Fund Accounting License Setup

This page is not editable by the End User, but provides information about the status of the Fund Accounting application registration.

Field Name	Description
Active License
License Status
License Expiration
Notification

Setup

The user must first setup the Fund dimension.

1. Search Dimension in the ribbon and select the related link.

2. In the Dimension page, click New and create a Dimension called Fund.

   Note

   Once the Use Funds field is enabled in the Fund Accounting Setup page, the check box in the Fund Dimension field becomes selected to designate this dimension as the Fund dimension. The dimension will then be required to balance by fund in the system.

   

3. Once the Fund dimension is set up, highlight the line for the Fund dimension and select Dimension > Dimension Value from the ribbon to enter the Dimension Values that represent the grants (funds) received by the organization.

   Note

   the user will also want to create a Dimension Value for the operating or general fund for general operation transactions. Each fund Dimension Value will have an associated Fund Card to designate the funder’s contact information and Restriction Type.

4. Click Fund > Dimension > Dimension Values.

5. To edit the Fund Card, from the Dimension Values page, highlight a Dimension Value, then click Fund Card.

   

6. The Fund Card for that Dimension Value displays.

   

Field Name	Description
Code	Specifies the code of the Dimension Value.
Name	Specifies the name of the Dimension Value.
Name 2	Specifies an alternate name of the Dimension Value
Restriction Type	Specifies the limitations placed on how funds can be used. Options:
	Unrestricted: No restrictions specified for this Fund.
	Temporary: Specifies that these funds are designated for specific projects or purposes and can only be used once certain conditions are met, such as a time-based or event-based requirement.
	Permanent: Specifies these funds must be maintained indefinitely, with only the generated income available for use.

1. Navigate to the General Ledger Setup page to set up the Fund Dimension as Global Dimension.

1. Click Change Global Dimensions.

2. Click the Global Dimension 1 Code drop-down and select the Fund code.

3. From the menu, click Sequential > Start.

4. On the Chart of Accounts page, create two new balance sheet G/L accounts called Due To (liability account) and Due From (asset account) to house the Due From/To entries generated when transactions are posted in the General Journal that have different funds. If the fund is the same in all lines in the journal, these entries will not be posted. This process ensures transactions posted in a journal are balanced by fund.

   

Fund Accounting Setup

Master Setup

1. To enable the Master Setup for Fund Accounting, search for Fund Accounting Setup from the ribbon and select the related link.

2. Fund Accounting Active: Select this option to activate the software after registering the Fund Accounting License in Fund Accounting License Setup.

3. Use Fund Accounting: After enabling Fund Accounting Active, select this option to activate the fields necessary for setting up Fund Accounting for this company.

Fund Setup

Use Due to/Due From

By default, the Fund Accounting system will create Fund Distributions between funds when Use Due to/Due From is set to "off/FALSE".

1. In the Fund Setup FastTab enter the account numbers for the Due To Account and Due From Account using the accounts created in previous steps.

2. Enter the G/L Account Numbers for the Retained Earnings Net Asset accounts with the designated Restriction Type:

   • Permanently Restricted Net Asset Account
   • Temporarily Restricted Net Asset Account
   • Unrestricted Net Asset Account

3. Enter the Fund Dimension Code = "Fund".

4. Setup a Control fund to use for the Due To/From or Fund Distribution entries created when journal lines have different funds and to use as the default fund on documents when different fund values are used on the lines in the document. Note the general or operation fund is often used as the Control fund or a separate fund may be designated.

   

   Tip

   The user may also designate a default fund on the Customer Card and Vendor Card. The fund assigned will populate on document headers and lines. The default fund may be changed on the document if needed.