Setup and Enable Funds

Description

Fund accounting is a method for recording resources whose use may be limited by donors, granting agencies, governing boards, or other individuals or entities or by law. It emphasizes accountability rather than profitability, and is used by nonprofit organizations. Each fund consists of a self– balancing set of asset, liability, net asset, revenue and expense accounts. Fund balances or net assets should be classified on the statement of financial position as unrestricted, temporarily restricted and permanently restricted net assets based on the existence and type of donor-imposed restrictions. Using a fund accounting system allows an organization to segregate financial resources between those dollars immediately available for ongoing operations and those dollars intended for a donor specified use.

Let’s break that down…

* A Community is a nonprofit organization

* Homeowners are the donors

* It is required by law to pay your assessments

* The accountability is on the Property Manager and Board Members

* The Fund is a set of asset, liability, equity, income and expense accounts

* The statement of financial position is a fancy word for Balance Sheet

* The donor-imposed restrictions is the Budget

TOPS [ONE] uses the Fund Balance Sheet to show the communities money in a fund format.

 

Article Content 

Setup Funds

Enable and Assign Funds

 

Step By Step

 

Setup Funds 

1. Click Portfolio then Communities. Select the community you want to work in. 

2. Click General Ledger and select Accounts. 

3. Click Funds 

4. Enter the Fund Number, Name, and Description. 

5. Click Add to add that fund.

To add more than one Fund, repeat steps 4 & 5 until finished. 

6. Click Save 

 

Enable Funds

1. Click Portfolio then Communities. Select the community you want to work in. 

2. Click General Ledger and select Accounts. 

3. Click Actions then Edit 

4. Enable the toggle next to Funds 

5. Once enabled, a drop-down menu under fund will appear. Select from the available funds and assign the accounts as needed. 

6. Click Save

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