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 Accounting Success Manager, Setup Lead, or support@floqast.com.
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 Folders 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 Folders tab and Reconciliations tab. The option will only appear for accounts that have had FloQast AutoRec enabled.
How do I begin amortizing?
Check out our guide here: https://help.floqast.com/hc/en-us/articles/5105734750875-Setting-Up-a-New-AutoRec-Amortization-Account
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.
One thing to note is that you can add items without start and end dates if you don't know when the term will begin or if you're not ready for the item to start amortizing. In the future, you can edit the item to assign a start and end date to begin amortizing it.
How do I add items to an existing schedule in bulk?
You can bulk upload additions to a schedule by clicking on the Add Items dropdown and selecting the Bulk upload option.
Ensuring that your bulk upload data is contained in the first tab of an Excel spreadsheet, you can map the upload columns in FloQast to the relevant columns in your spreadsheet and then click Continue.
Select the starting and ending rows of the data that you'd like to upload, select the file for uploading, and then click Import.
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.
Can I remove existing items from the schedule?
Yes, in the current period for a schedule, you can tick the box next to an item or multiple items and then select the Remove button. This will remove the selected item(s) from the current schedule and periods going forward, but it will not remove or impact the item(s) in any of the prior, locked periods.
If an item on your schedule is grayed out, that indicates that the item has completed its term, and you may consider removing it from future schedules.
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.