Funds - defined in Academy System

By configuring the system to use funds defined within the Academy System, the method of attributing income and expenditure to funds is to link each nominal account with a fund type. For example all nominal accounts for depreciation will normally be associated with the 'Fixed Asset Fund', whereas 'Audit Costs' would be associated with 'Restricted General Funds' (GAG).

It is strongly recommended that you use 'Use Academy Funds in place of Sage'; it avoids the necessity of entering a fund reference in Sage for every income and expense transaction. It is also considerably easier to manipulate changes in how funds are used.

There are two steps is setting up Academy System to use funds:

Defining Funds and setting their attributes
Linking each nominal ledger account to a fund

To define funds and set their attributes, select:

Settings > Funds and Nominal Mappings > Funds

To add a fund, enter a Fund No (this has no particular significance) and Description. Each fund should be linked to a nominal account in the 'funds' section of the balance sheet. (This link should be unique; each fund should be linked to a unique nominal ledger accound, and each nominal ledger account for a fund should be linked to a fund in the Academy System.)

Select which of the three SoFA columns the fund should appear in from the drop-down list.

Select the Balance Sheet Description the fund should be shown in. (These descriptions match the descriptions in the Accounts Direction model set of accounts.)

When all funds have been added, click 'Save' to save the entries and close the form.

Funds can be copied from another academy by clicking 'Copy from another academy'.