We are excited to announce another enhancement to the AutoRec tool that will help accountants finish their reconciliations faster by making more matches inside FloQast
On the AutoRec settings page, you will now find a new setting for Match Thresholds. Thresholds will allow you to reconcile transactions even when the amounts do not net to zero.
To update the threshold for your account, navigate to the AutoRec module and open the "Settings" tab where you will see an option near the middle of the page to set "Match Thresholds".
The threshold determined will only apply to user-made matches. The AutoRec engine will still match your transactions with a $0.00 difference only, but as a user you may now build matches that fall under your threshold. You will have the option to set the threshold at a specific dollar, percentage, or combination of both. Please see below for different combinations:
Once the match threshold has been saved, you will now be able to reconcile transactions in AutoRec where the difference between the amounts is equal to or less than the threshold specified. FloQast will display the threshold above the Reconcile button and it will illuminate green when transaction differences are within acceptable threshold. When transaction differences exceed your threshold, the Reconcile button will remain grayed out and cannot be clicked.
You can review matches with differences on the 'Reconciled Transactions' tab as well within the exports. As a tip, we recommend sorting the Diff column to easily see all transactions with differences at the top of the page.
We will summarize the total of all differences on the reconciliations tab of the export. You may consider using this value to book an adjusting entry for the period.