analysis codes
Comments
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You need to use classes, I do Grant reporting for many NFPs. 60 is a lot. Call me if you need to on 02668340830
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Carol, it seems that you need to track income and expenditure by grant. I would create an Other Current Liability Account for each grant. When funds are received for a particular grant, I would Debit the bank account which receives the funds and Credit the appropriate Liability Account. When bills are received relating to a particular grant (project), I would enter the Bill against the relevant Supplier and post the expense to the particular grant (project) to which the expense relates. A report of any of the Liability Accounts will provide a listing of income received and bills paid for each grant. Such reports will assist greatly in the acquittal of grants.0
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I agree. I use classes to separate the different programmes and/or events, such as education programme, or boot-camp. Where I need to provide accountability to a grantor/donor, I set up a Job against the Customer record. individual transactions of a similar type can then be sliced and diced into activities and donors,0
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Kevin while using multiple liability accounts ( in this case 60) is one way of following grants I find that Classes are specifically designed for the purpose and just lumping everything into a liability account just negates the purpose of all the reporting capability of Reckon. You then have a P&L (Income & Expenditure)based on the common chart of accounts and if need be you can bring up a detailed P&L for individual transactions.
An additional class (which I call JOURNAL Class) will allow you to post Capital items to the P&L which is essential for Grant reporting and at the same time have them in your balance sheet. That way you can pick up a P&L by Class/Grant showing all expenses and then at EOFY you overall P&L will show all capital items in the Balance sheet.
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Charles, you write of "lumping everything into a liability account". My approach is to track income and expenditure by multiple liability accounts, one for each grant. I am of the opinion that a grant should be treated as creating a liability. My approach is to keep grants off the Profit and Loss - to deal with them on the Balance Sheet only. It all depends as to whether you want to distinguish between sales (income) and grants (different from sales). I am influenced by having been responsible for the Research Grants Program of the Australian Research Council as managed by the Federal Department of Education for about five years in the nineteen nineties.1
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Hi Carol,
Classes are perfect for grants. You can create a class for each grant, and then each invoice/bill/cheque/etc. can be allocated to a particular class/grant.
Then you can utilise your reports to filter by class to get the accuracy you need.
Kind regards,
Sally McIntosh (Sally@samsolutions.com.au)
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Yes, i agree with Kevin, otherwise this will distort management accounts.
Cosmic Accounting Group
Accountants and Tax Agents 22397009
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