While many accounting systems limit you to a single Accounts Receivable (AR) control account, FastFund Online offers the flexibility to link up to four different AR control accounts to your clients. This capability is essential for nonprofits that need to segregate receivables by revenue source—such as separating program service fees from grants or tuition. This lesson covers how to define these accounts and configure your default billing messages.
The Accounts Receivable function in FastFund allows you to segregate your receivables by type. By labeling and setting up different control accounts, each one will maintain its own:
• Subsidiary Ledger: Detailed tracking of specific receivables.
• Aging Report: Separate tracking for overdue amounts by revenue type.
• Client Detail Posting Activity: Clear audit trails for specific revenue streams.
For example, a school might label its accounts as “Tuition” and “Room & Board,” while a community clinic might separate “Program Services” from “Grants”.
To define these categories, you must configure the Accounts Receivable Preferences located within the Company Setup.
1. Navigate to Preferences: Click the Gear icon in the Main Menu to access Company Administration. Select Company Setup and then click the Preferences tab.
2. Locate AR Settings: Scroll to the Accounts Receivable Preferences section.
3. Define Labels: You will see fields for AR Account Label 1 through AR Account Label 4.
◦ Enter a specific name for each type of receivable you intend to track (e.g., “Grant Receivables” or “Client Fees”).
◦ If you only track one type of receivable, enter a label only in AR Account Label 1.
◦ Note: These labels will appear later when you set up your Chart of Accounts (Object Code Definitions) and when you configure individual Client records.
[INSERT SCREENSHOT: The Company Setup > Preferences tab focused on the Accounts Receivable Preferences section showing AR Account Labels 1-4].
To streamline your billing process, you can set a global default message that will appear on your client bills.
• Default Client Bill Message: In the same Preferences window, enter your standard text in this field (e.g., “Thank you for supporting our mission” or “Payment due upon receipt”). This message will automatically populate on new bills but can be edited on a case-by-case basis