Accounts Receivable

Anne Swearingin

We are a small community foundation.  At the end of each quarter we calculate admin fees to each of our projects.  In our old system we use a simple lump sum entry for AR at the end of each Quarter as follows 


DR Accounts Rec $5000

  CR Admin Fee Income  $5000


When fees are transferred from the projects we record the cash received, reduce the AR, record the expense to the project and record the reduction of cash for the project in a new journal entry


DR Cash in Bank $5000

  CR Account Rec $5000

DR Admin Fee Expense project 1  $1000

  CR Cash in Bank project 1 $1000

DR Admin Fee Expense project 2 $1500

  CR Cash in Bank project 2 $1500

DR Admin Fee Expense project 3  $2500

  CR Cash in Bank project 3 $2500


Is there a simple way to perform this task in FE without having to set each and every Project as a customer.  This would be a recurring entry.  To invoice 150 Projects individually each quarter would be very time consuming.  There is only one person doing all admin and accounting.


Thank you 



 

Karen Weiskopf

Hi Anne,

If you are in FENXT just use the Excel Journal Entry Add-In and save it to re-use it monthly.  You would only have to update the amounts.

Anne Swearingin

Thank you.  I will give it a try.  Since
all items are in house and we do not send out invoices it seems a
bit much to have to set up each project as a customer.

--

      Anne Swearingin

      Finance and Accounting
Manager

      

Crystal Bruce

Discussion moved to FENXT Community. Thanks!

Eddie Barker

Hi Anne,

My name is Eddie Barker and I am one of the product managers on the Financial Edge NXT team. I'd like to talk to you possibly next week as schedules allow about this use case. One of my projects is Allocations in NXT, which allows for some automated journal entries, and I have some questions about what you're doing. I'm sending you my contact info and a calendar link in an email. Thanks again!


 

Anne Swearingin

This issue has been resolved.  Being a newbie to Blackbaud I am constantly learning new things.


Thank you,

Anne