Set up General Ledger Funds
Funds in the General Ledger are sets of financial books.
Each fund has its own Assets, Liabilities, Fund Principal, Revenue, Expense, and, if applicable, Restricted Accounts. We recommend setting up at least one fund. This allows you room for growth if your chart of accounts expands and you later find it necessary to create multiple funds.
For example, a church's building fund is not just a designated account used to track beginning balance, total revenue, total expense and ending balance. It is a separate set of books with its own assets, fund principal, one or more revenue accounts, and multiple expense accounts.
If you have not yet entered accounts in the chart of accounts, add the fund without accounts. You can later enter the accounts in the chart of accounts, and then edit the fund to include the accounts. If you've set up your chart of accounts, add the appropriate accounts for the fund.
You can print reports by fund, either one report at a time or several consolidated reports.
- Under Advanced Tools, click on the Define Lists tab.
- In the list, select General
Ledger and click Go
.
- Select Funds, then click Add.
- Enter the Fund Code, Fund Description, Closing Account, Checking Account, A/P Discounts, A/P Accrual, and Due To/From.
- To add additional funds, select Add Another.
- Click OK.