Step 3: Set up your Funds and Income/Expense Accounts

After completing Step 2: Decide Whether to Use Account Numbers, this portion of the Wizard will provide you with the means to enter the list of Funds for your Chart of Accounts. Each Fund can contain at least one Income and/or at least one Expense account. If you choose to set up a Sub Fund for any Main Fund in the list, the Wizard will then allow you to add at least one Income account and/or at least one Expense account to each Sub Fund.

Setting up Main Funds

Using the image below as a guide for setting up your funds:


  1. Enter the Fund Name
  2. Enter the Fund Balance Account Name and Account Number for each fund.
    Click to mark the checkbox if This fund will have sub funds, if not leave it empty.
  3. Then, click the Add this Fund button.

 

The information in the top portion of the screen (indicated with an (A) in the image above) will change according to whether you are setting up a Main Fund, Sub Funds, Income accounts, or Expense Accounts. While the top portion of the screen will indicate the specific location in the Chart of Accounts where you are adding the account or fund, the rest of the screen will ask for similar types of information (a name, possibly a number, and a checkbox to allow for Sub-Accounts or funds).

 

Setting Up a Sub Fund

If you have checked the box labeled "This fund will have sub funds", you will be taken to a screen to begin Setting up Sub Funds for your Fund.

 

  • Enter the Sub Fund Name, Sub Fund Balance Name, and Account Number (if applicable).
  • Then click the Add Sub Fund button at the bottom of the screen.
  • After you click Add this Fund (or Add Sub Fund, if adding a Sub Fund) at the bottom of the screen, you will be asked, "Will there be Income accounts for [the name of the fund or sub fund]?"
  • Click Yes or No to answer the question.

 

Adding Income Accounts

  • If you click Yes, enter the Account Name and Account Number for the Income account and click the + Add Account button.
  • Sub-Accounts
    • If the account is part of a main fund (and not a sub fund), you will be able to add sub-accounts by placing a check in the box that says  "This account will have Sub-Accounts" before hitting the Add Account button.
  • Repeat for each Income account of the fund or sub fund you are currently setting up.
  • When finished, click the Finished with Income Accounts [for the fund or sub fund] button at the bottom of the screen.
  • You will then be asked "Will there be Expense accounts..."
  • Click Yes or No to answer the question.

 

Adding Expense Accounts

  • If you answer Yes, proceed in adding your expense accounts in the same manner as you entered the income accounts.

  •  

  • Sub-Accounts
    • If the account is part of a main fund (and not a sub fund), you will be able to add sub-accounts by placing a check in the box that says  "This account will have Sub-Accounts" before hitting the Add Account button.
  • When finished adding your Expense accounts, click the button to confirm doing so at the bottom of your screen.
  • You will then be asked if you would like to set up another Fund or sub fund. Click Yes to repeat the process of adding the necessary accounts for each fund.

 

When finally finished with all of your funds and their respective income and expense accounts, click No to answer the question "Would you like to setup another fund?" and proceed to the next step in the Wizard — Step 4: Setting up Assets, Liabilities, Vendors, and Payees

 

 

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