FastFund Accounting fund accounting software is the answer to meeting the specialized needs for nonprofit organizations. You will save hours, time and money creating reports and preparing for audits. All the reports you need are created by the system and your data is organized to help you make better and more informed decisions. FastFund fund accounting software is not a software purchase; it is an investment in your future.
FastFund Accounting General Ledger includes all of the following powerful features:
Designed to meet the needs of nonprofit organizations, users can customize the chart of accounts to make it easy to generate reports the various reports required for outside funding sources as well as for the Board and internal use. Account segments can define restricted and unrestricted funds, programs, grants, departments, sites and fund sources and contract sites.
The Basic Accounting system includes of the following, powerful tools and features to make you more productive:
Cash Receipts. All cash receipts can be entered through FastFund Accounting, without the need for additional modules. All cash transactions are grouped for deposits and posted in total to the cash account. Plus, a detail deposit report can be printed and attached to your bank deposit slip. Multiple cash accounts can be created.
Cash Disbursements. Users can manually enter checks, schedule checks to be printed and enter all other debits to cash through cash disbursements.
Check Writing. Checks can be printed with standard check stock. Each check shows the distribution of the check for clean, detail record keeping.
Recurring and Reversing Journal Entries. Journal entries can be marked as recurring or reversing with strict internal controls built in to prevent the changing of a reversed entry. If the original entry is changed or deleted, the reversing entry is automatically changed or deleted to reflect the changes.
Automatic Due to/from Fund Balancing. FastFund Accounting is a true fund accounting application with the ability to set up multiple funds. Each fund is treated as its own entity within your organization, with separate trial balances and financial statements. All inter-fund transactions automatically create a Due to/from Journal Entry to keep your funds in balance. You can print a detailed audit trail of all fund balancing entries and source entries.
Fund Accounting. True fund accounting allows you to create unrestricted, temporarily restricted and permanently restricted funds for proper stewardship of donations and grants. At fiscal year end, each fund will have its own closing entry for the excess or deficiency for each fund. You won’t have to manually calculate each fund balance or net asset classification.
Expense Tracking. No longer will you have to create spreadsheets to track all of your programs and grants. FastFund’s standard reports allow you to segregate revenue and expenses by fund, program, grant and department. It’s easy to create and save consolidated expense reports for multi-funded programs.
FASB Compliant Financial Statements. As a nonprofit organization you can't afford to jeopardize funding by failing to present reports that meet the strict reporting requirements of funders and government agencies. FastFund generates audit ready, FASB compliant Financial Statements including Statement of Activities and Changes to Net Assets, Balance Sheet, Income and Expense, Cash Flow Statements, Functional Expenses and Fund Balance Reports. All reports can be multi-year and cross-fiscal year reports. Reports can be generated with percentages and rounded to the nearest dollar.
Custom Financial Statements. Customize and memorize special reports using the built in, easy to use Set Manager. Use sets for printing summary reports, different groupings by fund, program, functional area, grants and account codes. This flexible report writer has the capability of creating an unlimited number of reports funding sources, internal reporting and your board.
Budgeting. Budgets are created for each of your programs, grants and departments. FastFund automatically consolidates all budget information for program, functional area, fund and organizational totals. Budgets can be automatically allocated across each month of the fiscal year, or manually allocated to reflect proper spending. Create budgets from prior year actual, or budget amounts and increase, or decrease the amounts by a percentage. Export all budget amounts to Excel for budget analysis and preparation. Budget reporting can be on year to date and current period, or cross budget years and details budget variances and the budget amount remaining on each line item for better controls.
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Bank Reconciliation. Easy to use bank reconciliation lists all deposits and other bank ‘credits’ separately from checks and other bank ‘debits.’ Mark all and clear all functions speed up the reconciliation process. An easy to follow screen details total amounts cleared and open. All reconciliation reports are saved for future printing. You can even revert a reconciliation if it needs to be adjusted.
System Security. All FastFund modules require user names and passwords to gain access. Security can be set up to give users limited or full access to specific accounting functions.
Internal Controls. FastFund does not require the posting of a journal entry to correct simple errors in posting. This does not destroy or compromise your audit trail, but makes it easy to monitor and correct data entry errors. But, strict internal controls prevent the editing, or deleting of some information in linked and cleared transactions. All transactions in a closed period can not be edited or deleted.
Audit reports. Easy to read, detailed accounting reports, with a clear audit trail make it easy for you to do account analysis, verify financial statement accuracy and to prepare for your yearly audits.
Accounting Reports. Standard reports include trial balance, source journal reports, general ledger and lists. Reports can be filtered for specific detail information. Search function makes it easy to find information. Reports can be filtered for specific detail information. Search function makes it easy to find information. All reports can be printed to Excel, PDF and other file formats.