Funds are how donations from your supporters are earmarked for different accounts in your bookkeeping package. You must define at least one Fund before you will be able to post (enter) any donations. This is also where you assign the General Ledger accounts you want contributions to be associated with when being exported to QuickBooks®. It is imperative that a valid account is entered for the Debit, Credit and Pledge Receivables accounts. Normally, Undeposited Funds will be used for the Debit account, and the offsetting (Credit) account is an Income account. If you are using QuickBooks for Nonprofits, use Pledge Receivables for the Pledge Receivables account; otherwise use Accounts Receivable. These accounts should be entered through Validation tables. When correctly defined, this functionality allows your organization to enter donations once in CoolFocus, create the QuickBooks interface file, and import donations into QuickBooks without requiring the donations to be entered again.
If your accountant uses GL Class, a QuickBooks® feature, you can also assign a specific GL Class to each fund. GL Classes allow a further breakdown of accounting that provides additional reporting capabilities in QuickBooks. They are not required for the correct operation of CoolFocus.
To ADD a Fund Click the ADD button below.
To edit a Fund, click on the name of the Fund and click Edit. This will display the Edit screen (shown below).
The Funds List can be exported to Excel!
Each Fund has a Start Date and End Date. These dates are for reference only and donations may be received for a Fund before the Start Date or after the End Date. The Goal for the Fund is also for reference purposes and may be changed at any time.
Your organization may have as many active Funds as you need. All Donations must be assigned to at least one Fund. We will see how that is done in the Contributions section later.
Each Fund must have a Debit Account, Credit Account and Pledge Receivables Account assigned. Consult with your accountant to determine the correct accounts to use. To select the accounts, click on the Accounting Information tab and select the correct accounts. Remember, the accounts listed here are maintained in the GL Accounts table in the Validation Tables section discussed in the Validation Tables.