Traditional accounting tracks how monies are used: rent, office supplies, utilities, etc. Fund Accounting tracks the purpose: locations, grants, projects, endowments etc. FundsFix is ideal for non-profit or for-profit companies that need this additional visibility.
Intuit suggests you use QuickBooks classes to track Funds. With classes you can track earnings and budgets for each class or Fund. What is limited is the ability to produce Balance Sheets for Funds. FundsFix works with QuickBooks to provide this additional functionality. Using standard QuickBooks data and classes, FundFix allows you to quickly define the relationships between Funds, classes and accounts. Once this easy setup operation is completed you can use FundsFix to produce multi-column Balance Sheets with a column per Fund.
FundsFix keeps each Fund in balance by automatically allocating earnings to Funds and by generating balancing entries when transfers occur between Funds. FundsFix gives you the choice of sharing accounts between Funds or dedicating an account to a Fund. For example, a common bank account could be used for multiple Funds or could be specific to a Fund. In either case, FundsFix will keep your Funds in balance.
FundFix also augments the QuickBooks file clean up operation. When QuickBooks does a clean up it replaces multiple transactions with summary transactions. The QuickBooks clean up removes class information and thus Fund information is lost. FundFix provides a Cleanup operation that is used prior to the QuickBooks operation. The FundFix clean up summarizes Fund balances so that they are not removed by QuickBooks.
The user interface is similar to QuickBooks so it is easy to learn and use. Like QuickBooks, FundsFix provides various filters and formatting options to tailor Fund Balance Sheet reports.
FundsFix provides a rich feature set which augments QuickBooks to provide comprehensive Fund Accounting. The system is easy set up and uses standard QuickBooks data and interfaces. Download a free trial version of FundsFix and see for yourself.