The Transaction Upload Template in FloQast Intercompany is used for Manual Upload Customers (customers not on NetSuite and an enhanced data connection) as a standardized data entry tool to import intercompany transactions from multiple entities into FQ Intercompany. It ensures consistent, accurate, and efficient data capture across the organization to enable effective matching.
Below, we'll dig into the required fields on the Transaction Upload Template
Transactions Template with the sample data in the required fields:
Entity ID:
The unique identifier for each Entity/Subsidiary/Company from your ERP system. This needs to match exactly as provided in the Relationship Template.
Entity Name:
The description for the Entity/Subsidiary/Company from your ERP system. This needs to match exactly as provided in the Relationship Template.
Entity Account:
The unique identifier for each GL Intercompany account from your ERP system. This should be the Account ID only. This needs to match exactly as provided in the Relationship Template.
Transaction ID:
The unique identifier assigned to a specific financial transaction recorded in the system.
Transaction Effective Date:
The date on which a financial transaction is considered to take effect for accounting purposes, regardless of when it was entered or posted in the system.
Transaction Description:
A text field that provides a brief explanation or narrative about the nature or purpose of a financial transaction.
Transaction Amount:
The monetary value of a specific financial transaction is recorded in the system. It represents how much was paid, received, charged, or transferred, depending on the nature of the transaction.
- Transactions need to be provided in debit(+) and credit(-) format
Transaction Currency Code:
Indicates the currency in which a transaction was originally conducted or recorded. It defines the monetary denomination of the transaction amount.
Columns of the Transaction Upload Template can be added to the template, and the order of the columns can vary.
The following columns are optional to be completed:
- Transaction Post Date
- FX Conversion Rate: only required if the Local currency is different than the Functional currency
- FX Currency Conversion Code: only required if the Local currency is different than the Functional currency
- FX Converted Amount: only required if the Local currency is different than the Functional currency (needs to be an amount and not a formula)
How to Use the Transaction Upload Template
Step 1: Download the Transaction Template
- From the Intercompany tab, navigate to the 3 dots and select Upload Transactions.
- Click Download blank Transactions template to retrieve the latest version of the transaction template.
Step 2: Populate the Template
- Open the template in Excel.
- Fill out the required columns:
- Entity ID
- Entity Name
- Entity Account
- Transaction ID
- Transaction Effective Date
- Transaction Description
- Transaction Amount
- Transaction Currency Code
- Once the template is filled out, save it as an XLSX file.
Step 3: Upload the Template
- Go back to the Intercompany tab, navigate to the 3 dots, and select Upload Transactions.
- Click Upload File and select the Transactions Template file. It will show Completed once loaded.
- The following upload options are available:
- Ignore invalid transactions - Selecting this option excludes out of period, missing data, and zero balance transactions
- Remove existing transactions for the current period - Selecting this option will remove all existing transactions and matches for the current period
- By default, all uploaded transactions that do not match the Transaction ID, Entity ID, and Account of an existing transaction will be saved. This means if a new transaction file is uploaded, any new transactions in the file will be appended to what has been previously loaded.
- Click Process File to upload your completed template.
- If the file is accurate, the Upload Transaction Success box will appear and will provide a summary of the number of transactions created and removed, along with the number of matches removed. The process status box will appear. If there is an issue with the transaction upload, an error box will appear identifying the problems that need to be corrected.
Once the process refresh is complete, refresh your browser to see the results of the transaction data upload and FX translations in the matrix.