importantly, changes can be applied going forward to future months. This eliminates the need to navigate to the Manage Reconciliations page in the Admin Settings section of FloQast if you need to make minor changes.
Admins and Managers will see an "Add" dropdown button that appears on both the Close The Books tab and the Reconciliations tab (example in the Reconciliations tab shown below).
A user can add a reconciliation for a single GL account by selecting the "Add Account" option. Alternatively, a user can add a reconciliation for a group of GL accounts by selecting the "Add Group" option.
Let's first assume you want to add a reconciliation for a single GL account. After clicking the "Add Account" option, a slide-out will appear.
As a user, you now have the opportunity to configure the following settings for your new reconciliation:
- Entity - You may select any entity that you have access to
- Folder - You may select any folder that exists in the entity you selected for the month currently in view
- Account - You may select any account in that Chart of Accounts of the selected entity. The same account cannot be added twice to a given folder (unless the "Same Account Different Location" feature has been enabled in your FloQast environment)
- Assignees and Due Dates - You may assign any users (besides Auditors and Sys Admins) to the reconciliation as long as they have access to the entity you selected
- Frequency - You may select the frequency option. The options include Non-Recurring, Monthly, Quarterly, and Annual
- Assignee Frequency - You may select a different frequency for each assignee than the reconciliation itself. For example, for a monthly reconciliation, you can select a monthly preparer and a quarterly reviewer.
- Tags - You may select any tag previously created in the system or you may create a new tag
- Currency - You may select any currency to be associated with the reconciliation. This will only affect the currency symbol that appears throughout the app next to the reconciliation.
- Fixed Balance - You may select a fixed balance for this account. A fixed balance is a default value for the "Per Excel" column of the reconciliation. This should be used for GL accounts that do not require an associated excel workbook to tie out the GL balance (e.g. a zero balance account or an account that does not regularly change).
- Threshold - You may select the threshold rules for the reconciliation. The threshold represents the allowable variance for the reconciliation (e.g. if a reconciliation has a $100 threshold and the variance is less than $100, then it will be considered tied out in FloQast)
- Reconciliation Type - If you have purchased the FloQast "Auto Rec" module, you will be able to toggle between Standard, AutoRec Matching, and AutoRec Amortization.
Note if you are instead adding a "Grouped Reconciliation," you will still be able to set all of the fields above. In addition, you will have the opportunity to select a group name and select which GL accounts you want to include as part of the group, as shown in the screenshot below:
If your FloQast account utilizes our NetSuite integration, you will also have the opportunity to configure NetSuite specific settings for your new reconciliation:
- Subsidiaries - You may select the subsidiaries you want to include in the reconciliation balance. Leaving this field blank will result in FloQast pulling the balance for all subsidiaries. Note if you do not have subsidiaries enabled in your NetSuite account, this field can be left alone (FloQast will simply pull the balance for the GL account as a whole).
- Consolidation Entity - If you selected multiple subsidiaries that have different reporting currencies (or if you left the subsidiaries field blank and your NetSuite environment has multiple subsidiaries with different reporting currencies) and you want FloQast to consolidate the reconciliation balance into a single reporting currency, then you must select a "Consolidation Entity." This must be a subsidiary that each of your selected items in the "Subsidiaries" field rolls up into. If you want to simply do a consolidated reconciliation, then you would leave the "Subsidiaries" field blank and you would select your root NetSuite subsidiary as the "Consolidation Entity."
- Reporting Book - If you have multiple reporting books in NetSuite, you will have the opportunity to select a reporting book for your reconciliation. If this field is left blank, FloQast will pull the GL balance from your primary accounting book by default.
If your FloQast account utilizes our Intacct integration, you will also have the opportunity to configure Intacct specific settings for your new reconciliation:
- Locations - You may select the locations you want to include in the reconciliation balance. If you have a multi-entity, multi-currency setup within Intacct, then you must select at least one entity or location (the Location dropdown includes both) in order for FloQast to pull a GL balance. The only exception is if you want to pull a consolidated GL balance, you may leave the Locations field blank as long as you select a Consolidated Reporting Book in the Reporting Book ID field. If you have a single-entity setup or a multi-entity, single-currency setup in Intacct, then if you leave the Locations field blank, FloQast will effectively pull a consolidated GL balance.
