Configure an Accounting Set for Fundraising

For organizations raising funds through gifts that are designated for different purposes, it's important to track incoming gifts and their designations to make sure they accurately reconcile with finance systems. For gifts that are expected to arrive in the future that have legal contracts, revenue is also expected to be booked in advance. There's a requirement for accurate creation, adjustment, and exporting of ledger entries.

Mary is a Gift Manager at Hunger No More International. She receives one-time gift payments, as well as gift commitments such as recurring donations, pledges, or grants. She needs a solution to accomplish these goals:

• Designate revenue from one-time gift transactions according to donor preferences.

• Accurately designate revenue from incoming transactions that fulfill gift commitments according to agreements with the donors.

• Adjust designations if a formal or legal gift commitment is overpaid or underpaid, and manage write-offs if the gift commitment is underpaid.

• Accurately reflect all transaction designation data in ledger entries and export them to the Finance and Accounting systems.

1. Plan your accounting set field mapping by filling out this table.

   

   Note Mary mapped the fields based on the objects in the Fundraising Add-on. However, you can map any standard or custom object that you use to track revenue-generating records.

   Transaction Journal Field	Type	Gift Transaction Field (Primary Object)	Gift Transaction Designation Field (Secondary Object)	Gift Designation Field (Fund Object)
   Amount	Currency	Current Amount	Amount	-
   Committed Date	Date	-	-	-
   Generate Expected Revenue/Expense	Checkbox	IF(ISPICKVAL(GiftCommitment.FormalCommitmentType, "Written"), TRUE, FALSE)	-	-
   Transaction Date	Date	Transaction Completion Date	-	-
   Check/Reference Number	Text	Payment Identifier	-	-
   Payment is Paid	Checkbox	Paid	-	-
   Written-Off	Checkbox	Written-Off	-	-
   Payment Scheduled Date	Date	Transaction Due Date	-	-
   Payment Paid Date	Date	Transaction Completion Date	-	-
   Payment Method	Text	Payment Method	-	-
   Fund Name	Text	-	-	Name

   

2. From the management settings for the objects with the fields to map to transaction journal records, go to Fields & Relationships.

   • For each field in the table, confirm that your custom object has a field of a type that matches the corresponding transaction journal field. For example, the field to map to Committed Date must be a date type.

   • If a custom object is missing a required field, or has a field of a different type, create a custom field. See Manage Custom Objects.

   • If the platform objects are being used, to track accrued or booked revenue, add a custom field to the primary object to map to Generate Expected Revenue/Expense (see Gift Transaction field for this in the table above). the formula

3. From Setup, in the Quick Find box, enter Accounting Sets, and then select Accounting Sets.

4. Click New.

5. Fill these fields.

   

   Field	Value
   Name	Enter the name of your accounting set. In this setup, Mary calls it Incoming Gift Transactions.
   Number of Objects	Select 3 Object Model.
   Primary Object	Select a transaction object. In this setup, Mary uses the Gift Transaction object.
   Secondary Object	Select the child object of the primary object. In this setup, Mary uses the Gift Transaction Designation object.
   Fund Object	Select the object for the fund that stores transactions. In this setup, Mary uses the Gift Designation object.

6. Click Next.

7. Using the table that you filled out in step 1, select values on the New Accounting Set page, and then click Next. Here's what Mary's mappings look like for each object.

   

   

8. Fill these fields, and then save your changes.

   

   Field	Value
   Accounting Set Type	Select Revenue.
   Accounting Record Start Date	Select the earliest date that you want Accounting Subledger to process the records from.
   Default Accrued Account Code	Enter the name of the Gift Designation to use for future payments.
   Default Write Off Account Code	Enter the name of the Gift Designation to use for refunds.

9. On the Accounting Sets page, next to the accounting set that you created, click , and then select Activate.

   

SEE ALSO:

Important After you create your accounting sets, you can run the ASL job. Make sure that you give Fundraising access to the Integration User before run the job.

Accounting Subledger Jobs