Module 3 is arguably the most critical section of the course, as it focuses on building the financial spine of your organization: The Chart of Accounts. You will move away from general settings and start applying true fund accounting principles to ensure your system is structured for stewardship, accountability, and strict FASB compliance.
Here is a quick summary of what you will learn in this module:
Understanding Fund Accounting & Net Assets: You will learn the core concepts of nonprofit fund accounting, including how to set up self-balancing funds to track restricted and unrestricted revenue, ensuring your data aligns with current FASB reporting standards.
Designing the Chart of Accounts: You will explore FastFund’s flexible, “table-driven” account structure. You will learn how to define and customize specific segments for your Funds, Cost Centers (to track programs, grants, and departments), and Object Codes (assets, liabilities, revenue, and expenses).
Building and Linking Accounts: Instead of manually typing out hundreds of long account numbers, you will learn how to use the powerful Account Linker tool. This feature seamlessly combines your segments into valid account strings, saving time and preventing data entry errors down the line.
Entering Beginning Balances: You will learn how to establish your financial starting point by properly entering and locking in your organization’s opening balances for assets, liabilities, and net assets, ensuring your Statement of Financial Position is accurate from day one.
By the end of this module, your financial framework will be fully built, compliant, and ready to be populated with your data.