- Reporting Book Id - You may select the reporting book to be associated with the reconciliation. By default, FloQast will pull the GL balance for the Accrual book. If you have a multi-entity, multi-currency setup within Intacct and you want to pull a consolidated balance for the reconciliation, you may leave the Locations field blank and enter a valid Consolidated Reporting Book ID in this field.
- Adjustment Book Ids - If you enter a reporting book ID, you will have the opportunity to also set one or more adjustment book IDs. If selected, FloQast will pull the balance for the GL account for the given reporting book and include the adjustment book-specific amounts as well.
- Reporting Book Exclude Option - If you enter a reporting book ID and adjustment book IDs, but you only want your FloQast reconciliation to include the adjustment book specific GL amount, you may select the "Exclude" option
Question: What month(s) will my reconciliation get added to in FloQast?
Answer: If you select "Non-Recurring" as the frequency, the reconciliation will only get added to the month you are currently looking at in FloQast (December 2019 in the screenshot above). However, if you select any other frequency (e.g. "Monthly", "Quarterly", etc.), the reconciliation will get added to the selected month and all future months in FloQast in accordance with the selected frequency. For example, if you add a monthly reconciliation to July 2019, the reconciliation will get added to July, August, September, and all months up to your latest month that exists in FloQast. You will also notice the reconciliation will appear on the "Manage Reconciliations" page in the settings section of FloQast, which ensures the item will get added to future months in FloQast when those months are created. In a more complicated example, if you have a 12/31 year end, and you attempt to add a quarterly reconciliation to July, the reconciliation will in fact not get added to July (since it is not a quarter end month), but the item will get added to September and future quarter end months.
Question: Can I add reconciliations to locked folders?
Answer: For control purposes, you may not add reconciliations to locked folders. If, for example, you have a folder (e.g. "Accounts Payable") that is unlocked in July, locked in August, and unlocked in September, and you attempt to add a monthly reconciliation to a folder beginning July, the system will still not tamper with the locked folder; the reconciliation will be added to July and September, but not August.
Question: What happens if I add a monthly reconciliation to a given month (e.g. December), but it already exists in my reconciliation settings (on the Manage Reconciliations page)?
Answer: We detect these "collisions" as you are adding a reconciliation. If you attempt to add a reconciliation that already exists in your reconciliation settings, you will see a screen like this:
At this point, if you select "Save This Period Only," a reconciliation will simply be added to the month in context (December 2019 in the screenshot above). If you select "Save Going Forward", a reconciliation will be added to the current month and future months in accordance with the frequency that you selected. In addition, the settings (e.g. assignees, tags, etc.) that you chose will also override any settings you previously selected on the Manage Reconciliations page (i.e. the settings that appear on Manage Recs will get updated to match the settings you selected in the slide-out).
Admins and Managers also have the ability to edit reconciliations already in the system, and optionally apply their changes forward to future months. These users can click the settings gear icon (see screenshot below) next to any reconciliation in order to edit the item.
Similar to the process of adding a new reconciliation, a slide-out will appear (see screenshot below).
This process works almost the exact same way as adding a new reconciliation to the system. However, there are some key differences:
- You will not be able to move the reconciliation to a different entity. However, you will be able to move the item to a different folder in the same entity.
- For recurring reconciliations (i.e. monthly, quarterly, or annual), you can select whether you would like to apply changes to "This period and going forward" or "This period only". If you select "This period and going forward", then FloQast will apply the reconciliation settings to the current month in view and all future months in the system where that reconciliation exists. The change will also carry through to the "Manage Reconciliations" page in the settings area of FloQast if the item exists there. If you select "This period only," then only the currently selected reconciliation will be updated.
Question: What happens if I remove an assignee, but they have already signed off on the reconciliation in the currently selected and/or future months?
Answer: FloQast will not remove any completed signatures. However, if for example, a user has signed off on an item in the currently selected period only, and you want to remove them as an assignee in future periods, you are still able to remove them as an assignee and apply your changes going forward and the user will successfully get removed as an assignee in future periods.
Admins and Managers can also delete items and optionally apply the delete to future periods. This feature is accessible using the same settings gear icon that allows for edits.
A delete button appears in the bottom left of the slide-out and users can decide if they want to delete the item only in the month they are viewing, or if they also want to delete the item in future periods.
Question: What happens if I delete the reconciliation and apply my changes to "This period and going forward" but the reconciliation is already signed off or locked in a future period?
Answer: If the reconciliation is locked or partially signed off in a future period, the item will not be deleted in that period.