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Non-Profit Accounting

Table of Contents: FUND Accounting

Since 1982 Quickbooks Accounting Software has been producing award-winning accounting software. FUND Accountingconforms fully to GAAP (Generally Accepted Accounting Principles) as pronounced by FASB (Financial Accounting Standards Board). FUND Accounting packages are wide-spread within the non-profit industry and are the choice of discriminating CPAs and accountants.

From the beginning, Quickbooks Accounting has been dedicated to providing the best value in flexible and comprehensive accounting software. Today there are over 20,000 organizations using Quickbooks Accounting Software!

And, FUND Accounting fully supports the year 2000 so you don't have to worry about your software lasting!

What is FUND Accounting?

Quickbooks Accounting's FUND Accounting is a fully-integrated affordably-priced, accounting and financial management software package for non-profit organizations and government agencies. It delivers unparalleled flexibility and strength. The FUND Accounting package includes 6 modules: General Ledger, Budget/Forecast, Accounts Payable, Purchase Order/Encumbrances, Check Reconciliation, Payroll, and LYNX Import/Export. Plus an add-on package of Billing (Accounts Receivable), Inventory, and Revenue Tracking (Order Entry) adds the power of complete tracking of contributions, product sales, or service sales.

FUND Accounting automatically handles all the complex transactions demanded of a fund accounting system including inter-fund transfers, fund balancing, financial reporting, and budgeting.

Powerful Accounting

Maintain unlimited funds, departments, or grants. With optional Due To/Due From fund-style posting, the system tracks the complicated financial picture you must maintain in your non-profit organization.

Each fund or department can have its own fiscal calendar, separate from the organization's fiscal calendar. With a span of three years, the organizational calendar supports any combination of fiscal calendars.

Automatically distribute your organization's costs to specific accounts or across funds using dollar amounts or percentages.

Audit trails trace your activities and help you easily conform to generally accepted accounting practices.

Many powerful warning notices and blocks prevent you from committing an entry error to your general ledger.

Easily comply with the exhausting FASB requirements with a powerful chart of accounts that tracks your assets and contributions by Restricted, Temporarily Restricted, and Unrestricted classifications. FUND Accounting includes the FASB 116 & 117 reports.

Make your job easier

Input each entry only once! FUND Accounting is fully integrated, so an entry in Accounts Payable automatically posts to General Ledger, without having to handle the same entry twice!

Entries are made on-line, and account detail and balances are always available. FUND Accounting lets you take a snapshot of your total financial picture with valuable up-to-the-minute reports.

On-line help is available throughout the system and "hot keys" rapidly select from option lists.

FUND Accounting's powerful and comprehensive Payroll module eliminates the burdensome payroll computations you must do each and every pay period. Taxes, benefits, and deductions are all computed automatically with complete user control on setup. Then at period end, the touch of a button prints your 941s, W-2s, W-3s, etc.

Powerful Reporting Capabilities

Define and produce custom reports that meet all your requirements, including all standard accounting reports.

Obtain timely, accurate, up-to-date reports for management, boards, funding sources, and auditors. FUND Accountingprovides financial reporting by fund, department, or the entire organization.

Easily transfer data back and forth and interface with spreadsheets and databases.

Comply with legal obligations as well as your own service objectives for separating and reporting each different funding source or cross-organizational program.

FUND Accounting fully supports all standard reports and forms including the 941, W-2, W-3, 1099 Misc., as well as invoices, statements, and checks.

Fully complies with all FASB reporting requirements!

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Modules of FUND Accounting

Overview

General Ledger is the heart and soul of FUND Accounting. All other modules post directly to General Ledger. View your total financial picture with up-to-the-minute reports. FUND Accounting's General Ledger is the tool for complete financial management.

Design your own chart of accounts, make journal entries, enter and adjust budgets. All entries are on-line. Account details and balances are always available. Audit trails track your activities and help you confidently conform to generally accepted accounting practices. Transactions are automatically numbered for easy identification.

FUND Accounting's General Ledger is designed specifically for the specialized requirements of non-profit organizations and government agencies with multiple fund ledgers.

Custom Setup

• Create a General Ledger to exactly match your financial requirements.
• FUND Accounting enables you to design your own account structure up to 28 digits and 6 separators.
• You decide how to structure your funds, departments, cost centers, or projects to obtain the reports you need.

Easy Operations

• Define the names and number of accounts you need.
• Maintain multiple subsidiary ledgers.
• Inter-fund transfers and balancing are automatically performed to keep each fund, as well as the entire ledger, in balance; avoid the effort of determining when and how the ledger became unbalanced.

Cost Allocation

• Easily distribute your organization's costs from pooled accounts to specific cost centers.
• Allocation tables automatically distribute by percentage or dollars, across multiple funds, departments, or accounts according to the periods you choose.

General Ledger Reports

• Balance Sheet
• Income Statement
• FASB 116 & 117 Reports
• Revenue & Expense Report
• Budget Performance Report (% Used vs. % Remaining)
• Posting Audit Reproduction
• Trial Balance
• Chart of Accounts
• Audit Trail

In addition, you can design your own custom reports.

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Overview

Accounts Payable is a full-featured payable management system that tracks expenditures from invoicing to reconciliation. It easily manages your organization's check writing and check reconciliation. Accounts Payable makes cash management easy and ensures that you never pay too early or too late.

