Support for Fund Accounting - Not-for-profit: Is there an add-on like FundsFix (Quickbooks add-on)?

Paul Chapman_9864894
Paul Chapman_9864894 Member Posts: 8
edited January 2020 in Reckon Accounts (Desktop)
We are a small not-for-profit that needs support for Fund Accounting.

Fund accounting consists of 2 needs:

1. Preparing an income statement for each fund.
2. Preparing a balance sheet for each fund.

The first need, we do via the use of classes. But it is the second need that is giving us headaches. Any account that is not an income or expense account can not be tracked by class in Reckon Accounts. 

I note in the USA there is a Quickbooks add-on that tracks Equity transactions via Classes. Its called FundsFix.  

Does anyone know if there is a similar add-on for Reckon?

If not, would it be possible to have an add-on developed that would work with Reckon in the same way as FundsFix?

This is an issue for a lot of small not-for-profits -- an off-the-shelf product in Australia that provides Fund Accounting features at a reasonable price. 

Any suggestions?

Thanks 
Paul.


Comments

  • Charley
    Charley Member Posts: 541 ✭✭✭
    edited January 2020

    I have a number of NFPs, for Grant funding classes are excellent and in the beginning I tried using classes in the balance sheet got there but not very successfully. At the end of the day I found it totally unnecessary because funding bodies only want to know that you've spent their monies properly and how much is left at EOFY.


    Also using classes in the liability section is useless, the PAYG, GST & Super is an entity issue not a fund issue. In most cases in the asset section it's the same thing. Other than that if a funding body wants to retain control of assets then I keep a separate ledger but again at the end of the day the asset is legally controlled by the entity not the funding body even though they might push.

    If you want to discuss call me on 02 66834083
  • Paul Chapman_9864894
    Paul Chapman_9864894 Member Posts: 8
    edited December 2019
    Hi Charles. Let me clarify a little further. We are a religious charity (church), and operate a number of Ministries and Programs. We split our operations across 9 Funds. One of these is a Fund exclusively for ministry support only (Tithe) that is restricted (wages, pastoral expenses, church-owned vehicles, etc.), another Fund operates a Youth Camp (Land and Buildings, Plant and Equipment, etc), another Fund operates a Book Shop (Inventory, IT Equipment, A/R, A/P, etc.), another Fund is dedicated to our Youth programs, another Fund operates as a General Fund for our Administration expenses and so on. Another Fund holds our Headquarters Assets (Land and Buildings, Equipment, etc). We received designated funds from members (you could consider these effectively grants), and need to track these depending on which Fund we manage them under. 

    Everything is run through the same bank account (all nine funds operate out of the 
    one bank account). So these will have a bank balance split across 9 Funds. Under the Tithe Fund, there will also be motor vehicles as an asset, while under the BookShop Fund, there will be inventory as an asset, etc. The Tithe Fund cannot be used for the Book Shop Fund or Administration. We even have an employee that divides their time between the Book Shop Fund and Tithe Fund, so their wages are split between these two Funds (classes). 

    We need a Balance Sheet for each fund, with the correct Equity Splits, particularly the Bank account splits (how much of the cash in the one bank account belongs to each of the 9 Funds.)

    As for GST, that is a conundrum. We run our payroll through Tithe Fund, so PAYG should register against that fund as a liability, the cash will come out of that Funds bank balance when we do our BAS. But GST is also attracted through the sales and purchases of items run through each other Fund (particularly the book shop in the case of sales). So the balance sheet for each fund needs to reflect how much of that cash sitting in the bank account balance for each fund belongs to the ATO. 

    I am familiar with the Customers:Jobs approach (I have purchased a couple of books on running Quickbooks for Not-for-profits) to track designated funds, and have tried to make this work. But it does not help us with getting a report on the Equity splits.   

    The only solution is an export of Income&Expenses to Excel and run a spreadsheet for the Fund balances. This is not desirable. What is desirable is for the Balance Sheet report to filter by Classes, with the Equity, Asset and Liability accounts showing the correct balances for each fund.  

    There was a great program that did this under Windows 95, called MoneyCounts, but no longer existing. As I understand, the FundsFix addon allows for such Balance Sheet reporting. Can we get something like this for Reckon?

    Hope this explains the scenario a little further. 

    I let you mull over this and perhaps give you a call later. 

    Cheers,
    Paul.




  • Eric Murphy
    Eric Murphy Member Posts: 214 ✭✭✭
    edited December 2019
    Can't say I know of any that might fit these requirements but take a look at their add-on's page -
    https://www.reckon.com/marketplace/reckon-accounts-desktop-add-ons/
  • cosmic
    cosmic Reckon Developer Partner Posts: 1,073 ✭✭✭
    edited December 2019
    Cosmic  can develop tool to have real time Balance Sheet by Class and  also create ANY REPORT OF PL As a REPORT TOOL
    If this reporting is happening on a regular basis , definitely you need a Tool ,
     as Kevin has sated yes we can do this.
    Recently we have done a very complex  detailed reporting for a $50million Turn over client  by CLASS P& L  AND Budget  reporting .
    CHANDRA 
    0407068942

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • Eric Murphy
    Eric Murphy Member Posts: 214 ✭✭✭
    edited December 2019
    .... Because... he's asking about potential add-on's......?
  • cosmic
    cosmic Reckon Developer Partner Posts: 1,073 ✭✭✭
    edited December 2019
    Yes, Paul has already contacted me , and going thru his requirements .

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • Paul Chapman_9864894
    Paul Chapman_9864894 Member Posts: 8
    edited December 2019
    Thanks everyone. Chandra and I are in touch. We shall see what wonders can be wrought to come up with a solution. :-)
  • Paul Chapman_9864894
    Paul Chapman_9864894 Member Posts: 8
    edited December 2019
    Thanks Eric and Kevin. Yes, I had looked at the add-ons for Reckon. Unfortunately, nothing fitted the bill. 

    Cheers
    Paul