There is an abundance of tools and reports available in Accounting. This guide will assist you in learning the basic functionality of accounting. Financial information can either be input manually or imported from excel files from your accounting system of record. In this homework sheet, we will review how you can manually enter accounting information to track revenue and expenses for your grants.
Create a new account in your chart of accounts
- Click on Accounts in the navigation bar.
- Arrive at your chart of accounts. In the top right-hand corner, click Add Account.
- Give the new account a number (according to asset, liability, etc.), name, and category. Specify if this is parent or sub account and payroll related.
- To be a sub-account, the parent account must be created first.
- Type can be customized according to your organizational needs. For example, a type might be Special Event Revenue or Program Related Expense. There is no right or wrong type.
- Click Create
Create a service for a program in your organization
- Click on Services in the navigation bar.
- Arrive at Services. In the top right-hand corner, click Add Program Service.
- Give your service a name, description, and select if this will be a parent (main) service or sub-service.
- To be a sub-service, the parent service must be created first.
- Click New Service.
Create a revenue entry
- Click on Revenue in the navigation bar to expand the navigation bar and then click Revenue.
- Arrive at Revenue screen. Click Add Revenue at the top.
- Create a new revenue entry using one of your existing profiles (Received From).
- If the profile doesn't exist, you can do a Quick Add at the very bottom of your profile list.
- Enter the amount, payment method, and any details of the payment method.
- You can designate this as a receivable by clicking the Receivable box. When you click the receivable box, you will want to continue to populate the receivable fields with the appropriate information.
- Select an appropriate category.
- These are set in the system and can't be customized.
- Select the correct credit account from your chart of accounts. Then select service and opportunity if applicable if you want the revenue to populate one of your fundraising or grant opportunities.
- Click Save and the revenue will be listed according to date in the main revenue screen.
- Note - You must post the revenue on the revenue screen for it to appear on the profile or opportunity. Unposted revenues do not appear on the profile or opportunity revenue.
Create an expense entry
- Click Expense in the navigation bar.
- Arrive at Expense screen. Click Add Expense at the top.
- Create a new expense entry using one of your existing profiles and services.
- Select the correct payable account from your chart of accounts. Then select service and opportunity if applicable.
- Select the appropriate expense account.
- If this expense is 1099 exempt, check the box.
- Click Add Expense.
Create a Spend Down report for one of your services/opportunities
- After posting expenses and revenue in accounting, navigate to fundraising.
- Select the grant opportunity where you allocated your example expense and revenue.
- Click on the MORE button in the top right-hand corner. You’ll see the Spend Down Report
- Click on the Spend Down Report, and you will see a new screen with the Spend Down Report which lists all revenue, expenses and remaining balance of the grant.
- You can filter this report by selecting start and end dates for the period of reporting.
- To print or copy the report, click on Actions in the upper-right-hand part of the screen. There you will see the option of print or copy to clipboard.
Feel free to refer to the in-system learning tool located in the bottom right corner of all the screens. If you click on this tool, it does provide support articles and guidance to help you learn fundamentals of the system. Feel free to also reach out to firstname.lastname@example.org to ask questions or receive guidance on workflows or further clarification of the system.