One Single Bank Account

Alan Lipps
Alan Lipps
edited June 1 in Blackbaud Financial Edge NXT® General Discussions

During an FE NXT discussion the subject of having a single bank account at the bank that can be used by all of the funds (used for restrictions) in FE was broached. Our revenues are in excess of $10M annually. I am new to the team. So, I wondered has anyone ever put this into action?

Answers

  • Patricia Nowak
    Patricia Nowak Community All-Star
    Sixth Anniversary First Reply Kudos 1 Name Dropper

    Yes, what you describe is how we manage our bank account which categorizes all cash in our checking account as unrestricted. We then use a cash equivalent accounting process to identify how much cash actually belongs to each project by restriction. If you would like to discuss please message me.

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