Have your reporting requirements demanded such a high level of detail that your organization has expanded the nonprofit chart of accounts in an attempt to deliver that information? Has the result been a chart of accounts that spans dozens of printed pages and is so cumbersome that very few can understand it?
Most seasoned nonprofit accountants have been in this situation before.
Instead of being helpful, managing the chart of accounts becomes counter productive and your entire staff has become frustrated. What would have been a simple account number of a few digits now has grant codes, program codes, fund codes and much more. What would have taken a couple pages, now takes dozens. What would have been simple to key while making an entry, now requires a lookup or a cross reference chart.
“What was that fund number?”
“The Federal Newman Grant, what was that code number?”
“Did we add the Shurtzen program to our financials? My numbers are not balancing.”
Avoid these headaches – and many others – with the cloud accounting software solution from Intacct. What makes Intacct different you ask? I can sum that up in one word – dimensions!
Intacct takes all the codes that nonprofit organizations need to track, and places them in independent dimensions instead of requiring they be in one long string like most traditional systems. No more do they have to have 4200-200-310-00-10, but they now have multiple separate values that are maintained independently. How does that help? Well, nonprofit accountants get to stipulate a separate dimension code for grants, and maintain that grant list independently. Funds and Programs are each tracked in separate dimensions as well.
Intacct also allows for data entry personnel to type the ID or the name. Forgot the ID code for the Newman Grant? Don’t worry, just start typing Newman and let Intacct find it for you! Gone is the struggle of remembering whether the code is 210 or 211 or 220 – just start typing the account name and Intacct does the heavy lifting.
So, how can Intacct help streamline your nonprofit chart of accounts? First, dimensions allow organizations to increase their level of financial reporting, while decreasing the maintenance of the chart by breaking each segment into separate dimensional values. Second, Intacct allows day at entry staff to forgo remembering long string values in favor of normal, plain English!
Those are just two ways Intacct can help streamline your nonprofit chart of accounts. Hear more about these reasons – and discover more reasons – at our Nonprofit Accounting webpage or download our Nonprofit Accounting White Paper.