Process

 

You can access the Interfund Grants table from any of the three main areas of akoyaGO. 

 

 

 

Create a New Interfund Grant

 

1. Click on +New

2. This brings up a new Interfund Grant data entry form. Notice there is a Business Process Flow attached to this form (The targets 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 target. Fill in the fields accordingly: The Interfund Grant Date is the decision date or date of approval for this interfund. This will populate the Posting Date in the Accounting Information step, but you can change the Posting Date as needed. 
   It is required to enter the granting Fund (From what Fund?), the receiving fund (To what Fund?), Amount, and Interfund Grant Date. 
   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 grant.
    
4. Once the fields are entered, click save. This creates the new Interfund record and fills the interfund No. field in with the unique identifier for that record. Go back to the Fund Information target, 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 I process the Interfund.
   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: Fill in the fields accordingly and 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 step. 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 step.)
   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, Interfund Request Payment, Interfund Gift, and Interfund 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.

 

Setup

 

akoyaGO will assist you with the initial setup of your Accounting Settings.  You can follow the steps below to view or make changes to Accounting Settings.
*Please note only users with the akoyaGO with Accounting Administrator role can edit Accounting Settings. Team Users and Read Only Users can view Accounting Settings, but are unable to make any changes.

1. In the Tools area, select Accounting Settings:

 

2. There should one Accounting Settings record called Business Central. Select that record.

One the General tab of Accounting Settings you will see three sections  – Accounting Settings, Gift Defaults, and Grant Defaults. Notice that in the Gift and Grant settings, there are several fields for interfund defaults. You can leave these fields blank if, for example, you use more than one spendable account. But if you choose to fill in these default amounts, they will auto populate on the interfund record and upon creation of gift and grant payments. You do have the opportunity to change the Grant/Expense Account or the Gift/Income Account on the Interfund record before creating the related Gift and Grant records if you Default Accounts that auto-populated were not correct for that specific Interfund. Still, by assigning Default Accounts for Interfunds in your Accounting Settings, you do not need to fill in these accounts each time. Below, we will review each field related to Interfunds and what it will be used for.

For an overview of ALL fields found in Accounting Settings, please reference the akoyaGO with Accounting - Accounting Settings Knowledge Article.

Accounting Settings:

Interfund Payee/Payor: The donor that will receive accounting credit for all interfund grant and gift payments. A soft credit donor is available from the Interfund Grants form. It is our best practice that this be set to the Foundation's donor record, as no actual money is being granted/received.

 

 

Gift Defaults:
 

Default Interfund Endowed Gift Account: The default revenue account that will auto-populate on the Interfund record if the receiving (gift) fund chosen is endowed.
 

Default Interfund Non-Endowed Gift Account: The default revenue account that will auto-populate on the Interfund record if the receiving (gift) fund chosen is non-endowed.
 

 

Grant Defaults:
 

Default Interfund Expense Account: The default expense account that will auto-populate on the Interfund record. 
 

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workflow

 

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.