- Add funds for as many grants as required
- Produce accurate status reports on demand for your funders
- Use the budgeting facility to provide detailed forecasting for your grant bids
- Know at all times how much money remains in each grant
Paxton Charities Accounting provides excellent facilities to assist when bidding for grants and then to provide the accurate status reporting required during the term of expenditure. The ability to show the grant giver the means of professionally accounting for the funding provided can be a significant factor in obtaining the grant at all. Future grants from the same funder are then more likely to be forthcoming if your track record shows your ability to produce accurate and punctual status reporting.
Within Paxton Charities Accounting, each significant grant would normally be set as a restricted fund. There are no limits to the number of funds that can be accommodated. Day to day transactions would then be booked to the appropriate fund(s). The PRO version of the package also includes the facility to set projects within funds. Projects are, in effect, cost centres and provide an extra level of analysis within a fund or even across multiple funds. With the grants set as funds, they each have their own balance sheet, therefor the amount in each money account for each grant is known as of the last transaction booked.
When putting a grant bid together, the budgeting facility in Paxton Charities Accounting can be used to set forecast figures for each expenditure code for each month. This would show the projected monthly and overall funding required, and, if appropriate the drawdown profile. Once approved, the budget figures would then form the basis for the variance reporting for the funder that can be produced on demand.
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