Since it runs in the cloud, you can access FastFund from any web browser, on any device — Mac or PC. You get an affordable, easy-to-use, cloud-based solution capable of generating FASB 116, 117 and other required financial reporting.
With FastFund Online, your day-to-day tasks are a cinch. Now you can reduce the time it takes to manage your administrative tasks by as much as 90 percent and take control of your financials by becoming more accountable and sustainable.
The use of fund accounting will continue to be appropriate for many organizations for keeping their financial records for internal reporting to management, funding sources and the board.
As a nonprofit, you are free to use any method of record keeping you wish, as long as the final result – the financial statements seen by the public – are in the proper form.
External reports should conform to the rules of generally accepted accounting principles. Internal reports (for management, funding sources, and the governing board) should include information and be formatted in such a way that they are most useful to the decision making process of those receiving the reports.
The following was taken directly from the QuickBooks support site in response to an FAQ about tracking funds using classes in QuickBooks:
Important: The Balance Sheet by Class report is an advanced report that differs from other QuickBooks reports. Specifically, QuickBooks calculates the class allocations for the report each time you run the report. Because of this, you may experience some unexpected results. Understanding and fixing these results requires a strong background in accounting and a good working knowledge of QuickBooks. Only use this report if you need a balance sheet broken down by class.
Potential Problems: Net incomes differ between the Balance Sheet by Class and Profit & Loss by Class reports. The Balance Sheet by Class report makes calculations to balance a transaction’s classes. In some cases, this causes the net income for a class on the Profit & Loss by Class report to differ from the net income for that same class on the Balance Sheet by Class report.
A hosted solution is essentially Windows software that is being run on a remote computer.With a hosted solution, the application is housed on a server but the software is unique for each customer. Which means if there are one hundred hosted customers, there are one hundred separate installations of the application. If you want to integrate other solutions to your system, you usually have to have that solution supported and installed at the hosting center as it is difficult for local applications to integrate with hosted applications. Hosted solutions are typically used for older applications that don’t take advantage of mobile computing options.
A SaaS solution is a web-based application that was written for deployment through the Internet. SaaS is usually referred to as a multi-tenant application, since there is only one instance of the software running on a server with unlimited number of customers. With a SaaS solution, there is only one instance of the software to upgrade and all data sets can be updated simultaneously. SaaS solutions typically allow for easy integration to other third party SaaS applications with nothing to install on the hosted servers and take advantage of advances in mobile computing.
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