Lesson 6.9: Importing, Editing, and Reviewing Transactions
This final lesson of Module 6 focuses on efficiency and accuracy. While manual data entry is necessary for day-to-day operations, Importing Transactions allows you to bring in large volumes of data from third-party systems (like payroll services or credit card statements) in seconds. We will also cover the rules for Editing Transactions to correct errors without cluttering your general ledger with reversing entries, and how to Review your work using registers and reports.
Part 1: Importing Transactions
FastFund Online uses a Batch Processing system for imports. This means imported data does not go directly to your General Ledger. Instead, it sits in a “holding area” (an unposted batch) where you can review, edit, and validate it before final posting.
What Can You Import?
• Cash Disbursements: (e.g., Payroll checks, credit card charges).
• Cash Receipts: (e.g., daily donation summaries).
• Vendor Invoices: (e.g., bills from an external inventory system).
• Journal Entries: (e.g., monthly depreciation schedules).
• Note: You cannot import linked transactions like “Bill Payments” (CD-AP) or “Client Payments” (CR-AR) because the import file cannot validate the link to specific open invoices.
The Import Workflow:
1. Navigate: Go to Transactions > Activities > Batch Processing.
2. New Batch: Click New (+) and select Transaction Import.
3. Get Template: Click the link for the transaction type (e.g., “Cash Disbursement”) to download the required CSV template.
4. Prepare Data: Fill out the CSV file. Key fields include Date, Entity Name (must match FastFund exactly), Account Number, and Amount.
5. Upload: Select the Import Type and Control Account (e.g., Operating Checking), then browse for your CSV file and click Import.
6. Review Batch: The system creates an unposted batch. Open it to see the transactions.
◦ Red/Yellow Rows: Indicate errors (e.g., unknown vendor, invalid account). You must click the row to fix the data before posting.
7. Post: Select the valid transactions and click Post Selected.
Part 2: Editing Posted Transactions
Unlike older accounting systems that forced you to make journal entries to fix every mistake, FastFund allows you to edit posted transactions directly, provided you follow strict internal control rules.
The Rules of Editing:
• Closed Periods: You cannot edit any transaction dated in a “Permanently Closed” period.
• Cleared Items: If a check or deposit has been marked as Cleared in a Bank Reconciliation, you cannot change the Amount, Date, or Cash Account. You can still edit the expense account distribution.
• Linked Items:
◦ Deposited Receipts: If a Cash Receipt is included in a Deposit, you cannot change the amount or the donor name. You must delete the Deposit first to release the receipt for editing.
◦ Paid Bills: If a Vendor Invoice is fully or partially paid, you cannot change the Vendor or the Invoice Amount.
How to Edit:
1. Find the Transaction: The easiest way is through the Control Register (Transactions > Registers > Control Register).
2. Open: Double-click the blue Transaction Type link (e.g., CD, CR, AP-Bill).
3. Modify: Change the Memo, Project Code, or General Ledger distribution account.
4. Save: Click Save and Close. The system updates the General Ledger immediately.
Part 3: Reviewing Transactions
To ensure accuracy before closing a month, you should review your transaction registers.
Transaction Edit Reports: From any Control Register (Cash, AP, or AR), you can generate a formal report of the activity displayed.
1. Filter the register for the specific month and account.
2. Click the PDF Icon or Register Report button.
3. This report shows the “Entered By” user and “Date Modified” stamps, providing an audit trail for your review.
Audit Logs: For a deeper dive into who changed what, Company Administrators can access the Audit Log (Administration > Company > Audit Logs). This log tracks every creation, update, and deletion of records, showing the “Before” and “After” values for any changes.