Module 6 is where the daily accounting work happens. Now that your foundational structure and entities are set up, this module covers how to enter, manage, and review all your financial transactions. FastFund is designed to handle the complex double-entry accounting behind the scenes, making your data entry intuitive and efficient.
Here is a quick summary of what you will learn in this module:
Money Out (Payables & Disbursements): You will learn the complete outgoing cash lifecycle. This includes managing purchase orders, recording vendor invoices, and scheduling bills for payment. You will also learn how to print checks, utilize electronic bill payments, record manual cash disbursements, and properly void or reverse checks to maintain an accurate audit trail.
Money In (Receivables & Deposits): You will learn how to handle incoming funds by generating client bills and recording cash or client receipts. Because FastFund posts all receipts to an “Undeposited Funds” holding account, you will learn how to group these receipts in the “Make Deposits” screen so your ledger perfectly matches your real-world bank statements. This section also covers setting up bank integration to automatically download daily bank feeds.
Journal Entries & Fund Balancing: You will explore how to record special transactions (like depreciation or audit adjustments) using standard, recurring, or year-end journal entries. Crucially, you will also learn how FastFund automatically handles inter-fund transactions by instantly creating “Due To/From” balancing entries to keep your funds perfectly balanced.
Reviewing and Editing Data: To keep your data accurate, you will learn how to use Control Account Registers to locate, investigate, edit, and safely delete transactions. You will also learn how to import and process transaction batches from third-party applications.
By the end of this module, you will be fully equipped to confidently handle your organization’s daily financial activities, from writing checks to making deposits and adjusting ledgers.