Funds are also the means by which deposit information is passed to the Finance module. Since all transactions in Finance require two accounts (primary and offset), you can do this by attaching a Finance bank account and offset account to each fund so that when money is placed towards a fund in a Batch, the money is also sent to the correct accounts in Finance. A church must have the Finance Chart of Accounts entered before attempting to tie Funds to them.
- In order for Contributions to send deposit information to Finance, we need to set the associated accounts.
- The bank account should be an asset account in finance and those account numbers start with a “0” for the first digit and a “1” for the third digit such as 011, 021, 031, etc.
- The offset account should be an income account (third digit of “5”) or a dedicated account (third digit of “7”). The FASB 116 Receivables Account is only required if you are complying with FASB 116 (the Enable FASB 116 check box is marked in the System Settings).
- After you have set the correct accounts, click OK to save this Fund.