Using Financial Edge for Foundation within Hospital System

Ashley Petty

Hello, I would like to get some insight from anyone that works for a Foundation for a Hospital. I am new to my position, and I'm trying to streamline and make our accounting processes easier. At the current time we are utilizing Excel spreadsheets to keep track of all money coming in and going out. I then balance those to what we show posted in Raiser's Edge. Once those balance I send them to accounting at the hospital and they balance their GL with the bank. I know that no matter what we do, we will still have to turn reports into accounting at the hospital. But it is so hard to keep track of everything we have coming and going out. We also can't easily see how much is in each fund or where that money has been spent. It's looking at a lot of spreadsheets and then asking accounting to pull reports for us of the info they have for each fund. I am wanting to see how other Foundations within hospitals are utilizing Financial Edge. Thanks!

Renee Elliott

@Ashley Petty
Hello - We use FENXT and RENXT here at The University of Vermont Medical Center. We use the Project section in FENXT to keep track of all of our funds. It makes it very quick to see Fund balances, expenses and revenues. It definitely will save you time from your excel spreadsheets!

Ashley Petty

@Renee Elliott Thank you for the input. Does your hospital accounting department use FENXT or do you just use it to keep track of your information within your office and submit anything to accounting that they need?

Renee Elliott

@Ashley Petty
We use the accounting in FENXT and we also have another GL system that all of our transactions flow back and forth between the 2 with all of our Journal Entries, Accounts Payable, Receivable transactions. At month end we reconcile all of the activity between FENXT and our GL system.

Thomas Walker

@Ashley Petty Often the hospital accounting staff handles the disbursements from the ERP system which often does not track the detail a foundation requires so clients will us FE in conjuntion with RE, FE being the subledger tracking the detail that the hospital ERP system can't handle. Happy to chat further

Lisa Johnson

@Ashley Petty , our Accounting department uses Financial Edge, and we (the Foundation) use Raiser's Edge. We work together to reconcile each month. It's great that you are exploring this. I don't know what your budget is like, but I'm sure you won't be surprised to learn that FE is pricey.