The Financial Edge contains default values that align with FASB’s former net asset classifications of unrestricted, temporarily restricted, and permanently restricted. Customers must update The Financial Edge with the new classes of net assets, "with donor restrictions" and "without donor restrictions".
Prior to the start of your next fiscal year after 12/15/2017, you must:
- Add the With Donor Restrictions and Without Donor Restriction classes. How do I add new classes?
- Update the class on each Fund record. How do I change the class on a Fund record?
- Update the class on each Account Code. How do I change the class on an account code?
- Update the class on each Account Record. How do I change the class on an account record?
Making these changes does not change any default distributions that may be used throughout the system, such as:
- Vendor records (Accounts Payable > Records > Open a Vendor > Distribution tab)
- Client records in Accounts Receivable
- Asset records in Fixed Assets
- Employee records in Payroll
- Student records in Student Billing
- Adjustment categories in Banks
These need to be changed on the records or through an import.
Posted records and records committed in the database but not yet posted are not affected (the class does not change).
For the new disclosure & reporting requirements, The Financial Edge does not support footnotes on Financial Statements. A typical board presentation of financials occurs in an outside program (such as Excel), with data gathered from FE and a wide variety of sources.
What can Blackbaud help with?
Complete guidance and assistance with changes via Blackbaud Professional Services. A Blackbaud Consultant can help review and update:
- Class Code Table
- Fund Records
- Account Codes
- Account Strings
- Distribution Tables in General Ledger, Accounts Payable, Accounts Receivable, Fixed Assets, Payroll, and Cash Management (up to 1 table per subledger
For more information on this Blackbaud service please contact your Account Manager.
Blackbaud Support can help assist with "how to" questions on these specific tasks and help with any issues that come up within The Financial Edge. Blackbaud Support cannot offer guidance on the overall process of implementing these changes. This will be the responsibility of each organization and their Blackbaud consultant if they wish to use one.