Fund Class Codes

Fund Class Codes

Fund Classes categorize Funds based on your General Ledger. The two main purposes of the Fund Class code are to determine the standard set of General Ledger accounts for each Fund in a Fund Class and map the default debits and credits that will be made to General Ledger for routine transactions (Fund Class Defaults).

The Fund Class code also becomes part of the G/L Account Key and can be used to sort and select Fund-related and financial reports.

During the initial implementation of the financial module, a standard set of General Ledger accounts is automatically built for each Fund based on the Fund Class. The Master Chart acts as the template for these accounts. Once the initial implementation is complete, FIMS will build the appropriate accounts for any new Funds, based on the Fund Class assignments in the Master Chart.

Fund Class codes are generally created via consultation with FIMS Support in the following stages:

• A simple record with no account mapping is added.
• The Master Chart is created, and each account in the Master Chart is assigned to one or more Fund Classes.
• Either before or after the General Ledger is autobuilt, the default debit and credit accounts are added to the Fund Class records.

Each Fund Class code record includes a table of default natural account numbers. FIMS uses this table to autobuild the appropriate account keys for routine transactions. For example, when a Gift to non-spendable is entered, Gift entry uses the natural account number entered for the Gift Debit Principal Asset and that for Gift Credit Principal Revenue (along with the Division, Fund Class, Fund Type, and Sub Type codes from the Fund record) to autobuild the complete asset and revenue account numbers for posting the Gift.

Note: You can use the G/L Overrides tab to record exceptions to the table of default debits and credits for a particular Fund. Refer to Overriding General Ledger Defaults for more information.

1. In the Fund Management module, select File Maintenance > Fund Code Maintenance > Fund Class. The Fund Class Data Grid opens.

Fund Class Data Grid

2. Click the New button on the toolbar. The Fund Class Entry window opens.

Note: You can also access this window by selecting an existing Fund Class code in the data grid and clicking the Edit Fund Class button. 

Fund Class Entry Window

3. Enter the Fund Class code (two characters).

Note: You can only edit this field for new Fund Class codes. The field is read-only for codes that have already been saved. 

4. Enter a Description of the Fund Class code (up to 16 characters).

5. Click in the Account/Value field for each Default Auto built Field and enter the natural account number that you want to use for each default account. If you are not sure of the account number, click the arrow in each field and select the desired account from a drop-down list.

6. Click the Save button on the toolbar, and then click OK. 

Tip: Future Years Payable and Expense Accounts

The Fund Class code table contains default General Ledger accounts that can be set up for Grants Payable for Future Years and Grant Expense for Future Years. This feature allows you to report on Grants in two different ways. You can report on the entire Grant (even when it has payments due over several years) for the current year to follow FASB reporting guidelines. You can also report to your Donors based only on the part of the Grant that is due in the current year.

If there are accounts listed and any line item on the Payment Plan tab in the application has a future year date on it, those amounts are posted to the default accounts for future years. By default, the Apply Date for all the entries will be the same as the Grant Date.

Note: This does not apply to interfund Grants.

If you use this feature, run the Update Future Years Accounts utility (in the Accounts Payable module) at the beginning of each year to change the date when future years start to the next year. When you do this, FIMS searches the database and pulls any payables and expenses with the current year’s date out of the future years account(s) and adds them to the account(s) for the current year.

Refer to Updating Future Years Accounts in the Accounts Payable module for more information.

Tip: ACH/Wire Transfer Setting

One on the options available for a fund class default is the for ACH/Wire payment account.  If you happen to set this ACH Account, when an admin voucher is created, the ACH cash account will default from here if the vendor is identified as an ACH vendor.  To disable this default, you will have to manually change the account back to the regular checking account if this payment is not an ACH after unchecking the ACH box.