FastFund Accounting: General Ledger

FastFund Accounting has a user defined chart of accounts that allows you to create an account structure that mirrors your organizational structure. Based on a table driven format, there are six account segments representing funds, programs, funding sources, departments, sites and accounts.

As a nonprofit organization you can’t afford to jeopardize funding by failing to present reports that meet the strict reporting requirements of funding sources and government agencies. FastFund generates audit ready, FASB compliant financial statements including the Statement of Activities and Changes to Net Assets, Statement of Financial Position (Balance Sheet), Statement of Activities (Revenue and Expense), Functional Expenses and Statement of Cash Flow. All reports can be run with comparative periods, run crossing fiscal years and for any time frame. Reports can be generated rounded to the nearest dollar.

Generate all the data you need to complete IRS Form 990 N, 990-EZ and 990.

All cash receipts can be entered through FastFund Accounting, without the need for additional modules. All cash transactions are grouped for deposits and posted in total to the cash account. Also, a detail deposit report can be printed and attached to your bank deposit slip. Multiple cash accounts can be created.

Checks for expenses can be entered manually, or can be set up to be printed. All other bank debits can be entered through cash disbursements for multiple cash accounts.

Entries can be marked as recurring and scheduled for automatic posting on specific dates. Recurring transactions can be edited after posting, saving, data entry time and streamlining procedures.

Transactions can be marked as reversing for accruals to write-off old checks or invoices. Internal controls and audit trails are built to track and link reversing entries.

Data verification ensures data validation before import is complete. Import transactions, including cash receipts, cash disbursements, vendor invoices, client bills and journal entries. Also import vendor, client and other names for a quick start up.

Customize and memorize financial statements and budget reports for both internal and external reporting. Create an unlimited number of report sets and limit access to specific sets by user rights. Sets can be used to consolidate funds, programs and all line items on your reports. You can choose to group totals or display individual items with subtotals.

Create budgets for each of your grants, departments, programs and funds with automatic roll-up for funds and organizational totals. Export and import budgets from spreadsheets. You can create multiple budgets for a fiscal year to track major budget revisions. Lock-in budget amounts for strict internal controls. Automatically create new budgets from prior year's actual amounts and prior year's budget amounts. Generate budget comparison report for current period, year to date and across fiscal years.

The Bank Integration feature automates the transfer of your bank data from your financial institution accounts into FastFund Online. Araize has partnered with Plaid for the Bank Integration and uses Plaid’s secure connection application to access your bank using your authorized account information log on to securely link to your financial institution data.

Bank Integration retrieves bank data daily to ensure that everything in your bank account is reflected in FastFund Online. Using the Batch Processing functionality, transactions can be reviewed and edited, then posted to your bank accounts to aid with the bank reconciliation process. This process eliminates the manual effort of importing and matching your banking data in FastFund Online.

This Bank Integration enables you to:

• Connect FastFund Online to multiple financial institutions that operate in the following countries:
  North America (Canada and the United States)
• Cleared and processed bank transactions are automatically uploaded to Batch Processing from your financial institution accounts.

Easy to use bank reconciliation lists all deposits and other bank ‘credits’ separately from checks and other bank ‘debits.’ Mark all and unmark all features speed up the reconciliation process. Record bank adjustments directly in the bank reconciliation function. Print a reconciliation worksheet for review. All reconciliation reports are saved for future printing. You can even revert a bank reconciliation, if it needs to be adjusted.

Set up authorized users with strong passwords. Create user groups for role-based security. Assign individual user permissions for department heads. All data entered in the system is tracked by user and IP address for added security and audit trail. Create users with read only rights and limit to specific reports.

Search for duplicate names in the database and merge duplicate names if necessary.

One database for all names, including other names, vendors, clients, constituents and employees. This single source names database eliminates dual entry of data and inconsistencies between systems.

FastFund Accounting is a true fund accounting application with the ability to set up multiple funds. Each fund is treated as its own entity within your organization, with separate trial balances and financial statements. All inter-fund transactions automatically create a fund balancing entry to keep your funds in balance. You can print a detailed audit trail of all fund balancing entries and source entries.

Whether you have one fund or a thousand funds, each fund’s excess or deficiency is closed out to its own net asset fund balance.

Built in cost reporting to track activity by project code. Projects can be grants, short term activities, sites or other operations within your organization that are independent of the chart of accounts. Generate revenue and expense reports, filter source journals and general ledger activity reports by project code.

All data entered, edited or deleted in the system is tracked by user. Soft close the books to prevent entries by non-administrative personnel. Permanently close the books to prevent all users from posting transactions. Strict internal controls prevent the editing or deleting of linked or cleared transactions.

Easy to read, detailed accounting reports, with a clear audit trail for account analysis, verifying financial statement accuracy and preparation for yearly audits. Generate detail audit reports of all data entered, modified or deleted by each user.

Standard reports include trial balance, source journal reports, general ledger and lists. Reports can be filtered for specific detail information. All reports can be printed to Excel, PDF and other file formats.

Create customized reports from all of your financial data using powerful database filtering. Analyze data by utilizing user defined codes to identify trends and to isolate specific data.

Separate year end audit adjustments from normal entries to generate pre and post audit reports. Helps isolate prior year audit entries in subsequent audits.

Drill down to source transactions from reports and registers for quick viewing and editing of transactions.

Export data to Excel, CSV, HTML, or to PDF files.