Fund accounting: payments across funds, due to and due from, assets, grants and the bank

Payments, memos and reversals that settle fund by fund; Due to / Due from Other Funds when one fund pays for another; projects, settlement to assets and bank-statement lines in their funds; fixed assets with a class, cost center and accumulated depreciation, depreciated by fund; grants expended; and the book side of a bank reconciliation, with Void on a supplier payment.

Payments, memos and reversals across funds

• An AP payment and a payment batch settle the payable fund by fund, in the funds the bill was posted in.
• Journal and document reversals keep the original lines’ funds.
• AP credit and debit memos post in the corrected bill’s funds.

Due to and due from other funds

When a journal leaves one fund owing another — payroll’s liabilities held in the General Fund for staff charged to other funds, for example — TRANXACT adds the interfund lines itself: Due to Other Funds in the fund that owes and Due from Other Funds in the fund that is owed, on the accounts tagged with those posting roles (2190 and 1190 when none is tagged). Every fund then balances on its own.

Projects and the bank in a fund-required company

• Charging a project: the clearing line takes the cost line’s cost center, fund, grant, program and function, so the charge no longer stops on “no fund”.
• Settle to asset: the unsettled cost is grouped by the fund and grant its own journals booked it in, and each group settles in that fund on the project’s cost center. It debits the asset class’s cost account and credits the account each cost sits on (1590 for capitalised cost; expensed costs are reclassified), sets the class and opens the asset’s valuation areas.
• Bank statement lines (Post, and posting what was recognised): the cash line takes the fund of the line it is posted against; when nothing puts that line in a fund, the company’s single active general fund is used.

Fixed assets in funds

• Accounting › Ledger › Assets › Fixed Assets: the form now has Asset class, Cost center, Depreciation already taken (accumulated depreciation brought in), Salvage value and the in-service date; the register shows the class and cost center.
• An active asset with a cost opens its valuation areas.
• Monthly and area depreciation post a pair of lines per asset and cost center in its fund (the single general fund when the asset has none), on the class’s accounts.

Grants expended

What a grant has expended is the posted lines on expense accounts and on asset accounts that hold cost — never cash or a receivable. The grant board (Accounting › Planning & Control › Fund Accounting › Grants) and Funding Drawdown, for a funding source that grants draw from, both read that one figure.

The bank reconciliation’s book side, and voiding a payment

• Accounting › Working Capital › Cash Movement › Reconciliation lists and counts Deposits in transit and Outstanding checks, and keeps them on the reconciliation.
• Supplier Payments has Void: give a Reason and a Void date. It reverses the payment journal and reopens the bill; the list shows Voided by. A payment already matched to a bank statement cannot be voided. It needs Change on Supplier Payments.

Since 19 October: bills against a purchase order in its funds, Budget Transfers, Grant Claims, a Fund filter on statements and Move balances to new accounts for Utilities. See Fund accounting: PO bills in their funds, Utilities accounts that move, cash position, statements by fund, Budget Transfers and Grant Claims.