If you’re a not-for-profit and want to track the performance of each fund, program, project, and grant, you’ve been out of luck… until now.
Also referred to as multi-dimensional accounting, the dimensions capability of Intacct cloud accounting software allows you to track revenues and expenses for all of your funds, programs and grants, while simplifying your chart of accounts – from setup through real-time reporting. This is especially useful for adhering to Financial Accounting Standards (FAS) 116 and 117. In addition, you can track performance of each location, department, grant, fund, program, and more.
With this flexible financial foundation, you will gain insights that speed decision-making and progress towards achieving your mission that may not be possible with solutions such as QuickBooks, Blackbaud or other not-for-profit accounting software.
Simplify Your Chart of Accounts
Most accounting software applications like QuickBooks and Blackbaud use a hard-coded structure for your chart of accounts. For example, to track 3 funds, 5 programs, and 5 grants, you’d need 75 account code combinations—and you’d end up with a complicated, unmanageable set of codes. Adding a new fund, program, project or grant could potentially force you to add hundreds of additional accounts. Intacct lets you keep it simple—you only need to set up your primary account codes. As your organization changes, there’s no need to add hard-coded segment combinations.
There are eight standard and two user-defined Intacct dimensions that come out-of-the-box, which include department, location, customer, vendor, employee, item, class, and project. An unlimited number of dimensions can be added, however. Once you create a dimension, you can use it for any transaction—general ledger, receivables, payables, purchasing, time entry, expense entry, grant management, fixed assets, and more.
How Intacct Dimensions Work
Streamline Your Reporting
Using dimensions fundamentally improves your reporting, making it easier for you to get fast answers to questions about your organization. Dimensions are integrated into the user interface of Intacct’s easy-to-use financial report writer. It’s simple to view performance from any new angle you need. As you create reports, simply use drop-down lists to filter, group and organize your data by dimensions. For example, you can go from a standard income statement to profitability by grant or revenue by geography with a few clicks of the mouse.
If you’re interested in exploring dimensions and how Intacct can provide your not-for-profit powerful insights, contact us at The Resource Group. As an Intacct partner with NFP accounting expertise, we are well-versed in leveraging Intacct’s unique capabilities to help you achieve your mission.