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[Lubbock, Texas – January 22, 2021] The purpose of your average accounting software package is to track cash management, and ultimately profit and loss of the organization. Local governments do not specifically have a purpose of generating profit, but need to track the amount of cash assigned to different purposes, and how that cash is/was used.

Small local governments sometimes “cobble” together accounting systems using low-cost software packages that aren’t suitable for fund accounting – on the advice of local business people that aren’t well versed in public accounting rules. The end result, which at first seems easy on the pocketbook, is heavy on the manpower hour costs to keep fund income and expenditures separated.

These packages often don’t offer departmental access for budgeting and generate reams of paper reports for review by department heads, management, council and commissioners.

FundView’s General Ledger is true fund-based accounting that emphasizes accountability rather than profitability. Funds are self-balancing sets of accounts and can be unrestricted, temporarily restricted or permanently restricted based on imposed requirements. Using a consolidated cash fund eliminates the need for multiple bank accounts for each fund, and eases bookkeeping and reconciliation processes on a monthly, quarterly and annual basis.

FundView’s Budget Management allows restricted access to departmental personnel for the creation and management of working budgets, proposed budgets, and finally adopted budgets. Budget Adjustments allow staff to make changes during the fiscal year, and generate reports as needed.

FundView’s Bank Reconciliation spotlights the Matching Feature which searches bank transactions and matches them up with posted General Ledger transactions for fast and easy reconciliation every month.

FundView Cloud ERP provides local governments with affordable, easy to use software with access from anywhere – even during a quarantine or lockdown.

Make the move to a true fund accounting software and call us today at (806) 794-3278 for a demo!

[Lubbock, TX – January 15, 2021] For employees, payday is the reward for one or more weeks of hard work. For payroll and accounting professionals, there are a few more steps before the work is actually completed!

On each employee’s paycheck – there are amounts withheld typically for:

  • Federal/State mandated withholding
  • Social Security/Medicare
  • Insurance & voluntary deductions
  • Child Support & garnishments

Payment of these withheld amounts – plus any employer-provided or matched items – falls on an Accounts Payable process.

FundView Payroll automates the payments of withheld amounts by creating Accounts Payable invoices with pre-determined payment dates according to each type of deduction. Here’s how that saves time for our users:

  1. Payments are created by the payroll system and automatically sent to Accounts Payable each payday. Payments are pre-distributed to the appropriate expense and liability accounts according to each employee’s designated charging department (or split departments).
  2. Employer-paid benefits are also charged appropriately and applied to employee tax records at year-end in compliance with Affordable Care Act and other reporting requirements on the W-2s.
  3. Payments that are automatically withdrawn from the organization’s bank now have automatically generated entries to dovetail the bank reconciliation processes.
  4. Refunded deductions create Accounts Payable credit memos to offset previous invoices. Appropriate General Ledger entries are also generated to adjust the expense and liability accounts.

Ready to let your software do the work for you? Call us at (806) 94-3278 or email us for a demo of our Financial Suite modules, including General Ledger, Accounts Payable, Secure Signatures, and Payroll!