Managing your Finances Agenda
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- Egbert Jenkins
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1 WELCOME TO
2 Managing your Finances Agenda Topic 1: 1: Bookkeeping Basics Topic 2: 2: Accounting Packages Topic 3: 3: Package Demos
3 Bookkeeping Realities Extremely Important for: - Decision Making - Smooth Running of Organisation - Demonstrating Financial Accountability Not the World s most Glamorous Job Many Nonprofits don t have trained bookkeeper on staff
4 SOURCE DOCUMENTS Bills Cheques Membership Renewals Sales Invoices Payables or Receivables JOURNAL Date Source Doc. Reference Description Account(s) to debit Account(s) to credit Categorising Reporting
5 Cash vs Accrual Accounting Cash Accounting Record Record Income Income When When Cash Cash Received Received Record Record Expenses Expenses When When Cash Cash Paid Paid Accrual Accounting Record Record Income Income When When it it is is Earned Earned Record Record Expenses Expenses When When they they are are Incurred Incurred
6 Accrual Accounting Accrual Accounting Record Record Income Income When When it it is is Earned Earned Record Record Expenses Expenses When When they they are are Incurred Incurred Account Payable = Obligation to Pay Account Receivable = Expectation of Receiving Payment Accrual Accounting represents the true financial position
7 SORP (UK Charity Regulation)
8 SORP (UK Charity Regulation) Turnover < 100K Turnover > 100K Cash Accounting Accrual Accounting Level of External Scrutiny and Reporting Increases with Turnover
9 Double Entry Bookkeeping Single Entry eg. Your Cheque book Double Entry Every Transaction Recorded Twice Total Debits = Total Credits This Serves as Critical Safeguard
10 Accounting Structure What you Own (ASSETS) What you Owe (LIABILITIES) Money you Receive (INCOME) Money you Spend (EXPENSES)
11 Accounting Structure What you Own (ASSETS) ASSETS Cash Bank Account Investments Accounts Receivable Current Assets Grants/Donations Receivable Prepaid Expenses Highly Liquid Furniture & Fixtures Equipment Software Buildings Fixed Assets Highly Fixed
12 Accounting Structure LIABILITIES Accounts Payable Short Term Loans Accrued Salaries/Taxes etc Pre-paid Income CURRENT What you Owe (LIABILITIES) Long Term Loans Capital Leases Payable LONG TERM
13 Accounting Structure INCOME Grants Donations Support Money you Receive (INCOME) Membership Fees Interest/Investment revenue Sales of goods/services Special Events Revenue Earned Income
14 Accounting Structure EXPENSES Salaries Payroll Taxes Employee Benefits PERSONNEL COSTS Office Supplies Telephone Insurance Training Rent Postage Depreciation GENERAL EXPENSES What you Spend (EXPENSES)
15 Chart of Accounts Balance Sheet ASSETS 1010 Petty Cash 1020 Bank Current Account 1030 Investments 1040 Accounts Receivable 1050 Grants/Donations Receivable 1060 Prepaid Expenses LIABILITIES 2010 Accounts Payable 2020 Short Term Loans 2030 Accrued Salaries/ Taxes etc 2040 Pre-paid Income 2050 Long Term Loans 2060 Capital Leases 1500 Furniture & Fixtures 1510 Equipment 1520 Software 1530 Buildings
16 Chart of Accounts P&L INCOME 4010 Grants 4020 Donations 5010 Membership 5020 Interest/Invests 5030 Sale of Goods 5040 Special Events EXPENSES 1010 Petty Cash 1020 Bank Current Account 1030 Investments 1040 Accounts Receivable 1050 Grants/Donations Receivable 1060 Prepaid Expenses 1500 Furniture & Fixtures 1510 Equipment 1520 Software 1530 Buildings
17 Nominal Ledger - Chart of Accounts Profit and Loss Accounts (Income & Expenditure) Balance Sheet Accounts (Asset & Liability) Control Accounts (Used to manage more complex, multitransaction processes)
18 Reserve Assets Liabilities = Reserve Also known as Retained Earnings or Net Assets or Net Worth May consist of Multiple GL Accounts (eg Unrestricted Funds, Restricted Funds) In a For-Profit this is Owners Equity
19 Example of Nominal Posting DR Light and Heat CR 8/4/08 ESB JAN-MAR 500 DR Creditors CR 11/4/08 BANK 500 8/4/08 LIGHT & HEAT 500 DR Bank A/C CR 11/4/08 LIGHT & HEAT 500
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22 Sub-Ledgers Purchasing Sub-Ledger Allows Supplier Details Product/Purchase Price Details Payment/Invoice Matching AP Analysis (eg Aged Creditors) Internal Controls (eg Purchase Order Approval) Postings are made via sub-ledger not directly
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24 Financial Reports Some Key Reports: Income Statement (P&L) Balance Sheet Trial Balance
25 Some Key Measures: Financial Health Are assets greater than liabilities? Enough Cash to pay Current Liabilities? Ratio of Fixed Assets to Current Assets Have you Received Funds meant for Future Activities?
