User question: How do I set up a Rule Collection?
FloQast AI Variance Analysis uses Rule Collections as the organizational container for your variance rules. Each Rule Collection defines the cadence and period type that govern every rule inside it. You need to create at least one Rule Collection before you can begin setting up individual rules.
How do I create a Rule Collection?
Click Rule Collections in the top-right corner of the Summary Page.
Next you will see a list of all your created Rule Collections. To create a new collection, select Create Collection.
A Rule Collection is an organizational container used to group rules based on criteria such as process, comparison period, or assignee.
In the Create Rule Collection set up wizard:
- Name: Enter a descriptive Name (e.g., Quarterly Analysis Collection).
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Period Type: Select from Monthly, Quarterly, Year, Quarter to Date, or Year to Date.
Note: You will need a distinct collection for each period type you are analyzing, as the population being analyzed ultimately sits within the individual rules. - Repeats: Select how often the collection repeats (Monthly, Quarterly, or Yearly).
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Start Business Day: This dictates when the rules within your collection begin analyzing the population.
- Best Practice: It is best practice to set this to the final business day of the close. This ensures all adjusting journal entries are fully considered when analysis begins.
- Why it matters: Analyzing too early may result in evaluating an incomplete or inflated population.
- Collection Reviewers: You can assign a collection reviewer who has the authority to lock the rules within the collection. This ensures no changes can be made in future periods, which is vital for audit purposes.
Frequently Asked Questions
Q: Can I edit a Rule Collection after I've created it?
A: Yes. You can update the Name, Repeats, and Start Business Day of an existing Rule Collection by clicking the pencil icon located on the right side of the collection.
Q: Can I have more than one Rule Collection?
A: Yes. You can create as many Rule Collections as your team needs. However, keep in mind that Rule Collections are structured around timeframes rather than specific data categories, you will need a distinct collection for each unique period type (e.g., Monthly vs. Quarterly) you want to analyze. The specific population or data category being analyzed ultimately sits within the individual rules themselves.
With your Rule Collection in place, continue to Creating a Rule to set up the specific conditions and thresholds that determine when a variance is flagged as material.
If you have additional questions, contact support@floqast.com.
🎓 Ready to learn more? Accelerate your reporting and variance analysis workflow with our interactive FloQademy course: FloQast AI Variance Analysis: Setup, Use, and Best Practices. This course is CPE-eligible through the FloQast AI Variance Analysis & Reporting program.