- In Configuration, click Funds.
- Click New Fund.
- In the Fund ID field, enter a fund code.
- In the Description field, enter a description of the fund.
- On the Transaction Requirements tab, the Characteristic column is for information only and displays characteristics you can use to define funds. The Type column is for informational purposes only and displays descriptions of fund characteristics. To close the fund to a net asset account and distribute information by fund characteristics when closing the fiscal year, in the characteristic row, mark Preserve Details during Closing. If this checkbox is not marked, information for the characteristic is not carried forward when you close the fiscal year.
- To require the transaction’s debits and credits to balance by a fund characteristic, in the characteristic row, mark Require to Balance.
- To require the characteristic on all accounts or income statement accounts, in the characteristic row, mark Require on Accounts Specified.
- To set a default entry for the characteristic, in the characteristic row, in the Default column, select a default. Defaults are required on all characteristics marked Require to Balance (except Segment), but you can change the default entry at any time.
- To save the fund, on the menu bar, click File, Save. You cannot enter a net asset account or interfund accounts until you save the fund.
- On the Transaction Requirements tab, in the Net Assets Account field, enter an account to receive the fund’s net surplus/deficit when you close the fiscal year.
- Select the Interfund Accounts tab. In the When creating balancing interfund entries in Journal Entry frame, to create both debit and credit interfund entries in journal entry, mark Use a debit and credit account. In the Debit and Credit fields, enter the interfund debit and credit account numbers.
To use only a single interfund account in journal entry, mark Use a single account. In the Single field, enter the interfund account number.
- To save the new fund and return to the Funds page, click Save and Close.
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