Process Gifts in General Ledger

Process Gifts in General Ledger

Note: If the interface flag is turned on, entries are automatically created in the General Ledger Journal when you post your Gifts – eliminating manual entry. Refer to Configuring Posting Settings for Gifts for more information. Once you post your Gifts, do the following to complete your Gift processing routine.

1. View the results of Gift posting in the General Ledger journal to confirm that the entries have been made correctly. Refer to the Journal Entry Tab in the General Ledger module for more information.

2. Once you have confirmed the entries in the General Ledger journal, run the G/L Journal Edit Report. Refer to Running the G/L Journal Edit Report for more information. FIMS will not let you post if the report contains errors, or if a report has not been printed since you have been in Journal Entry.

3. (Optional) Run the YTD General Ledger report to see the debits and credits to affected accounts and the account balances of each account before and after posting. Refer to the YTD General Ledger Report for more information.

4. Post the General Ledger journal to General Ledger accounts. This is the last step in Gift processing. Refer to Posting the General Ledger Journal in the General Ledger module for more information.

You can see the impact of the posting in the affected General Ledger accounts, or more conveniently in many of the General Ledger Reports. To review the General Ledger Journal entries after they have been posted, run the Journal History Report.

Tip: General Ledger Apply Date and Investment Pools

If you deposit Gifts directly into an investment pool, the Gift debit account will be an asset account representing the recipient Fund's assets in the pool. FIMS creates a FACTS transaction when the G/L Journal is posted.

The default Confirm Date for the deposit transaction will be the General Ledger Apply Date. The Apply Date is either a date entered when you run the Gift Edit report, which will apply to all Gifts posted, or, if you leave that date field blank, the individual Gift Dates.

Unit value and allocations in FACTS depend on the Confirm Date. This can be modified in FACTS to be consistent with the bank statement. If, however, you can anticipate the confirm date for a batch of new Gifts and enter that date as the Apply Date when you run the Gift Edit Report, you will save time during the FACTS reconciliation.