FastFund Accounting General Ledger: Accounts Receivable

The FastFund Accounts Receivable is a fully integrated solution with FastFund's Nonprofit Software General Ledger. The integration of the General Ledger and the Accounts Receivable does not require a separate download or linking procedures. All client activity is automatically posted to the General Ledger.

FastFund's Accounts Receivable has the ability to do the following:
  • Create a list of clients with names, addresses, contacts, accounts receivable control accounts and payment terms.
  • Track four types of billing and receivable sources for each client.
  • Record client bills.
  • Apply payments against client bills.
  • Maintain a subsidiary ledger for each accounts receivable account.
  • Maintain a detail history of all client activity.
Your organization will benefit from using the FastFund Accounts Receivable by helping to manage your client bills and payments. Entering your bills in Accounts Receivable will help you manage your cash flow and track revenues.

FastFund allows you to keep multiple Accounts Receivable control accounts, each with its own subsidiary ledger. This is useful if you have different sources of revenue and each has a separate list of clients for billing. Each client can have up to four receivable accounts to track different receivable sources for the client.

The Revenue Journal is used to record bills for services rendered for clients. Outstanding bills are then listed in the Cash Receipts screen for the client. Applying payments in the Cash Receipts Journal automatically reduces the client balances. The procedures for recording client bills in the Revenue Journal are the same as recording the transactions in other journals throughout the FastFund system.

The Accounts Receivable system is used to maintain your financial activity on the acrrual basis of accounting. Client bills are recorded in the period the revenue is earned not when the payment is received. Accounts Receivable generates client detail activity reports, subsidiary ledger reports and aging reports.

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