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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

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Comments

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

Carlota Beach

@Anne Swearingin I am interested to hear how your issue was resolved and if @Eddie Barker was able to help with it. I am looking for a way to automate/allocate monthly admin fees to each project/fund as well. I have sent both of you a message in hopes I can get some solutions. Thank you!

Anne Swearingin

I did not remember what the issue was now. It has been over 6 years ago.

For the most part the allocation works great. There are a few hick-ups. We have a 4% of all income fee plus $2 fee for transactions over 50 per year. The system does not calculate the fee for number of transactions so I have to adjust those project fees before I post.