User Support Forum

My predecessor taught me to enter online or EFT payments by just entering the transactions straight into Fund Accounting through the Enter Transactions screen. Do I need to be entering them this way instead? If so, for what situations would the Enter Transactions screen be used?

Thanks,
Kathy

gccc wrote:My predecessor taught me to enter online or EFT payments by just entering the transactions straight into Fund Accounting through the Enter Transactions screen. Do I need to be entering them this way instead? If so, for what situations would the Enter Transactions screen be used?

Thanks,
Kathy

Your predecessor was doing it wrong. Why ?? You have no record of any purchases from the vendor, nor any way to properly keep an audit trail for the vendor.

Whenever you make an EFT payment, to a utility, or other creditor, create a Manual Check and enter EFT-PMT (or something similar) as the check number. This way you have a complete record of the vendor who is being paid, an audit trail of purchases through this vendor, as well as properly crediting all the accounts.

The Funds Accounting Enter Transactions function should not be used on a regular basis. Here's what the PCPlus v11.55 manual says about this function:

You can enter transactions directly into the Fund Accounting module, but in most cases you will use the other modules to record everyday transactions. You pay employees using the Payroll module. You pay vendors using the Accounts Payable module. You record contributions in the Contributions module. There are some occasions when you will need to work with the Fund Accounting module. For example, reviewing and posting transactions recorded in other modules, and entering adjusting entries such as bank fees and depreciation.

Use the Enter Transactions dialog to enter general journal or correcting transactions.

Does this help?

I'm so glad I happened upon this post! It makes sense now that you've explained it. Do I need to fix what's already been entered into Fund Accounting or just correct the method of entering from here on?

gccc wrote:I'm so glad I happened upon this post! It makes sense now that you've explained it. Do I need to fix what's already been entered into Fund Accounting or just correct the method of entering from here on?

What's done is done, just start doing it right from now on

Whew! Definitely the answer I was hoping to hear!