FundsFix Common Questions

What is Fund Accounting?

You can think of Fund Accounting as a way to keep separate mini-books within your main accounting books. Each Fund is maintained in balance although they may share common accounts such as a bank account. Fund Accounting is useful whenever you need to track monies dedicated to a specific purpose. Examples include tracking projects or grants.

How hard is it to use FundsFix?

If you are comfortable with QuickBooks, you will find FundsFix very easy to use. First, decide your Funds structure and then define QuickBooks classes to use with your Funds. Setup FundsFix by telling it about what classes go with which Funds. Also, if you have any Balance Sheet Accounts (Assets, Liability or Equity) that are used exclusively for a Fund, you need to tell FundsFix about that also. Once this simple setup is complete, you can generate Funds Balance Sheet Reports like you do regular Balance Sheet Reports.

What about a Fund based Profit & Loss Statements or Budget Reports?

QuickBooks already supports these reports. Just use a class report filter to isolate the report to a particular Fund. Once you create these reports you can save them in QuickBooks for use in the future.

How does FundsFix work?

Fundamentally, FundsFix combines QuickBooks Balance Sheet and Profit & Loss reports to produce a Fund per column balance sheet. You can do the same thing yourself but it is an error prone and tedious process to do by hand. In addition, FundsFix provides a way to track Fund balances after a QuickBooks cleanup operation because QuickBooks discards class information for old transactions.