Setting up new computerized accounting for a not-for-profit.

Question

I am currently using a manual system of bookkeeping and I want to set up the bookkeeping on Sage 50. I'm trying the 30 day trial to start. We have one business number and one bank account. We are currently fundraising and taking donations for a major addition to our building. We have another bank account set up attached to the main one we call FCMH account for deferred donations and fundraising profits for the new building addition project. Fundraising expenses for the project also come from the FCMH account. How can I create one company in Sage 50 while recording income and expenses for the project separate and showing as deferred funds rather than revenue? I hope someone can help!

Carolyn Longstreet · Answer

1) Use Sage 50 Premium 
 2) In Settings, General, check off Use Departmental Accounting and create departments for General and Fundraising (can also set up more departments for other projects) 
 3) Create a set of accounts for fundraising only (I'd use 5000-5100 for expenses and 4700-4800 for revenue) 
 4) Record transactions as per normal procedures but make sure to use the account number including the division 
 Reports can be created for each department as well as consolidated. The consolidated will show fundraising to it's own set of revenue and expense accounts as set up in 3 above. 
 The current year fundraising revenue and expenses still need to be recorded as current year activities. The deferral entries are done at yearend.

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Setting up new computerized accounting for a not-for-profit.

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