2 quick questions!
I was having a fabulous in time in Test, trying out the Restricted to Unrestricted features.
- Currently, we have the same GL codes for Restricted AND unrestricted in each fund. What difference does this make? I noticed all the Tessitura documents said they should be different...
- Out of curiosity, what is the difference between restricted/unrestricted and future/current? What do all of you use each one for? (I noticed there is only a tab for restricted gifts in Contribution entry...)
Thanks in advance for all of your help!
First Finance dept can tell better how they want things set up
Future/Current pertain to receivables --- Current is usually items to be paid in the next 12-14 month and Future is greater than that
Restricted/Unrestricted -- There are two ways to restrict a gift Purpose and Time. Generally Purpose is handled by setting up a separate fund code with a matching GL. Restricted GL is used to Time restrict a gift for use in another season. So say you got a New Production gift of 250K for something next year – you would post it using the New Production fund code but you would also restrict to until next year. The result on the posting batch is the Revenue for this year is $0 and the temp restricted GL has the value of 250K. Beyond that talk to your Finance dept.
From: Tessitura Development Forum [mailto:forums-development@tessituranetwork.com] On Behalf Of Christopher Pazdernik Sent: Thursday, October 14, 2010 1:12 PM To: McKinley, Leslie Subject: [Tessitura Development Forum] Restricted -> Unrestricted
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And just FYI, the time that dictates if a pledge is current or future is set up in system tables > t_defaults > Future Receivable Cutoff
Here is the documentation for that entry
The value for this entry can be either a number of days after the pledge date or it can be a fixed date (like the end of the current fiscal year). If it is a fixed date, then any pledge payment scheduled after that date will be recorded as Future Receivable. If no entry exists in T_DEFAULTS, the system will behave as in past versions, calculating one year from the pledge date.
The reason you would want seperate GLs for resticted vs unrestricted is so the monies would be distinguishable to the finance department. If you use the same GL for both, there really isn't much point in using the restricted functions since the posting records won't distinguish the money in any way.
Leslie is correct about future to current but there is an addition to this. The determination of Future vs Current can be based either on a relative date (anything due to be paid more than 12 months in the future) or it can be based on a fixed date.
We use the second method. We set the cutoff date for current payments to be the end of the fiscal year. This means that any payment which is due in a future fiscal year, regardless of when it is received, will be placed in a Future status. In other words, if someone makes a pledge for a future campaign and we expect payment after July 1 (the next fiscal year) it will be Future, even if the pledge is made in the last week of June.