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Funds in the General Ledger are sets of financial books. Each fund has its own Assets, Liabilities, Fund Principal, Revenue, Expense, and, if applicable, Restricted Accounts. We recommend setting up at least one fund. This allows you room for growth if your chart of accounts expands and you later find it necessary to create multiple funds.

For example, a church’s building fund is not just a designated account used to track beginning balance, total revenue, total expense and ending balance. It is a separate set of books with its own assets, fund principal, one or more revenue accounts, and multiple expense accounts.

If you have not yet entered accounts in the chart of accounts, add the fund without accounts. You can later enter the accounts in the chart of accounts, and then edit the fund to include the accounts. If you've set up your chart of accounts, add the appropriate accounts for the fund.

You can print reports by fund, either one report at a time or several consolidated reports.

Tip

Funds are not the same as departments, committees, and areas. In fund accounting, funds are used to create a separate set of books and are treated differently than departments, committees, and areas when closing the year.

 To add a fund
  1. Under Advanced Tools, click the Define Lists tab.
  2. In the list, select General Ledger and click Go .
  3. Select Funds, and click Add.
  4. Enter the Fund Code, Fund Description, Closing Account, Checking Account, A/P Discounts, A/P Accrual, and Due To/From.
  5. Optional: To add additional funds, select Add Another.
  6. Click OK.
 To update a fund
  1. Under Advanced Tools, click the Define Lists tab.
  2. In the list, select General Ledger and click Go .
  3. Select Funds.
  4. Select the fund you want to update and click Edit.
  5. Make any necessary changes. You cannot change the Fund Code.
  6. Click OK.
 To delete a fund
  1. Under Advanced Tools, click the Define Lists tab.
  2. In the list, select General Ledger and click Go .
  3. Select Funds.
  4. Select the fund you want to delete and click Delete.
  5. If accounts are associated with the fund, a prompt displays that informs you to clear the fund from all accounts before deleting it. Click Yes to clear the fund from accounts, or click No to continue without deleting the fund.
  6. Make any necessary changes. You cannot change the Fund Code.
  7. Click OK.
 To print a fund list
  1. Under Advanced Tools, click the Define Lists tab.
  2. In the list, select General Ledger and click Go .
  3. Select Funds, then click Print.
  4. To include the fund general ledger account numbers, select Include Detail?. To display items marked as not active, select Include Inactive Lists?.
  5. Click Preview or Print.
Additional Field Information

Fund Code
Enter a unique identifier for the fund. You can use a combination of letters and numbers.

Fund Description
Enter a name for the fund list item.

Closing Account
Select a closing account for the fund item. The closing account is the fund principal account into which the totals for revenue and expense accounts close into at the end of the year.

Checking Account
Select a checking account for the fund. The selected checking account is the primary checking account for the fund. If you decide to change or no longer use that particular checking account, you'll need to change it in Define Lists as well.

A/P Discounts
Select the discounts account. The selected general ledger account is used to track accounts payable discounts.

A/P Accrual
Select the accrual account. The selected general ledger account is used when Accounts Payable is set for accrual.

Due To/From Account
Enter the to/from account number for the fund. The selected general ledger account is used when the fund balancing transaction is created.