Setting up a new temporarily restricted Income & expense acc

[FBCVandalia]

I completed the set-up portion in the Fund Accounting module. Then I realized I forgot about three different temporarily restricted Income accounts. This will affect the contribution module as well as Fund Accounting.

What are the steps to set up a new account? Do you set up the income account first or the equity account?

I tried to set up the income account first, but it did not automatically set up an equity account like it did in the set up wizard. Can't figure out what I'm doing wrong

Alway when is the best time to release restricted funds:
1. At the time you record the contribution or
2. At the time you record the invoice?

Any assistance is appreciated.
Pamela Shaw

[JohnDMeyers]

The restriction wizard sets up the equity account first. You should, too, if you do this manually.

You can go through the restriction wizard and set up your restrictions. The wizard will create a new contribution fund in the contribution module as part of the wizard steps.

Alway when is the best time to release restricted funds:
1. At the time you record the contribution or
2. At the time you record the invoice?

#2. You release the restriction as you setup the invoice in accounts payable. At the bottom of the invoice screen there is a button to click on to release restricted money. Your restriction list will appear there if you create the restrictions using the restriction wizard.

If you create the restrictions manually, you will have to add two lines to the invoice, also manually. They are something like this:
DB 01-4810-101 specific release
CR 01-4999-000 general release

[Zaina]

To find this, look for Maintain Donor Restrictions under Fund Accounting. It will walk you through creating the equity, income, and release.

[NeilZ]

Also .. since you mentioned that you will have Contributions going to the Temp Restricted income accounts, once you use the Wizard to make the accounts (and I strongly advise that you do so), you'll need to go into Contributions to connect the Contribution Fund to the Funds Accounting income account.

[Zorak]

The add donor restriction assistant will link all that up for you.

[NeilZ]

The add donor restriction assistant will link all that up for you.

That is true ... forgot that. However, if someone does it manually, they'll need to edit the Contribution Fund setup.

[Zorak]

It is highly recommended that you use the assistant and don't set it up manually

But yes, that is one of many things you would need to remember to do if you set it up manually.