Set Up Funds

The Fund (or Organization 1) page allows authorized users to set up the first component of the general ledger account number.

General Tab

To set up or edit the first component of the general ledger account number, follow the steps below:

  1. Go to Maintenance > new world ERP Suite > Chart of Accounts > Funds.
  2. Click New to create a new fund or click a hyperlink in the Code column in the list to edit an existing fund. The Organization 1 (Fund) page appears. The Title field defaults in the word Fund. Leave this field as is.
  3. In Code, type the code associated with the fund being entered. Example: 100 (for the General Fund).
  4. In Description, type the description associated with the Fund Code. Example: General Fund.
  5. In the Fiscal Start Month drop-down list, select the start month in which the fiscal year begins for your organization.
  6. In Current Fiscal Year, type your organization's current fiscal year. It is updated automatically when a soft close is performed.
  7. In the Fund Category and Type drop-down list, select the category and type under which this organization falls. It displays all valid combinations of Org 1 Categories and Org 1 Types defined on the G/L Account Summary Codes page.
  8. In Paying Fund and Receipting Fund, select the information in these two fields only if a fund other than the fund being entered pays the expenditures (or receives the receipts) for this fund. Otherwise, leave these fields blank. The system automatically enters the fund information into these fields.
  9. If the Company Suite Settings for Warrant Processing is selected, the Warrant Clearing Fund field appears on this page. When enabled in the add mode, the system defaults in the fund being created as the Warrant Clearing fund. If some other fund is to be used, that fund should be entered here. All general ledger entries made to establish and relieve the warrant liability will be made in the Warrant Clearing Fund for warrants associated to the fund being defined.
  10. In Prior Year Hard Close Date, type or select the date on which the last hard close was performed by the organization.
  11. In Prior Year Soft Close Date, type or select the date on which the last soft close was performed by the organization.
  12. Select the Budgeted Fund check box if this fund will have budgets assigned to it. If the Budgeted Fund check box is selected, the Budget Legally Adopted, Track Encumbrances, and Carry Over Budgets at Year End check boxes are enabled. Otherwise these check boxes are not applicable and are disabled.
  13. The Budget Legally Adopted check box is used for Government Reporting purposes. If enabled, select the Budget Legally Adopted check box for the fund to appear on the Budget to Actual Report.
  14. If enabled, select the Track Encumbrances check box to track encumbrances for the accounts associated with the organization.
  15. Select the Grant Fund check box if the fund being entered is a grant. This check box is only visible and enabled only if you have a licensed copy of the Grant Accounting module from New World ERP.
  16. If multi-company functionality is set up in New World ERP the 1099 Processing Company drop-down will be displayed. Select the reporting company you would like to assign to the fund. The selections available are all those that have the 1099 processing flag checked in the Reporting Company information set up in Maintenance > new world ERP Suite > Miscellaneous Definitions > Reporting Companies to which the user has access to. The primary company set up in Company Suite Settings is selected by default.

Note: If the selection in the 1099 Processing Company field is changed after 1099 data has already been created, a warning message will be displayed notifying you of this. The 1099 data will need to be recreated in Financial Management > Year-End Processing > Vendor 1099 Processing otherwise inaccuracies will exist.

The check boxes in this section affect the Year End Close procedure. Any budget amounts remaining in the G/L accounts in this fund at the time of the soft close are automatically carried over to the following fiscal year. The system accomplishes this by creating two budget amendment entries.

The first entry is made in the year being closed. It creates budget adjustments to reverse out the amount of the remaining budgets for each budgeted G/L account in the fund. This creates a "budget equals actual" effect on the current year. The second entry puts the "carried over amounts" into the following fiscal year. Thus, it increases the following fiscal year budget by the amount brought forward.

  1. Select the Create Prior Year Budget Adjustments check box to indicate that budget adjustments will be made in the fiscal year being closed to carry over remaining budgets. If the Budgeted Fund check box is selected, this check box is enabled.
  2. Select the Create New Year Budget Adjustments check box to indicate that budget amounts will be carried over at the end of the year. If the Budgeted Fund check box is selected, this check box is enabled.

The Financial Reporting section is used for Government Reporting purposes. Select and enter the appropriate options for your organization.

The Offsetting Accounts section contains the accounts assigned on the Default Offsetting Accounts page. Only modify these accounts, if applicable, for the specific fund being added.

Note: The system retains the following fields during the fund entry process: Fiscal Start Month, Current Fiscal Year, Prior Year Hard Close Date, and Grant Fund.

Additional Reporting Companies

The Additional Reporting Companies tab will only be displayed if multi-company functionality is set up in New World ERP. It allows you to assign a specific company to the fund to be used for governmental reporting purposes.

  1. The Reporting Company Name box on the left side of the screen will be populated with all companies that have the Government Reporting flag selected on the multi-company reporting set up page. Click to select a reporting company that should be associated with the fund.
  2. Select the Government Reporting check box if the selected company should be used by the fund for government reporting. More than one reporting company can be associated with a fund for government reporting purposes.

Note: If the Government Reporting check box is cleared on a reporting company after government reporting data has been initialized for a year associated with that reporting company, a warning message will be displayed. The government reporting data will need to be recreated and reinitialized in Financial Management > Government Reporting otherwise inaccuracies will exist.

  1. Select the Government Reporting Fund Type. The selection options are General, Special Revenue, Debt Service, Capital Project, Permanent, Enterprise, Internal Service, Pension Trust, Internal Trust, Private Purpose Trust, Agency and Government Wide Reporting, or Other/Excluded.
  2. The Financial Reporting Fund drop-down will display the newly created fund after the user saves the fund by default. Other funds may be selected as needed. A selection in this field is only required for an existing fund.
  3. In the Government Type drop-down, Primary is selected by default. The other option is Component Unit.
  4. In the Activity Type drop-down, Governmental is selected by default. The other option is Business.
  5. Select a Fund Entity Group from the drop-down. The values in the drop-down are populated from Validation Set #272 - Fund Entity Group.
  6. The Major Fund check box is selected by default.
  7. Select the check box if this is a Blended Component Unit.
  8. The Budget Legally Adopted check box is disabled if the Budgeted Fund check box is cleared on the General tab. If enabled, select this check box to indicate that the budget has been adopted.
  9. Click Save/New to save the applicable fund information and add another fund. Click Save after you enter the last fund.

Click Reset at any time to return to the previous state the page was in when the page was last saved.

See Also

Fund List

Set Up G/L Organization Components