Need to Change Fund Transaction Requirements?

Rob Lewis — Fri, 19 Jun 2009 12:00:00 GMT

When I first set up my funds in FE, I did not require projects on all transactions, nor did I require the system to balance by project. Well, as soon as I started assigning Project distribution to my AP invoices, I started seeing an imbalance in my project balances. Why? After some research, I found that when I created a payment for the invoice, it was not pulling the project distribution from the invoice. Why not? Well, it was because I had not set up the appropriate fund transaction requirements. Now I am faced with needing to change the fund transaction requirements. FE does not allow those fields to be edited on the Fund record once it has been used. What am I to do?

I found that FE allows the fund transaction requirements to be changed using Update fund transaction requirements in Administration. Updating fund records through this process is necessary only if the beginning balances have been locked. This utility updates:

Posted and unposted transactions for open fiscal years
Transactions for closed fiscal years
Summarized transactions for closed fiscal years
Beginning balances for the earliest fiscal year

Now, when we are on the Update Fund Transaction Requirements screen, we can update transaction history by adding new transaction characteristics. Also, with this functionality, we have the ability to add or modify fund transaction requirements, fund closing requirements, and transaction history. It is simple to keep up with these changes and who performed them because updates made to a fund are recorded on the fund's History of Changes tab in Configuration.

This is important! I found that the option to Apply default value to existing accounts does not refer to projects, class, or transaction codes. Even if this box is unmarked, the default value for project, class, or transaction code will be overwritten on all existing transactions. This is so important because the only way to correct the transactions, if you overwrote them, is to restore to a backup and all data entered since the last backup will be lost.

If after reviewing the options, you still decide that updating your fund transaction requirements is the route to take, visit Knowledgebase solution BB52501 for additional information and instructions.

The Ledger : fund requirements

Need to Change Fund Transaction Requirements?