Lesson 1.1: FastFund Online Features

Welcome to the first lesson of your FastFund Accounting journey. This lesson provides an overview of the core features and capabilities that make FastFund Online the only SaaS application seamlessly integrating fiscal, development, and payroll responsibilities for nonprofit organizations.

Core System Philosophy

FastFund Online is a true Software as a Service (SaaS), cloud-based system built on a flexible and scalable SQL database structure. Unlike many traditional accounting platforms, FastFund is designed specifically for the unique needs of nonprofits, adhering to strict accounting principles and 

FASB-116 and FASB-117 requirements.

One of the most significant advantages for nonprofit accountants is that FastFund automatically handles the accounting for you. When you enter transactions into checks, receipts, bills, or invoices, the system records the necessary debits and credits without the need for tedious batch processes or separate posting procedures.

The Seven Main Features

FastFund is organized into seven main features that work together to handle all financial transactions and reporting:

1. Company Data: This is the foundation of your fiscal management. Located in the Administration section, this includes your organization’s address, tax ID numbers, fiscal year settings, and posting ranges..
2. Chart of Accounts: FastFund uses a unique, table-driven system that allows for up to six segments to identify funds, cost centers, object codes, and sub-accounts. This structure ensures inter-fund transactions automatically create fund balancing entries to keep your books in balance.
3. Lists: This feature helps manage your fiscal information quickly and dependably. Lists include the Chart of Accounts, Vendors, Clients, Budgets, and Projects.
4. Campaigns: For organizations using the FastFund Raising system, donations are integrated seamlessly and organized by fund, campaign, appeal, and gift.
5. Transaction Entry: These are the primary source journals where you record daily activity, such as Cash Receipts, Checks, and Vendor Invoices.
6. Utilities: These tools help you maintain data integrity through functions like Bank Reconciliation, Closing the Books, and Importing/Exporting data.
7. Reports and Exports: FastFund provides meaningful, FASB-compliant financial reports, including Statements of Financial Position and Functional Expenses, to provide accountability to your funding sources.

Key Performance Indicators (KPIs)

When you first log in, you will be greeted by the Dashboard, a visual representation of your real-time financial health. This includes:

• Revenue & Expenses line graphs.

• Cash Summary of all bank accounts.

• AP and AR Summaries showing unpaid vendor invoices and client amounts.