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Setting Up Funds
You will use the Add Fund Wizard to add basic fund information. Then, you have the option of entering additional fund information and adding interfund accounts.
Enter Basic Fund Info
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Click SETUP on the Main Menu screen and then click FUNDS on the Maintain Ledger Settings screen that appears. The Browse Funds screen opens with all active funds displayed in a table. |
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Click  on the toolbar. The Add Fund Wizard is initiated. |
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Enter a fund code and description to identify the new fund. |
Note: The fund code is your agency’s code to identify this fund. It appears as the fund segment of each account number in the fund. It must be unique and must meet the criteria (the number of characters and whether letters and/or numbers are allowed) set by your agency for the fund segment of your account numbers. See "Planning Account Segmentation"
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Select the GAAP fund type that best describes the purpose of the fund, as recognized by GAAP Acronym for Generally Accepted Accounting Principles. The accounting standards
accepted by the accounting profession to ensure that financial statements are
consistent with regard to what, when and how information is reported. for governmental agencies. |
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Select the HUD fund type that best describes the purpose of the fund, as recognized by HUD. |
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Select the last month of this fund’s fiscal year and starting fiscal year. Different funds can end their fiscal years at different times; most end on the last month of a calendar quarter (Mar, June, Sept, or Dec). |
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Click START to continue. |
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Review and confirm the fund information you have entered and click FINISH to add the new fund. The Browse Funds screen appears again with the newly added fund highlighted at the top of the table. |
Enter Additional Fund Info
After entering basic fund information, you must then edit the fund to enter additional information that is not available in the Add Fund Wizard.
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Highlight the fund record you just created and double-click, or click  . The Maintain Funds screen opens with the Fund tab selected. |
Hint: To search for the fund you want to work with, select how you want to order the fund table from the ordered by drop-down list, enter the search criteria in the search for field and click GO. The first fund to match the criteria is highlighted in the table.
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Click again to make the tab available for editing. |
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If applicable, select the FDS column typeThis corresponds to the FDS Report Columns such as AMP, Central Office Cost Center (COCC), or Housing Choice Voucher., FDS column sub-typeThis is one of the two types of functions within a fund operation. These are either Operating or Capital Fund designation., FDS AMP codeIf the FDS Column Type is an AMP, this is the selection of which AMP this fund is associated with., and default close to account. |
Note: Most revenue and expenditure accounts close to a retained earnings account at the end of each fiscal year. The Default Close To Account field sets a default closing account for all revenue and expenditure accounts you create for this fund. You can change this default for any individual account, if necessary.
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Click  to save and apply your changes. |
Add Interfund Accounts
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Select the Inter-Fund Accounts tab and click . The Inter-Fund Accounts Wizard is initiated. |
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To define the "due from" account, select the originating fund ("due from" fund) and the receivable from other fund ("due from" account). |
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Click START to continue. |
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To define the "due to" account, select the other fund ("due to" fund) and the payable to originating fund ("due from" account). |
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Click NEXT to continue. |
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Review and confirm the interfund account information you have set up and click FINISH to apply your changes and add the interfund accountsSometimes known as “due to / due from” accounts, to make the adjusting entries that keep your funds in balance when one fund uses a cash account belonging to another fund. to the fund. |
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