Multiple Cash Accounts - Multiple Banks

Elaine Tucker

We are searching for a way to track operating cash vs temp restricted etc. I've looked in the documentation and not found an answer - Can you set up multiple Bank accounts and mulitple AP accounts? What are some of the ramifications or unexpected issues if we do this?

Kevin Brazell

@Elaine Tucker
You can. Now the restriction tracking can vary depending on how that is setup in the original setup of your database. But in a simple example, where the FE accounting funds are being used to track restriction, such as UR, TR, PR as an example, you may have 3 account funds, ( 10,20,30 as example) . So you can setup an account for the bank / or the AP liability per restriction, and set up AP and the bank to track cash in the appropriate fund based on your module / database settings. If you look in AP , Configuration, Default accounts. In the AP liability fields, the top option masks out the FUnd number when defining a default AP account. THat way FE matches the AP liability based on the expense account used. SO if I type in fund 20 expense, then AP matches it to the fund 20 AP accoun t( as long as it exists ahead of time). THis can also flow into the setup of the bank. We can tell the bank to track cash in multiple funds. FE then looks at the AP account used, and matches the bank's GL number on the checks, etc, based on the AP's fund number. So fund 20 liability invoices will be paid from fund 20 Asset cash account. ALso the tracking cash in multiple funds , then any journal entry in the GL will be tracked to the bank's register for reconiling the bank as well in each fund.

Elaine Tucker

@Kevin Brazell
my take-away from your feedback is just making sure that the database settings are set up in such a way that we can use this functionality - do I have that right? Thank you for your extended explanation.

Robin Waldinger

@Elaine Tucker we've set up a separate bank account and GL account for our restricted funds from a particular grant and then use a unique fund to track those revenues and expenses (this grant is recurring, so a separate fund works for us). We then utilize the project/grant fields to track the individual grant. This gives us separate AP accounts for the associated transactions.

Happy to give you more information if you're interested.