We have just implemented Financial Edge and are having issues with the system requiring entries to balance by project. I am considering removing the requirement. For those of you whose systems are required to balance by project, how is this beneficial for you, and how would your processing be adversely affected if it were not required?
I only require it to balance by project for my permanently restricted funds (ie endowed scholarships) so that my project income statement ties to my project balance sheet.
Thank you. We do not use project balance sheets, only project income statements. In a nutshell, we have 120 scholarships invested together in a handful of investments. So, we routinely transfer net assets on the ledger from one scholarship to the next depending contractual agreements though the balance sheet account/investment account balance remains the same. In your opinion, do you see any reason that removing the requirement to balance by project would cause problems later on.
The only issue you would run into after removing the requirement to balance would be if you ever wanted to go back to balancing by project. You can remove a requirement like this but going back to it would overwrite all the historical data in the system with a default project. Just be certain that you have no intentions of EVER reinstating that requirement before removing it!
We are implementing FE and our project consultants are insistent that require project balancing. I am not comfortable with this functionality being imposed on our entire system.
Is there a way to require project balancing on specific funds, Temp Restricted/ Perm Restricted; and not Unrestricted? What types of non profits benefit from requiring project balancing on its entire system or use Balance Sheets by project?
Thanks
Yes you can require to balance on specific Funds. This is a check box that is set up on each individual Fund so you can decide which Funds you want to require to balance and which Funds not.