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Former_Member

Funds HELP!

Posted By

I am new to Sage 50 Accounts and also the charities sector. The accountant I have inherited has set up our new Sage module with Funds for each income stream and nominals for each one too. I thought I would only need 2 funds - restricted and unrestricted and then track the different streams by nominal and/or departments?

In addition the account has put the nominals relating to the income (apart from donations from individuals) in the capital/assets range so the income isn't showing up in the I & E report. She said 'it can't be shown as income' but it is really confusing my CEO and Trustees. Any advice would be greatly appreciated.

  • Hi Ellen

    I have asked our knowledge team if they can help with this question, if not hopefully another Community member will be able to assist.

    Many thanks
    Jill
    Sage Business Community Team
  • Hi Ellen,

    You can use the Charity option in Sage Accounts to set up funds within your accounts. Following this, each transaction posted in Sage Accounts can be linked to a fund, which gives you further analysis on the source of your income and expenditure in the form of a Fund Analysis report.

    How many funds you need to set up depends on how many funds your business uses. You can then use the relevant nominal codes and departments for your funds. You can use the same nominal codes and departments for different funds in necessary.

    For full information on how to use the Charities option in Sage Accounts, please refer to Ask Sage article 12023 below:

    support.sage.co.uk/default.aspx

    With regards to recording your income and the nominal codes to use, this is something youâ€Tmll need to clarify with your accountant. We can help with how to create nominal codes and amend your Chart of Accounts (COA) if required, however we're unable to advise which nominal codes you should use, as this ultimately affects your accounts.

*Community Hub is the new name for Sage City