26 Some Key Success Factors Careful Design of Chart of Accounts Consider Sub-Ledger Requirements Asset Policy Need for Cost Centre Accounting? End of Year Requirements Decide Internal Control Requirements (Security, Segregation of Duties etc) Consider VAT Management Reporting Requirements (Including Funders)
27 WELCOME TO
28 Managing your Finances Agenda Topic 1: 1: Bookkeeping Basics Topic 2: 2: Accounting Packages Topic 3: 3: Package Demos
29 Why use an Accounting Package Every nonprofit can benefit from one Audit trail, security, integrity, transparency In-built safeguards Flexible Reporting summary, transaction and account reports & drilldown Bank Reconciliation Memorised transactions Budget controls Multi year analysis TIME SAVINGS
30 New Regulation - Guidelines No finance guidelines in Bill Voluntary standard to be created in Ireland UK Charity SORP will be the template Includes narrative Need accounting systems that are flexible to deal with requirements beyond minimum CRO Should include VAT accounting (for campaign) More detailed nominal codes better Need multiple levels of analysis (2+)
31 Some Questions Is the management of our income or your expenditure the major problem? Is our income, high volume low value or low volume high value? Do we have other software which needs to integrate with the accounts package? Are we currently providing the information that our colleagues want/need, and if not where do we need to improve? can we provide ad-hoc reports easily or do they take a lot of time and resources to create? are the systems well understood and can they continue to be operated if we are absent?
32 - Accounting Packages - Nonprofit + Business Nonprofit Specific Lower End Mid-Sized National or International Nonprofits Business Accounting SOHO Small Office or Home Office Personal Accounting Small Business Larger Businesses Enterprise Software
33 Accounting Packages BAND 1 FEATURES BAND 3 ADVANCED BAND Year 2 2 Basic Chart of Accounts Basic Purchasing Sub-Ledger Basic Reports Limited Configurability Bank Reconciliation Year 1 BAND 1 ENTRY LEVEL Priced under 500
34 Accounting Packages BAND 3 ADVANCED BAND Year 2 2 BAND 1 PACKAGES GNU Cash Quicken Quick Books Pro TAS Books Big Red Book Year 1 BAND 1 ENTRY LEVEL
35 Accounting Packages BAND 3 ADVANCED Year 2 BAND 2 Year 1 BAND 1 ENTRY LEVEL BAND 2 FEATURES (BAND 1 PLUS): Asset Management Cost Centre Accounting Purchase Orders Advanced Reports Budgeting E-Banking Recurring Transactions Integration with other Packages Priced under 2000
36 Accounting Packages BAND 2 PACKAGES BAND 3 ADVANCED Year 2 BAND 2 Year 1 BAND 1 ENTRY LEVEL Sage Line 50 Peachtree by Sage SQL Ledger (Online) MYOB (Mac) Access Accounts (Foundations)
37 Accounting Packages BAND 3 ADVANCED Year 2 BAND 2 Year 1 BAND 1 ENTRY LEVEL BAND 3 FEATURES (BAND 2 PLUS): Multi-Company Highly Configurable Advanced Reports Forecasting Report Creation Tools Funds Accounting Rich Integration Features Priced Very high end can be 10K+
38 Accounting Packages BAND 3 PACKAGES BAND 3 ADVANCED Year 2 BAND 2 Year 1 BAND 1 ENTRY LEVEL Sage Line 100 Access Accounts (Horizons) Pegasus Capital Gold Sun Accounts MS Dynamics GP Navision Sage MIP Fund Accounting Sage Line 200
39 Selection & Implementation Careful Package Selection Project Planning Working with External Consultants Timing (eg end of year) Data Migration Security / Access Reporting Hosted vs In-house Training / Support
40 WELCOME TO
41 Fund/Grant Accounting Having difficulty adapting off-the-shelf commercial accounting Software to your nonprofit needs? Spending time & effort formatting spreadsheets to report on grants or programmes? Have to report on grants/contracts with different fiscal years? Getting difficult or impossible to track funds according to donor restrictions? Struggling to prepare for Year End or Audits? Unable to automatically allocate indirect costs across grants/programmes
42 Fund/Grant Accounting Cost Centre Accounting can be used to Represent Programmes Transactions can be posted using codes to signify funding sources and programmes EG: Grant (eg. HSE 2008) Program (eg Addiction Counselling) Staff Salaries (Nominal Code)
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50 Benefits of Grants Administration
51 WELCOME TO
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