Calendar Types:
FloQast offers two Close calendar types: Standard and Retail.
• Standard Calendar: Based on calendar months (i.e. 1st through the 31st) with due dates populating in the next month since that is when the close is performed.
Example: March period in FloQast runs from March 1 - March 31. Due dates are calculated in April since you need to wait for March to end before performing certain close-related tasks and reconciliations.
• Retail Calendar: Very much like the Standard calendar above, but with the start/end dates of each month customized to your 4-4-5/4-5-4/5-4-4 retail schedule.
Example: June period in FloQast runs 5 weeks from May 31 - July 4. Due dates are calculated in July (starting July 5th) since you need to wait for June to end before performing certain close-related tasks and reconciliations.
FloQast also offers a third calendar option: Non-Close (aka Current Period)
• Non-Close Calendar: Based on calendar months (i.e. 1st through the 31st) with due dates populating within the current month since they are not close-related activities, and therefore don't need to wait for the month to end.
Example: September period in FloQast runs September 1 - September 30. Due dates are calculated in September (not October) since these checklist items don't require the month to be ended.
Examples:
1. Viewing the September 2020 period in FloQast
2. Hard due date of the 18th has been set for both preparer and reviewer
3. Item is due on September 18th
1. Viewing the September 2020 period in FloQast
2. Business due date of 10 has been set for both preparer and reviewer
3. Item is due on September 14th (the 10th business day of September)
Getting Started with Non-Close Calendar
You can create a brand new entity that utilizes the non-close calendar, or you may convert an existing entity to non-close. Instructions for each scenario can be found below.
1. Creating a Brand New Entity
If this is your first non-close entity (i.e. your current FloQast entities are Standard or Retail), then your new entity will inherit the Standard/Retail calendar by default. Whenever you add a new entity, it inherits the calendar type of the entity you based it on from the Admin > Entities page.
To convert it to Non-Close, simply navigate to the Admin Settings > Entities > Click Manage next to the appropriate entity > Calendar Settings > Calendar Type > Select "Non-Close" > Save Changes
Now any checklist items that you add should have due dates in the current month, as opposed to next month.
If you have already added checklist items before making this update, please see the instructions in the following section.
2. Converting Existing Entity to Non-Close
You might have an existing entity that has been operating on a Standard calendar, perhaps with normal due dates, perhaps with negative due dates to place items in the preceding month, or perhaps with no due dates at all. To convert this existing entity to a Non-Close calendar, you'll start by navigating to:
Admin Settings > Entities > Click Manage next to the appropriate entity > Calendar Settings > Calendar Type > Select "Non-Close" > Save Changes
This will change the due date on future checklist items, but you'll want to update your existing checklist items within this entity too.
If you are currently using negative due-dates to place tasks in the prior month, then Non-Close is a great solution for you! You no longer need to perform the negative calculations, and can instead use positive business day or hard calendar day deadlines. You will need to make a one-time update to adjust your due dates, and the quickest way to update all due dates at once is to use the Checklist Template. To make these updates and apply your new settings, you'll need to:
1. Navigate to Admin Settings
2. Select the Checklist settings tab
3. Choose the appropriate entity from the dropdown menu
4. Expand the Checklist Settings
5. Export your Checklist template to Excel, which can be opened and edited locally. Your due dates in column E (preparer) and column G (reviewer) can be updated to the new desired values. When done, save your changes to the file and re-upload using the Add Revised Checklist button.
6. Click Save changes
7. Choose the applicable months (you may apply back to prior months, or only choose the current month and forward)
8. Click Apply Template to finalize your new Non-Close due dates!
If you were not using negative due dates, or you do not want to otherwise update your due dates, you may skip the step of exporting your template. Instead, you can just save your existing due dates from the Checklist settings tab, and your pre-existing due dates will be recalculated within the calendar month based on the new Non-Close rules.
1. Navigate to Admin Settings
2. Select the Checklist settings tab
3. Choose the appropriate entity from the dropdown menu
4. Click Save changes
5. Choose the applicable months (you may apply back to prior months, or only choose the current month and forward)
6. Click Apply Template to finalize your new Non-Close due dates!
FAQ
Will due dates be updated for items that were already signed off?
No, FloQast will not update the due-date settings (or any other settings) for an item that is fully signed-off. Since this item is marked complete, it is locked in place to preserve the historical record. If an item is partially signed-off (e.g. the preparer completed their signature, but the reviewer has not) then only the due dates for incomplete signatures will be updated.
Since we are using the Non-Close entity during the calendar month, do we get access to these folders earlier than a typical Close entity?
Yes! Standard and Retail entities undergo the replication process on the first of each month. For example, the March period is created on March 1st, and the corresponding March folders are also added to Cloud Storage at this time. This means that the new period is available a full month ahead of time since the March close won't begin until April (or late March, if pre-close items exist).
However, the Non-Close entity is intended to be utilized right away! The March period will have March deadlines, not April deadlines, so you may want this entity ASAP in March or even earlier. Therefore, we will replicate an additional month in advance for Non-Close entities. The March period will be created on February 1st, the April period created on March 1st, and so on. Much like a regular Close-Calendar entity, the periods will stay one month ahead to ensure you can see your deadlines, make appropriate tweaks, and get started on work whenever you are ready. If you just converted an entity to the Non-Close Calendar and are not seeing the period one month in advance, please reach out to support@floqast.com.