Hi Gillian, 

1. You don’t necessarily have to have a different Nominal code assigned to each Fund, however you can do if it’ll help you with your analysis.
2. You can assign a fund reference to all transactions however only profit and loss items appear in the fund activity. This is because a fund isn't for use with your own company therefore it shouldn't affect anything in the balance sheet area of your company. The only exception to this is if you post a transaction to the fund using the nominal code the fund is assigned to as this is usually a capital and reserves nominal code.

Full info on how to set up and process Charities in Sage 50 Accounts here.

If this has answered your question, please click on the ‘This helped me’ link below.

Thanks Paul,

I now have a problem in that I have two actual bank accounts already set up which hasve been recieving funds for two big projects. How can I set up the charity fund for each project with the current/opening balance in sage 50 pertaining to its relevant bank account so that it doesnt double the amount in the bank account?

No problem Gillian.

You can enter an opening balance for your fund in Charitable funds > select the fund you want to amend > Edit > click the OB button then complete the Opening Balance window.

However, if you need to remove your existing data you must rebuild your data and enter opening balances at the start of the new financial year. You can rebuild your data in File > Maintenance > Rebuild. You should take a backup first in File > Backup.

Full info on this procedure here.

Smashing!! All recreated and now making sense! Thanks for your time Paul :)