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Fund Accounting Feature
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 type. 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 Manufacturer’s Inventory modules all
facilitate fund balancing. Although the AccountMate Automatic Interfund 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.
GL Module Setup – Fund Accounting Setup Tab
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
replaced 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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