Lesson 3.4: Chart of Accounts Setup

Once you have defined your account structure and ranges, you are ready to populate your Chart of Accounts. FastFund Online uses a unique, table-driven system that separates the creation of account segments from the creation of the full account number. This two-step process—Defining Segments and Linking Accounts—drastically reduces data entry time and prevents the creation of invalid account combinations.

Step 1: Defining Segments

Before you can create a full account number (e.g., 01-100-5000), you must first add the individual components to the segment tables. You can enter these manually or import them via CSV files.

To Add a Segment:

1. Navigate to Lists > Chart of Accounts > Segments.

2. Select the Segment Type from the dropdown (e.g., Fund, Cost Center label, or Object Code).

3. Click the New (+) icon.

4. Enter the Number and Name.

    ◦ Note: The number length is enforced based on the definitions you set in Lesson 3.3 (e.g., if you set Funds to 2 digits, you must enter “01”, not “1”).

Object Code Parameters: Control Accounts

When adding Object Codes (the natural accounts like Cash, Rent, or Accounts Payable), you must configure specific parameters that dictate how the system treats that account.

• Account Type: This is the most critical setting for internal control.

    ◦ Bank: You must assign this type to any cash account (Checking, Savings, Petty Cash) that requires a Cash Disbursement Journal or Bank Reconciliation.

    ◦ Receivables: Assign this to your AR control accounts to link them to the Accounts Receivable subsidiary ledger.

    ◦ Payables: Assign this to your AP control account to link it to the Vendor subsidiary ledger.

• Account Designation: Used to map accounts for the Statement of Cash Flow (e.g., designating an account as “Fixed Asset” or “Depreciation”).

Step 2: Linking Segments to Create Accounts

Once your segments are defined, you must link them together to create valid account numbers for posting. FastFund uses a Link/Unlink wizard to manage this.

1. Navigate to Lists > Chart of Accounts > Accounts.

2. Click the Link/Unlink button.

3. Select Account Type: Choose either Balance Sheet or Revenue/Expense.

4. Select Fund: Check the box for the Fund(s) you wish to link.

5. Select Cost Centers: Check the boxes for the Programs or Departments involved.

    ◦ Note: Cost centers are typically required for Revenue/Expense accounts but are usually not linked to Balance Sheet accounts unless you need specific fund-level tracking.

6. Select Object Codes: Highlight the specific accounts (e.g., Salaries, Rent) you want to create for the selected Funds and Cost Centers.

7. Link: Click the Right Pointing Arrow to move them to the “Selected Accounts” box, then click Link Selected Accounts.

The system will mathematically generate every valid combination based on your selection (e.g., if you select 1 Fund, 3 Cost Centers, and 5 Expense Codes, the system instantly creates 15 valid account numbers).

Inactivating vs. Deleting Accounts

FastFund enforces strict data integrity.

• Delete: You can only delete an account if it has no financial activity and no linked data (like budgets).

• Inactivate: If an account has history but is no longer used, you must mark it as Inactive. This prevents new postings while preserving historical reports