1 Topic by narayanis (edited by narayanis 12/05/2011 01:40:46 am)

  • Registered: 12/05/2011
  • Posts: 2

Topic: Advice on setting up FA for nonprofit fund accounting

Are there any guides or documents related to using FA to manage the finances of a nonprofit org? The preferred approach is fund accounting, in order to manage different programs, restricted and nonrestricted moneys, reporting on use of grants, etc. I'm wondering if there is a way to use some combination of groups, subgroups, tags, or dimensions to handle this.

I'd also suggest having the NCCS Unified Chart of Accounts as a potential chart to install: http://nccs.urban.org/projects/ucoa.cfm.

  • Registered: 12/12/2011
  • Posts: 3

Re: Advice on setting up FA for nonprofit fund accounting

I'm a new user, as well, and am very interested in the response to this question. Most fund accounting software specifically designed for non profits is hosted and/or subscription based. FA has a "US COA for a nonprofit company"; but whether FA conforms to FASB or GASB, I don't know. Nor do I know if the accounts in the non profit COA correspond with US Form 990. I hope one of the developers responds to this question. Thanks for starting the thread.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: Advice on setting up FA for nonprofit fund accounting

Please contact your local accountant for these types of questions. FA is very flexible and you can build your own COA should you need specialities.

/Joe

  • Registered: 12/05/2011
  • Posts: 2

Re: Advice on setting up FA for nonprofit fund accounting

@amwassil, I found a nonprofit who has been using FA to do fund accounting for a couple of years and we had some good conversations. The basic idea is to let each of your funds be a Dimension 1. If you need projects, they can be Dimension 2 of the fund (for instance a specific grant to track in your Temporarily Restricted fund) Ignore the date fields, and if you ever need to close, merge, or otherwise use up a fund, dimensions can be closed without being deleted.

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Advice on setting up FA for nonprofit fund accounting

Wiki-ed it.

apmuthu's Website

6 Reply by ccmacachor (edited by ccmacachor 08/24/2020 11:51:31 pm)

  • From: Philippines, Calabarzon
  • Registered: 07/30/2020
  • Posts: 33

Re: Advice on setting up FA for nonprofit fund accounting

narayanis wrote:

@amwassil, I found a nonprofit who has been using FA to do fund accounting for a couple of years and we had some good conversations. The basic idea is to let each of your funds be a Dimension 1. If you need projects, they can be Dimension 2 of the fund (for instance a specific grant to track in your Temporarily Restricted fund) Ignore the date fields, and if you ever need to close, merge, or otherwise use up a fund, dimensions can be closed without being deleted.

Hi I am a new user. I see this has been a conversation for some time, and I am glad I found your post. I have suspected that it can be done through dimensions. Has there been any further developments or related discussions? We may have a need for fund accounting. Thanks again.

Celito

  • From: Philippines, Calabarzon
  • Registered: 07/30/2020
  • Posts: 33

Re: Advice on setting up FA for nonprofit fund accounting

Hello,

A newbie question: Is it possible to have inter-dimension transactions, i.e., Due to or From another dimension within the same company?

Thank you.

Celito

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Advice on setting up FA for nonprofit fund accounting

No.

apmuthu's Website