Create a Fund Record

Create a Fund Record

There are three tabs in the Fund Management module that hold the basic data for each Fund record: Fund 1, Fund 2, and Yearbook. The only fields that FIMS requires to save the Fund record are on the Fund 1 tab. Refer to the Fund 2 Tab and the Yearbook Tab for more information about all of the fields that are available on these tabs.

Note: Determining required fields is an institutional decision. One organization might skip a field that is required at another. FIMS allows you to highlight the fields that are required at your organization.

If General Ledger is not active, the Fund ID, Fund Name and Sort Name fields are the only three fields that should be populated (as a minimum) to save the Fund record. If General Ledger is active, you must also enter Fund codes for the new Fund record before you can build G/L accounts for the Fund. These codes are a necessary part of the G/L account identification key, and G/L accounts are a prerequisite for posting transactions when G/L is active. The following procedure assumes that General Ledger is active.

1. In the Fund Management module, click the New button on the far left-hand side of the toolbar. The Fund 1 tab opens.

Fund 1 Tab

2. Enter a Fund ID code (up to six characters, but either four or five characters is recommended) for the new Fund. This code is used to identify the Fund in the database. Do not put any special characters in this field such as accents or carets.

3. Enter the formal Fund Name.

Note: The Fund Name field scrolls to the right to accommodate long names.

4. Enter the Sort Name. This is the alpha-sort name that is used to determine the alphabetical order where the Fund will appear in data grids and when sorted alphabetically in reports.

Note: If G/L is not active, these are the only three fields that are recommended as a bare minimum, and you can save the basic Fund record without completing the remaining steps in this procedure. If G/L is active, you must complete the remaining steps in this procedure before you can build G/L accounts for the Fund.

5. Enter the basic Fund Codes at the bottom of the tab (Division, Fund Class, Fund Type, and Sub Type). These are the codes that General Ledger will use in the G/L account identification key for the Fund’s accounts.

6. (Optional) If you use a Spending Policy calculation, enter the desired Policy code to link the Fund to the appropriate spending policy.

7. (Optional) If you use an Admin. Fee calculation, enter the desired Fee code to link the Fund to the appropriate administrative fee calculation.

8. Click the Save button on the toolbar. If General Ledger is active, a message will appear asking if you want to create the General Ledger accounts for the Fund. If you are sure that your Fund Codes are correct, click Yes. Otherwise, click No to build the accounts later. Refer to Autobuilding G/L Accounts for more information on building your accounts after the Fund has been saved.

The accounts are built using the Fund ID, Division, Fund Class, Fund Type, and Sub Type codes along with the appropriate natural account numbers from the Master Chart in General Ledger (based on the Fund Class assigned to the Fund).

Create General Ledger Accounts Message
Note: Once you build the G/L accounts for the Fund, the Fund ID and four Fund Code fields will become read-only, and you will not be able to change them from this tab. If you do need to change these codes after building your G/L accounts, you must change them globally (in General Ledger and all historic and unposted transactions, along with the Fund Profile). Refer to Changing Fund ID Codes and Changing Fund Codes for more information.

9. (Optional) Add any additional codes or information in each field on the Fund 1 and Fund 2 tabs.

Tip: You can also configure Master / Subordinate Funds on the Fund 2 tab. Refer to Configuring Master / Subordinate Funds for more information.

10. (Optional) Click the Yearbook tab and enter the text of the Fund description that you want to appear on annual reports.

11. Click the Save button on the toolbar to complete the basic Fund entry.