Currently, we have about 15 funds ("Individual General," "Individual Capital," "Foundation General," "Foundation Capital," "Gala ticket purchase," "Gala donation," etc.). We organized the funds based on our GL accounts to make the translation from Tess to our accounting software as simple as possible. This way, the "GL Summary Report" at the bottom of each posting report will tell our accounting dept. exactly where to enter the gifts. Am I correct that the only way to direct a gift to a specific GL is through the fund?
Our finance department thinks of funds more broadly than the way we have them currently set up in Tess. They would like to have only three funds: Annual, Capital, and Endowment. This may just be the difference between the accounting definition vs. the development definition of "funds." Our one concern is that if we limit the number of funds, we'd also be limiting the number of GLs. Fewer GLs would make it harder for our accounting clerk to know from the posting report where to enter the gifts in the accounting software.
How many funds do you have? If we were to cut back to three very broad funds, is there a way to direct a gift to the specific GL by using the campaigns?
Thanks in advance!
Hi Hannah,
Just having a one to one relationship between the Funds in Tessitura and your finance system GL codes is a lost opportunity. Tessitura acts as a sub-ledger to your finance system and can therefore house much more granular information that is very useful for analytics.
You can have many different Funds all pointing to the same GL code, and the Tessitura Posting report will summarise all of these different Funds transactions into one row per GL code so that the posting into your finance system is at a highly summarised level. Everyone wins.
Cheers
Dale