21 Oct 2017
Before delving into fund accounting, it is very important to understand what it is in the first place. This will make it really easy to follow the steps along.
It’s an organization that when meets section 501 of USIRC becomes a nonprofit organization. When the business becomes nonprofit then all the rules and regulations are guarded by FASB. As per standards set by FASB, all the financial info. is required to be submitted in separate categories. They are also required to make use standardized reports to report their funds. Such are the guidelines that need to be met by an organization that does fund accounting.
If you are just starting out with fund accounting within your accounting software then you will have to initially set up Chart of accounts. This you can do through the following steps:
If you are running an organization or is handling clients running it, then here is what you need to do to track fund accounting within Quickbooks. Follow the steps to make the process a bit simpler.
The very first thing you would need to do is turn on the class tracking feature if it is not turned on:
Since now you have defined a separate class thus every fund entry you make, would need to be entered in the most appropriate fund class.
When you are done with all the entries and then here is how you can watch out for fund income and its expenses.
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