How do I set up a closing account for a fund?
Each fund needs a closing account (i.e.
fund balance or retained earnings) to close out its revenues and
expenditures. You an specify which account is the closing account for a
fund by following these steps:
1. Open Connect
General Ledger > Organization
> Chart of Accounts.
2. Click Edit (CTRL+E).
3. Click to select the field titled Account Number at the top, and then enter the account number and
press Enter.
4. Click to select the Account 2 tab.
5. Check the Set as the
closing account checkbox.
Your changes are saved for you.
Related Articles
New Fund Setup - Copy Account Ranges
To create a new fund you may want to consider copying the account numbers from a current fund to a new fund number. Find a fund that best matches the numbering of the new fund. In the sample fund 365 is used as a template for fund 366. Copy account ...
New Employee Set up
See attached
Copy Account Ranges
You can create new accounts by copying from an existing account range that already exists. This can be helpful when setting up a new fund. In the steps below, fund 365 is used as a template for fund a fund 366. 1. Open General Ledger > ...
Creating an Unpaid Invoice Report by Fund
The Unpaid Invoice Report is a a report we can use to review unpaid invoices in the system. This report is also handy at the end of our fiscal year to help us balance our accounts payable accounts. For it be useful, we need to setup this report to ...
How do I add an account?
The following will walk you through the steps to add an account into your Chart of Accounts. Learn more about the Chart of Accounts such as activation date, copy an account, delete an account, termination date, budget notes, account notes, and more ...