|
|
     
|
 |
|
 |
|
MULTI FUND ACCOUNTING
|
One of the basic requirements of Charity Commission reporting is that the accounts data distinguishes between funds that can be used for anything and funds that can only be used for restricted purposes. The Paxton package accommodates a general fund that is completely free of restrictions and then designated, restricted and endowment funds (see glossary of terms).
The package ensures that each fund balances in its own right whether your income and expenditure places you under accruals accounting or the less complex option of receipts and payments reporting. This is not what occurs with cost centres in regular commercial packages, which can make it challenging to keep your fund accounting straight using them.
The reporting facilities then allow you to report at fund level or to consolidate your funds. Furthermore you can produce income and expenditure and receipts and payments reports using your own categories and analysis account selections, as well as in the format required for the Charity Commission. There is no need to have different analysis accounts for all your different funds as within a particular account it is always possible to isolate the transactions for any given fund and to find the balance on an account that is attributable to a particular fund.
The total value of fund transfers should always be zero. Paxton Charities Accounting has a special fund transfers facility to ensure that this remains so and ensures that imbalanced fund transfer entries are not mistakenly made elsewhere in the package.
|
|
|
 |
|
 |
|
|