Custom Setup

• Set up up your vendor list with complete vendor information and print a Vendor Master Report to ensure entry accuracy.
• Customize check formats. Use the defaults or identify your own.

Powerful and Easy

• Automatically posts to General Ledger.
• Expenses can be allocated across 250 different funds or accounts by a dollar amount or by percentage.
• Add/Change-on-the-fly. Enter information only once.
• Automatically take discounts when available. Record invoices by due date and discount due date.
• Use recurring obligations for repetitive invoices such as rent or maintenance agreements.
• Select invoices to pay by due date, vendor, account number, etc.
• Easily handles partial payments.
• Complete 1099 Misc. Form integration including magnetic media.

Cash Requirements

• Maintain complete control over your cash requirements with forecasting and aged analysis.
• Cash Requirement Report provides you complete information about upcoming requirements.
• Automatically prepare payments from the Cash Requirements Report.

Accounts Payable Reports

Look up information about any vendor including outstanding invoices, paid checks or master information from one screen.

• Cash Requirements
• Check Register
• Vendor List
• Invoice Distributions
• Distribution Report
• Future Liability Report
• 1099 Misc. forms or magnetic media
• Overdue Report
• Status Report
• Checks
• Check Register
• Print mailing labels for vendors

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Overview

Purchase Order helps manage purchases from the time you decide to buy something until you process an invoice. This module also includes a powerful encumbrance feature to set aside funds for future expenditures.

Powerful and Easy

• Optional posting of commitments and/or encumbrances at user-defined stages.
• Enter information only once. All information posts directly to Accounts Payable and General Ledger.
• Add/Change-on-the-fly vendors.
• Define recurring obligations for repeat purchases.
• After an encumbrance has been committed, easily unencumber fully or only partially.
• Create "hold" on purchase orders.
• Automatically validates vendors to ensure that they meet your requirements.
• Easily reprint PO at any time from the open file or from the Purchase Order history file.
• Pre-assign Purchase Order numbers or issue at printing.
• Tracks items such as promised date vs. actual date, quoted cost vs. actual cost, etc.

Purchase Order Reports

• User-defined, plain paper, or laser PO forms
• Expected Receipts of Products
• Open Purchase Orders
• Late Receipts
• Vendor Performance
• Vendor History
• Inventory Labels

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Overview

Check Reconciliation is a powerful self-audit module that reconciles bank statements with actual checks. Many non-profit organizations with limited Accounts Payable needs actually use Check Reconciliation for handling payables. Check Reconciliation prints checks, processes hand-written checks, and prints check registers.

Powerful and Easy

• Easily integrate Accounts Payable and Payroll to Check Reconciliation so that checks written from both modules post directly to Check Reconciliation.
• Process hand-written checks.
• Easily convert from manual or automated systems.
• Quick transaction entries.
• Define recurring obligations for repeat purchases.

Check Reconciliation Reports

• Check Register
• Missing Check Report
• Outstanding Check Report
• Check Report
• Deposit Report

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Overview

Control your greatest expense easily and accurately. FUND Accounting's Payroll offers the flexibility to match your payroll requirements exactly, no matter how unusual they seem. With user-defined tax tables and calculations, you can efficiently manage payroll processing.

Custom Setup

• Pay employees in one payroll run or use separate runs.
• Combine multiple payment types including hourly, salary, overtime, and shifts into a single payroll run.
• Manage large numbers of benefits including cafeteria style plans.
• Exclude some earning types, such as overtime or bonuses, from benefit calculations or from distributions.

Powerful and Easy

• Carry accrued vacation and sick hours forward to the new year; limited maximum amounts carry forward.
• Accrue dollar values of vacation payable and post to GL.
• Charge payroll to multi-fund accounts.
• Automatically post to General Ledger at the same time data posts to Payroll.
• Offers accrual payroll.
• Calculate benefits and deductions based on fixed amount (insurance premium), hours amount (vacation leave accrual), percentage of gross (retirement), or variable amounts.
• User-defined pay periods.
• User-defined earnings tax sheltering (401(k), cafeteria plans, etc.)
• Automatically posts payroll expenses to Accounts Payable (e.g. FICA payments).
• Add/Change-on-the-fly employee information.
• On-line Direct Deposit software included for the ease of paperless payroll.
• User-defined benefits and deductions for each employee.
• Additional tax withholding for any employee at the federal, state, or local levels.
• Maintains employee history for month-to-date, quarter-to-date, and year-to-date.
• Up to 66 pay rates per employee or percentage distribution of pay.

Payroll Reports

Maintain necessary employee data to create a variety of reports.

• W-2 and W-3 to form or magnetic media
• 941 (Federal Quarterly Payroll Tax Report)
• Payroll Checks
• Payroll Reports sorted by fund/program
• Timesheets
• Payroll Check Register
• Transaction Posting Audit
• Quarterly Compensation Report
• Employee List
• Employee Earnings Report
• Employee Benefit/Deduction/Tip Report
• Employee History Report
• Taxable Wage Report

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LYNX is a powerful ASCII file converter that translates data from an external ASCII source, such as a database or a spreadsheet, and imports the data into Quickbooks Accounting files. LYNX also exports data from Quickbooks Accounting files for use by another software package.

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Copyright © 1997 Quickbooks Accounting Software, Inc. [1168]

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Revised: 08/08/08

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