Multi fund accounting made simple

  • Maintain as many restricted, designated and endowment funds as required
  • Book transactions to single or multiple funds (and projects if PRO version)
  • Each fund has a full chart of accounts including balance sheet
  • Full budgeting facilities for any fund
  • Comprehensive reporting by fund, group of funds or all funds consolidated

The ability to process multiple funds is vital to the successful operation of a charities accounting system.  As many restricted, designated and endowment funds as required can be added to Paxton Charities Accounting, each one sharing the same chart of accounts.  Conceptually, think of a grid with the accounts down the rows and the funds in the columns.  Because balance sheet accounts are also included, this means that the funds can share the same money accounts with Paxton Charities Accounting holding exactly how much belongs to each fund.

It really is a very simple structure that works perfectly for multiple funds accounting.  When a transaction is booked to the system, the appropriate accounts and funds will be specified. Paxton Charities Accounting will then book the values to those accounts and funds and ensure that double entry bookings keep each fund in balance.

Budgets can also be set within Paxton Charities Accounting for each fund, enabling accurate variance reporting against actuals to be generated.  Income and expenditure, balance sheet (assets and liabilities report for receipts and payments method) and budget reporting can be output on demand for any fund, group of funds or for all funds consolidated – just perfect for trustees meetings.

Proper multi fund accounting can be vital when bidding for grants.  With the funder set up as a fund, full status reporting, including budget variance for the fund, can be submitted on demand thereby instilling confidence in the funder that you can properly account for the funding granted.

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