Revised 10/01/2024

Interfund Grant/Gift Processing

  Creating and Processing an Interfund

You can access the Interfund Grants table from the Fund Management, Grants Management, or Donor Management areas of akoyaGO. 

 

Create a New Interfund Grant

1. Click on +New

2. This opens a new Interfund Grant data entry form. Notice there is a Business Process Flow attached to this form (The bullseyes across the top of the form). It is imperative that you use this flow, and that as you proceed from stage to stage, you click the Next Stage button.
    
3. Fund Information Stage: A form will appear under the bullseye. Fill in the fields accordingly: The Interfund Grant Date is the decision date or date of approval for this interfund. The Interfund Grant Date will populate the Posting Date in the Accounting Information stage. You will have the opportunity to change Posting Date as needed in a later stage. 
   
   
   You have the option of entering a Grant Recommender if this Interfund is being entered at the request of someone (like a fundholder.) For Interfunds created via GOfund, the Grant Recommender will auto-fill as the GOfund user who has recommended this interfund.
   
   It is required to enter the granting Fund (From what Fund?), the receiving fund (To what Fund?), Amount, and Interfund Grant Date. 
   
   Once the fields are entered, click Save at the top of the page. This creates the new Interfund record and fills the Interfund No. field in with the unique identifier for that record.
   Open the Fund Information stage after saving. There will be a Next Stage button. Proceed to the next stage.

4. Grant/Gift Information Stage:
   This stage allows you to fill in fields that will be set on the related Request/Payment and Gift/Gift Payment records that are created when the Interfund is processed.
   Grantee - is an optional lookup field that allows you to connect a constituent record. This is how you can soft credit a Grantee.
   Grant Program, Grant Title, Grant Purpose and will populate on the Request record that is created. These fields can be used to categorize the Request.
   If there is a default Grant Function set in Accounting Settings, this will auto-fill.
   
   Donor - will auto-fill based on the Default Payee/Payor listed in Accounting Settings.
   Gift Purpose - optional field to list a purpose on the resulting Gift that will be created.
   Gift Function - if there is a default Gift Function set in Accounting settings, this will auto-fill.
    
   Fill in the fields accordingly and click Next Stage.

5.  Accounting Information Stage: Review field and make any necessary changes. Then click next stage.
   Posting Date - will populate from the Interfund Date. This is the date that the income/expense will be accrued.
   Grant/Expense Account - will populate based on the Default Interfund Expense Account set in Accounting Settings. You can change as needed.
   Grant Memo - will populate from the Grant Title in the previous stage. This will appear on statements for the granting fund. You can change as needed.
   Gift/Income Account - will populate based on the Default Interfund Endowed Gift Account or Default Interfund Non Endowed Gift Account (depending on the properties of the gift fund you chose in the first stage.)
   Gift Formal Acknowledgement will default from granting fund's Formal Fund Name. This will appear on statements for the receiving fund. You can change as needed.

When you click Next Stage in the Accounting Information stage, this will trigger the creation of the Interfund Request, Request Payment, Gift, and Gift Payment.

6.  The next stage will show you the unique IDs for the Interfund Request, Request Payment, Gift, and Gift Payment records. Confirm all four records were created and click Next Stage.

7.  Send to Accounting: Click the Send to Accounting button in the upper toolbar and click next stage. If successful, the Payment Status will show as Paid. If not successful, the Payment Status will show as Error and there may be additional details to help you troubleshoot in the Payment Status Message field. Click next stage again. If successful, you’ll be taken to the Confirm Interfund stage, confirm all the information looks correct and click Finish.

A series of entries take place in the G/L – the word ‘Interfund’ is noted in multiple places (Document No., Gift/Request, Payment No.) so they are easy to find with a filter. The payment will travel through Business Central as such:

1. The transfer amount will go into and out of the Accounts Payable account you listed in Accounting Settings 
2. The transfer amount will go into and out of the Accounts Receivable account listed in Accounting Settings.
3. You will see a Debit to the Expense Account and Fund you indicated in the Grant information and a Credit to the Gift Account and Fund you indicated in the Gift information.

Once the transactions are processed in accounting, information will be written back to the Payment Status field in Interfund Grants.

To make data entry of Interfunds easier, defaults can be set in Accounting Settings. This includes default: Interfund Payee/Payor, Interfund Endowed Gift Account, Interfund Non-Endowed Gift Account, and Interfund Expense Account. Default Grant and Gift Functions can also be set in Accounting Settings, which will auto-populate on Interfunds if set.

For more information on Accounting Settings, reference the akoyaGO with Accounting - Accounting Settings KA.

A workflow exists that will convert a Request Payment into an Interfund Grant. You will run the workflow from the Request Payment record.

Please note, you need to run this workflow before the Request Payment is sent to accounting. If it has already been sent to accounting, the workflow will not process properly.

1. Choose the payment you’d like to convert from the Payments and Requirements table, then choose Flow from the Request Payment record toolbar:


2. Select Run Workflow “Convert to Interfund Grant”:
 

3. A popup will appear to confirm that you want to run the workflow, click OK.
The workflow will run in the background to create an Interfund Grant record and pull in all the information from the Payment record. From there, you can follow the business process flow across the top to process the Interfund Grant as described above.