Using Transaction Codes in Financial Edge
Published
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.)
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
Leave a Comment