Using Transaction Codes in Financial Edge 3750

Using Transaction Codes in Financial Edge

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Like many nonprofits, our operations are divided into multiple departments.

In Financial Edge, we give each one a 4-digit “Project ID” so we can track revenue and expenses to their respective source.

However, we have one department that manages multiple activities that each have their own, stand-alone costs, and the department manager wanted the ability to track these within her overall department budget.

Our solution is to use the Transaction Codes or “T-code” feature in FE (part of the Projects and Grants module), allowing us to assign both a Project (department) and T-code (specific activity) to each transaction. We can then run reports for individual T-codes, for any combination of T-codes, for no T-codes, or for the entire Project code regardless of T-code.

It’s taken some coordination between the department manager and the finance team to make sure every transaction gets its appropriate T-code, and we’ve discovered it’s more practical not to use a T-code for general department activities. But, we just closed the first fiscal year using this method and it has made the department manager’s job much easier! 

(Community Manager's Note: This is a blog entry into our Summer School contest. It has not been vetted by the Financial Edge team for accuracy.)
News Organizational Best Practices Blog 07/24/2017 11:50am EDT

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1 Comments
Nice to know that ya'll are using TCodes in such a way

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