Startup for Fund Accounting

Transcription

1 Startup fr Fund Accunting Setup Preferences...2 Accunting Funds...2 Chart f Accunts....3 Accunts Payable...5 Credit Card Payable...5 Accunts Receivable...5 Beginning Balances...6 *** Since tax reprting requirements need t be cnsidered when setting up accunting mdule, it is recmmended that yu cnsult yur accuntant fr assistance. Prper accunt set up will impact bth the type f infrmatin available and the ease f use *** 1

2 1. Setup: Organizatin - Setup - Infrmatin Select the First Mnth in Fiscal Year frm the drpdwn Enter the Beginning Balance Date This is the day prir t the start date f using this system. Fr e.g., let's say yu're fiscal year is Jan thrugh Dec but yu're ging t begin using this system as f April 1st. In this case yur beginning balance date wuld be 03/31/20XX (mm/dd/yyyy). Select the Reversing Jurnal Type (Reverse Jurnal, Zer Jurnal r Delete Jurnal) Reverse Jurnal: This ptin leaves the riginal jurnal alne and creates a new ne negating the entries f the riginal jurnal. Zer Jurnal: This ptin zers the amunt fields f the riginal jurnal and adds a ntatin that the jurnal was reversed, wh reversed it and the date it was reversed. Delete Jurnal (nt recmmended): This ptin physically remves the riginal jurnal frm the system and enters a ntatin in the transactin lg file. There will be n ther audit trail when this ptin is used with the exceptin that a jurnal number will be missing giving the assumptin that it was deleted. 2. Preferences: Organizatin - Preferences - Persnal Set the Fiscal Year t wrk with Make sure View Accunting is set t YES 3. Accunting Funds: General Ledger - Funds - Fund Maintenance There are tw different types f Funds that can be created in IcnCMO. Cntributin Funds Cntributin Funds are funds that peple cntribute t. Cntributin Statements are printed frm infrmatin that is psted t C-Funds Cntributin Funds are entered thrugh Cntributin mdule Accunting Funds Accunting Funds are funds that are defined by the financial grup in the church fr the purpse f managing the finances f the church. Fr e.g. in additin t the 'General Fund' (which is a required fund) the bard might have a Building Fund and a Charities Fund. Fund Maintenance frm is used t create accunting funds and enter beginning balances. Three different types f funds: Unrestricted Restricted Temprarily Restricted 2

3 A separate 'Statement f Activities' (smetimes referred t as a Prfit and Lss statement) and a 'Statement f Financial Psitin' (smetimes referred t a Balance Sheet) can be run fr each fund defined as well as fr all accunting funds cmbined. Add a new fund: Enter the Fund Name Select the Status and Fund Type. Press the Add buttn Fund name can be mdified anytime A fund cannt be deleted nce dllars have been psted t it, hwever, its status can be set t 'Inactive'. Once the status is set t Inactive the fund will n lnger appear in any drp dwn bxes. The fund will appear in financial reprts prvided activity had ccurred during the date range specified. 4. Chart f Accunts (COA): General-Ledger - GL - Chart f Accunts. Use this frm t view the chart f accunts, rename an accunt, delete an accunt that has nt been used, inactivate accunts, mve an accunt r create new accunts. The first time this windw is pened yu will ntice the existence f sme accunts even thugh yu may nt have entered any. These are the minimum list f accunts which are required by the system and cannt be mdified. Yu will als be given an ptin t install a default chart f accunts. Accunts that are nt required can be renamed r remved. All accunts except Net Assets are entered using this windw. Funds and their beginning balances are entered int the system using the Funds Setup frm lcated under "General Ledger - Funds - Fund Setup IcnCMO has a single chart f accunts defined and every fund has access t every accunt. Fr this reasn we strngly recmmend that accunt names be kept generic. Fr e.g. Office Supplies - General and Office Supplies Yuth shuld be replaced with ne accunt Office Supplies. Organizatin Building Fund General Fund Yuth Fund Chart f Accunts Assets Liabilities Revenues Cst f Sales Expenditures Other Revenues Other Expenditures 3

4 IcnCMO allws fr accunts t be defined up t three levels deep. Accunts always shw up in alphabetical sequence within their level. Each accunt belngs t an Accunt Type. The system breaks dwn the accunts accrding t the acceptable accunting standard f - Assets, Liabilities, Revenues, Cst f Sales, Expenditures, Other Revenues, Other Expenditures and Other Financial Surces -Uses. Add a New Accunt: Press the 'Add New Accunt' buttn Select the Accunt Type (Assets, Liabilities, Revenue, and Expenditures etc.) The sub-accunt drp dwn cntains infrmatin based n what selectins were made frm the first three drp dwn lists. Leave this field set t 'Nt a sub-accunt' if the accunt being added is a majr accunt. If the accunt is t be a sub-accunt f anther accunt then select its majr accunt frm the drp dwn list. Press the 'Save' buttn t add the accunt t the system. Pressing the 'Clear' buttn clears the cntents f the windw and pressing the 'Clse' buttn returns yu t the main COA windw. 4

5 5. Accunts Payable: AP - AP Activities Outstanding payables shuld be entered under Accunts Payable befre beginning balances can be entered. Enter yur vendrs Enter Invices that have an utstanding balance as f the end f the beginning balance date Remember t set the transactin date n each invice t the actual date f the invice 6. Credit Card Payable Banking - Credit Cards - Credit Card Charges Use this frm t enter credit card charges r credit mems made t a stre r vendr. A credit card charge increases the Credit Card Payable (Credit Card) selected while a credit mem reduces the Credit Card Payable accunt selected. 7. Accunts Receivable: This sectin wuld be used t enter any utstanding receivable invices. Enter Items sld t Custmers (ptinal) using - AR - AR Setup - Items. Only thse items that were sld and have nt yet been paid fr need t be entered at this time Recrd unpaid invices that ccurred prir t the beginning balance date that was entered n the Infrmatin frm. 5

6 8. Entering Beginning Balances: General Ledger - Funds - Fund Maintenance Whatever accunting system yu're cming frm there will prbably be sme balances that exist fr each fund that has sme activity and yu will want t enter thse balances int the system. Usually, ne will pick the end f an accunting perid such as a mnth, quarter r year t determine what thse balances will be. Because this is a fund accunting system each fund will have a beginning balance assuming its balance is nt zer as f the ending perid yu chse. Select a fund frm the drp dwn list Press the buttn titled 'View-Enter Balances' Situatin A Yu begin using IcnCMO at the beginning f yur Fiscal Year. Fr e.g. January 1 st 2009, therefre, Dec 31, 2008 is that last day f yur previus fiscal year. In this case there will be n revenue r expenses t enter since these entries always begin always begin a new year at zer. Enter assets and liabilities as f the last day f the fiscal year. Situatin B Yu begin using the system in mid year In this case there will be revenue r expenses. Use the end f mnth revenue and expense reprt frm yur ld system t enter ending balances Enter assets and liabilities as int the edit bx clumn titled 'Balance On Last Day. Beginning balances cannt be saved until debits equal credit Fr e.g. If yu enter $500 under assets and $300 Payrll liabilities, then yur net assets will equal $200. **** Assets Liabilities = Net Assets**** This is the nly frm where yu will have access t the net asset accunt fr a fund. Press Save Beginning Balances buttn Yu re all set! 6