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Fund Accounting Feature
Standard Accounting Features and Special
Not-for-Profit Functions Available
In addition to the standard General
Ledger features, enabling AccountMate's Fund Accounting features facilitates
not only the specific reporting needs of the not-for-profit company,
but also provides the tools necessary to provide a detailed accounting
of funds furnished by sources which require special handling of those
funds.
Provides Tracking for Each Fund
- A Fund segment is added to the Chart of Accounts.
- Any number of Temporarily Restricted, Permanently Restricted
and Unrestricted funds can be set up.
- The Retained Earnings account is replaced with fund balance
accounts for the three fund categories.
- Automatic inter-fund balancing is an option.
- Eight fund types are provided, including General Operating,
Plant, Endowments and Restricted.
With AccountMate you can create a chart of accounts that will handle
the tracking requirements for various types of funding sources. Each
fund can have its own set of reports. When you define a segment in
the chart of accounts as a fund, the segment carries with it special
qualities to assist with tracking money that is used between funds.
Easily Keep Funds Balanced with Automatic
Inter-fund Balancing Option
Setting up the Automatic Inter-fund Balancing feature triggers AccountMate
to automatically create the necessary entries to keep your funds balanced.
The fund balancing feature flows throughout various modules in the
system. The Accounts Payable, Payroll, Accounts Receivable, Inventory
Control, Bank Reconciliation, and Manufacturers Inventory modules
all facilitate fund balancing. Although the AccountMate Automatic
Inter-fund Balancing feature is a fool-proof way to balance your funds,
you may need the ability to create the balancing entries yourself
as you enter transactions. AccountMate provides the flexibility to
meet this requirement.
 Financial Reporting Specific to the
Not-for-profit Industry
Report headings, format and contents are modified; the traditional
Balance Sheet and Income statement reports are replace with Fund Statement,
and Revenue and Expense Statement. Additional reports are provided
for fund accounting, including a Selective Accounts Classification
Report, Statement of Financial Position, Summary Statement Report,
Statement of Activities, and Schedule of Changes.
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