FundsFix is a QuickBooks add-on which is designed to automate the process of creating fund balance sheet reports. It provides several advantages over doing it by hand: it creates a fund per column balance sheet to allow fund comparisons; it determines earnings dynamically which means that changes to older data are automatically incorporated; it automatically generates inter-fund transfers to keep each Fund balanced; and it provides a utility to run when doing a QuickBooks “Clean Up Company Data” operation to prevent loss of data.
Once FundsFix is installed all its functions are available under the QuickBooks Company menu. To get started, use the FundsFix Setup menu to assign class codes to funds and to assign balance sheet accounts to funds. The conversion from a manual system to FundsFix is usually straight forward since both systems use class codes to designate funds. It is also possible to create sub-funds to allow aggregation of funds such as Permanently Restricted Funds, Temporarily Restricted Funds, and General Funds.
FundsFix creates fund based balance sheets using a familiar QuickBooks like interface. Reports may be filtered by fund if desired to create sub-set reports. Reports may be also filtered with many of the common QuickBooks filters. The resulting reports may be exported for further analysis or may be printed using the familiar QuickBooks formatting options.
FundsFix also provides several features that facilitate fund accounting. There are two Auto Balance features. The first is used to establish known fund balances. This feature is a great way to get your books into fund balance when you first start using FundsFix. The second auto feature is used to re-establish fund balances by adjusting equity to match earnings. FundsFix also has a distribution feature that allows you to do periodic allocations between funds. An example would be a non-profit which needs to allocate administration expenses to a grant.
FundsFix allows QuickBooks users to generate meaningful fund accounting data. With the normal QuickBooks reports, the user can produce fund based P&L and budget reports. FundsFix provides the ability to generate fund balance sheet reports. The combination provides a comprehensive funds accounting solution for small nonprofits, governments, and businesses.
- Creates Balance Sheet by Fund Report and Prior Period Comparison Report
- Uses standard QuickBooks financial data - no need to learn a new system
- Maintains all data in QuickBooks file so backups are easy
- Preserves class data after a QuickBooks Clean Up Company Data - normally QuickBooks deletes class data
- Supports multiple levels of sub-funds allowing groupings like Restricted Funds, General Funds, etc
- Allows accounts to be allocated by class to funds or dedicated to a single fund for maximum flexibility
- Allows periodic fund distributions to avoid doing the math and entering manual transactions.
- Provides an Auto Balance feature to create transactions to establish initial fund balances and to re-establish fund balances
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