What is FloQast AutoRec?
AutoRec™ Amortization automates and standardizes the reconciliation for prepaid expenses, deferred revenue, and similar accounts so accounting teams can focus on what matters. Automating the tedious stuff gives you the needed flexibility to do the hard stuff.
For more info, please visit https://floqast.com/products/floqast-autorec/amortization/
How do I turn on AutoRec?
If AutoRec has been enabled for you, you can follow the instructions below to begin using it! If you find that this option is not available, please contact your Customer Success Manager, Setup Lead, or firstname.lastname@example.org.
FloQast AutoRec is turned on at an account-by-account level. The best way to enable it for a given account is to use our Inline Editing feature. Simply follow the steps/GIF below to turn AutoRec on for your accounts!
1. From the Close the Books or Reconciliations tab, hover over a particular reconciliation and click on the "Gear" icon to open the settings for that Reconciliation (available to Admins and Managers in FloQast)
2. Click "Edit" on the General Settings section
3. Click the "Reconciliation Type" drop-down menu and select AutoRec Amortization or AutoRec Matching.
4. Save your changes! The default will be to apply your changes to "this period and going forward." This will allow you to begin using AutoRec in the current period, and will also make it available in your future periods in FloQast.
Where does AutoRec appear within FloQast?
The option to "AutoRec" 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 AutoRec enabled.
How do I begin amortizing?
When you first click on the blue AutoRec link below your reconciliation name, you will be greeted by the amortization tool's Settings page. First, you will specify if you would like your scheduled amounts to be calculated based on daily or straight-line amortization. Next, this page allows you to map your settings to an existing amortization schedule file if you would like to begin fresh from the period you are in.
(If you would instead like to upload the historical data from items you have already been amortizing, skip to the next step/Upload page where you will be able to download a Historical Import Template - click here for more details on this process.)
In the event that one of the Settings fields is not present within your personal file, you can select "N/A" as the corresponding column.
Upon saving your initial settings, you will be prompted to upload the corresponding file.
How do I add items to an existing schedule?
In the upper-right corner of the amortization module, clicking the "Add" button allows you to insert the information for a new item on an ongoing basis - rather than uploading a new bulk file each time.
The Document Link box allows you to put a link to an invoice in your Cloud Storage and have the ability to open the invoice directly from the Rollforward and Amortization pages.
How do I edit existing items in the schedule?
When you hover over the Vendor Name of any existing item, a blue "Edit" link will appear which allows you to edit the various attributes of that item.
As dates and amounts are adjusted on the left side of the edit module, the schedule on the right side will automatically update.
Note: Updates to the schedule will only affect the current and future periods, not past ones for which the item has already been amortized.
Is there an Excel export?
Yes! The Excel export contains three tabs of information. The Rollforward and Amortization tabs mirror the information displayed within the amortization module. The third tab contains the information necessary to book your journal entries for that period.
Additionally, your #FQ anchor is located next to the ending balance of your account so that you can save the export directly to the appropriate FloQast folder and use it to sign off on the associated reconciliation.