Chart of Accounts Setup
Adding your GL Chart of Accounts (FW02)
The first time your business uses FundWriter, it must create a new chart of accounts from scratch. For subsequent fiscal years, your organization will be able to copy an existing chart of accounts forward into a new fiscal year, if desired, and make any necessary adjustments for the new chart.
To set up your chart of accounts, you will do the following:
- From the DDI-Connect main menu, double-click FundWriter
- Double-click FundWriter Setup
- Double-click Chart of Accounts Entry. You will see this screen:
Please note that what you see on this screen will depend entirely on what your organization has already entered for the Chart of Accounts
All Chart of Account screens will begin with four basic groups: Assets, Liabilities, Income and Expense. To add a new general ledger account, click the + next to the area you are adding to, and then click the Add button on the toolbar. You will see this prompt:
- Choose the type of account you are adding. Your choices are:
- Account Class: This is essentially a "sub grouping" if you are putting it under one of the primary account classes. If you are at the top level, it will add a primary account class, such as Fund Balances
- G/L Account: If you select this, the system will add a new GL account below the Account Class you selected
- If you selected G/L Account, you will now see this screen:
Please note that what you see on this screen will entirely depend on your organization's FundWriter setup. For example, if your organization only utilizes three segments in your GL accounts, you will only see those 3 segments. In addition, the labels on the segments will match your organization's settings in the FundWriter Setup. For information on configuring your FundWriter settings, please reference this page: FundWriter Setup
- Enter the first segment. If you have already entered another GL account that had this segment in it, the system will remember the description. For example, assume you have added an account number of 01-001-0001, where 01 is the Fund. 01's description is General. When you add another GL number starting with 01 - for example, 01-001-0002, the system will automatically populate the description based on what was entered before.
- If you have NOT already entered a segment that matches the one you are entering, you will want to enter a unique description.
- Enter the remaining segments, adding descriptions where necessary
- When you have finished entering the segments, you will proceed to enter the details. The system will automatically populate the Description, but it can be overridden if needed.
You also have these additional fields:
| Field | Description |
|---|---|
| Balances normally | If you click the drop down arrow, you will see that you have two choices - debit or credit. The system will default according to accounting best practices, but can be overridden |
| Active account | If this is selected, the account will allow transactions to be posted |
| Beginning balance | If this account has a beginning balance, enter that amount here |
| Allowed sources | If your organization has restrictions as to what modules can generate transactions for this account, you would select them here. For example, if you are a CEF and you want only loan transactions to post to this account, you would click the list icon to the right of the field and select Loans EOM or Loans Daily. If you are setting up an account for donations and want only the FundRaising system to be able to post to this account, you would select FundRaiser from the list. If you are not restricting the source, you can leave this field blank |
| Closing account | If your organization utilizes closing accounts for certain GL accounts, you can set the closing account here. If specified here, the closing account applies only for this individual general ledger account. If your organization has established rules for Closing Account Specifications, you will not want to set the closing account here. For more information on closing accounts, please reference this page: Closing Accounts |
When you have finished entering the necessary information, click Save.
Repeat as often as needed to add the necessary accounts to your general ledger.
