Fundware® Update
March, 2007
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Advanced Fund
Management Solutions
Hi Everyone,
You may be making, or want to make, periodic depreciation entries in General Ledger. See how the memorized journal entry feature can help you save a lot of time!
There can be good reason to track terminated employees, and to be able to report them separately, too. Maybe you want to know who is considered eligible for rehire?
As always, if you have any questions regarding a FundWare® issue, please contact me at
(318) 253-8556, or email me at jgarv@afmss.com
Thanks,
Judy Garver
The Memorized Journal Entry
Not everyone has the Budget Forecasting or Budget Preparation modules with which they can calculate
and post depreciation each month. If you are posting the same amounts to the same accounts each month,
the answer for you could be to create, and use monthly, a Memorized Journal entry.
The journal entry shown below is very simple, because it shows only an entry for one depreciation
expense account and one for an accumulated depreciation account. You may add many more depreciation
expense accounts (and accumulated depreciation accounts if needed). Once you have it setup for the
first month, click on the "Memorize" button at the bottom of the screen and it will be available for
use next month. You won't have to reenter it next month, so you can save considerable time. Each
month your expense reports will properly show the correct depreciation. In addition, as new assets
enter the depreciation pool, you can edit the memorized journal entry to include them (or to remove
the effect of other assets that have completed their depreciation.
Give this a try, it's easy!
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Track Employees In Additional Folders
Kathy Logan was a great employee. Unfortunately, another company hired her away! We hold out the
possibility of rehiring her again, however, and would like to track her in our Payroll database.
Instead of showing up in the Terminated folder, she appears in a folder entitled "Rehire-Yes!"
If we're tracking a lot of terminated employees, a special folder for the best of them may be handy.
(In fact, we can add folders for other purposes, as well.)
This article outlines how to add the new folder and to include employees in them (we recommend that
your active employees, with which you work all the time, be kept in the Active folder).
First, go to Payroll Setup and change the .STATUS employee data item. Proceed to field 5, where
you add a new edited value called "R" (for rehire). In the Lookup 1 field enter the appropriate
phrase to describe the new edit value (we chose the phrase "Rehire—Yes!"). Save that edit value and
close the .STATUS data item. Close Payroll and reopen it so that the system will recognize the new
edit value and create a new folder for it.
Now find the employee(s) that you want to appear in the new folder. Click on the Payroll
Information tab and select your new edit value in the "Employ status" field. When you exit the
employee record you will notice that he, or she, now shows up in the new folder.
It's that simple!
Some clients add extra folders to keep track of employees that were terminated for various
reasons. Reports can be created that show the ex-employees that exist in the individual folders.
Try this resource to help make the management of your terminated employees easier!
Ask Judy...
Q I would like to create the three FASB reports (Statement of Financial
Position, Statement of Activities, and Statement of Cash Flows. How do I start?
Aimee
A These three reports are listed in your system, but they need setup in order to work. The reason is that they vary for each client. What you and your auditor may consider current assets, for example, may not fit someone else's definition exactly. Therefore, the system relies on a number of attributes to identify accounts so that they will appear exactly on the FASB reports in the proper location. Once you have yours setup, they can save the cost of your auditor or accountant preparing them each year.
Q We have some external operations that use a different General Ledger
package. Each month we need to enter them into FundWare to support our financial reporting requirements.
There are quite a few transactions each month, how can we get them into FundWare?
Don
A The Fundware Connect product can do the job for you. Once setup, it can take import files and post them directly into FundWare in a matter of minutes. Check with us for details.
Chart of Accounts for Data Updating
This article highlights the flexibility of the Chart of Accounts menu and information used in the
Allocation Management module. In fact, the Chart of Accounts screen can be modified a number of ways
to show you information for verification purposes. And, with its extensive filtering capability,
you can find just about any information you want without seeing extraneous material.
If you open the Chart of Accounts (under General Ledger-Project/Grant/Accounts), you'll probably
only see a portion of the information available. If you right click on in the account area, you will
see all of the fields available (see image below). If they are checked, you will see them in a
column. We have checked a data item we created called "Square footage". It's attached to our
Program descriptive accounts and is used by the Allocation Management module to calculate each
program's percentage of the building's square footage. Each Program then is allocated it's portion
of utilities, cleaning, etc. The square footage occupied by the Programs does vary from time to
time, so it is important to view the data item's contents to spot any need for changes.
In the image below, you can see that we have masked the Program column (you might mask your
department column) and placed zeroes everywhere else including the fund (all of our Programs are in
Fund 0). We can easily see each Program and its Square footage data item value. Necessary
adjustments are now easy to spot and correct thanks to the flexibility of the Chart of Accounts
feature!
Did You Know...?
Accounts Payable. The AP columnar report writer (for user-defined reports) can produce three types of reports: checks, obligation and vendor reports. Each type of report has access to uses data items that are in three groups - check, obligation, vendor. The check type alone can access over 125 data items. That means you could have a report with up to 125 columns in it, each with a different piece of information about your checks!
Accounts Receivable. Memo invoices are the same as standard invoices except that they do not post to General Ledger. They can have due dates and can show up on aging reports, too. They serve to communicate with your customers and can serve as a reminder to you, as well. Once it's time, they can be converted to a standard invoice.
Cost Allocation. If a funding agency places dollar amount limits on how much you can allocate to their accounts each month, you can automatically provide for that in the cost allocation module (a module you have). You can allocate their accounts their fair percentage share of an overhead item, but if it exceeds, for example, $200, the excess goes where you specify.
Links to Other FundWare® Sources
There are several sources of information on the internet that can make your Fund-Ware®
experience more productive and effective. Check out the following sites:
This is Fundware's home page. On it you will find the latest in file fixes and program updates.
In addition, you may search the knowledge base for answers to your support questions.
Check out my site for a complete listing of the products and services I offer.
This site offers a number of products that add an extra measure of functionality to FundWare®.
One of these products may make your life a lot easier.
This site offers a number of free downloads that will help you get more out of Fund-Ware®.
