Our fiscal year ended in September and I want to do away with three of the separate funds that we have and make them sub-accounts in our General Fund because they all share a single checking account. Currently, the General Fund contributions are undesignated and the three funds I want to move to sub-accounts are designated funds.
First: If I make this change now, will the Contribution Statements I send out at the end of the calendar year remain the same? I plan to leave the Contribution Fund numbers the same in the Contribution module and just have them "point" to a different account in the Fund Account module.
I also want to combine a separate General Fund Property Fund (02) with the General Fund (01) to simplify. We don't depreciate property any longer.
Second: Any tips on how to make these changes?
We use version 8.5, but are migrating to version 9.
Keats
Impact of Chart of Account Changes on Contribution Statement
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I would recommend that you do an excel spreadsheet with your current financial statements and what you propose after eliminating the funds. To elimnate funds, you would have to transfer the assets, liabilities, and fund equity. There should be no change in the grand total of all funds after you do this. The EXCEL approach just ensures this and lets you see what you want to do and the change.
The second part of what you need to do is then make sure you have the revenue and expense accounts established if they are already not. If you are running comparitive reports that compare the current year to the prior year, you may want to reformat under the Chart of Accounts under Fund Accounting the screen with prior year information. Be careful though when you do this that you do not change the grand total of assets, liabilities, equity, revenues, and expenses for all funds. So running monthly reports before and then after will help you to ensure you have what you want.
The second part of what you need to do is then make sure you have the revenue and expense accounts established if they are already not. If you are running comparitive reports that compare the current year to the prior year, you may want to reformat under the Chart of Accounts under Fund Accounting the screen with prior year information. Be careful though when you do this that you do not change the grand total of assets, liabilities, equity, revenues, and expenses for all funds. So running monthly reports before and then after will help you to ensure you have what you want.
Randy B
If you go under fund accounting and select chart of accounts, one of the tabs allows you to see prior year balances by month. If you run reports that compare lets say October 2004 to October 2003, you would be comparing a larger general fund in 2004 because you dissolved two other funds into your general fund. The 2003 activity is still in the funds your dissolved. What I was trying to say was you may want to go in and rekey the your 2003/2004 data in that screen from the dissolved funds into the general fund so if you run compative data you truly get a more accurate comparison.
Randy B