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MULTI FUND OPERATION WITH FUND LEVEL AND CONSOLIDATED REPORTING
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One of the basic requirements of Charity Commission reporting is that the accounts data distinguishes between money that can be spent on anything and money that can only be used for restricted purposes. There is the general fund that is completely free of restrictions and then designated, restricted and endowment funds (see glossary of terms). Church of England churches that do not yet have to report to the Charity Commission must submit their accounts data in this format anyway to the Secretary of the Diocesan Board of Finance in compliance with the Church Accounting Regulations 2006 and the Charities (Accounts and Reports) Regulations 2005.
Each fund must balance in its own right whether your income and expenditure places you under accruals accounting or gives you the less complex option of receipts and payments reporting. This is not what occurs with cost centres in regular commercial packages, which can make it challenging to keep your fund accounting straight using them.
Not all commercial packages are best suited to running receipts and payments accounts at all. In Paxton Charities Accounting you will not be able to leave an invoice unpaid for example if you are running under receipts and payments. You will also be untroubled by VAT fields that are not of interest to you. That is before we even move into the specialist provision made in the package for the handling of donations and Gift Aid.
Paxton Charities Accounting report facilities allow you to report at fund level or to consolidate your funds. Furthermore you can produce receipts and payments (or income and expenditure for accruals accounting) reports using your own categories and analysis account selections, as well as in the format required for the Charity Commission. There is no need to have different analysis accounts for all your different funds as within a particular account it is always possible to isolate the transactions for any given fund and to find the balance on an account that is attributable to a particular fund.
The total value of fund transfers should always be zero. Paxton Charities Accounting has a special fund transfers facility to ensure that this remains so and ensures that imbalanced fund transfer entries are not mistakenly made elsewhere in the package.
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