How to report on a dedicated account by category using project codes
If you would like to report the account activity of a dedicated account by category, the following method using project codes will help you accomplish this task without the necessity of creating several additional accounts. For example, with this method, you can generate a report which breaks down the activity of your Memorial Dedicated Account by category: Brick Pavers, Mission Trips, Flowers, etc.
- Start by noting the categories which make up your dedicated account. (Brick Pavers, Mission Trips)
- Then, add these categories as Projects.
- For this method to work optimally, these projects must only be used in conjunction with this dedicated account.
- Next, make sure that every time the dedicated account is used in a line item of a transaction, a project is entered for that line item.
- For optimal reporting, there must be a project for every possible use of the dedicated account.
- If you are just starting to use this method but have already added transactions against your dedicated account, you may go back and add a project code for each line item after the fact. This is true even if the period is closed or the item is marked on a reconciliation. Likewise, you may add any transaction, create the project code, then go back to the transaction and add the project code to the line item which correlates to the dedicated account.
Used correctly the balance from the Account Balance Report for the dedicated account will match the balance on the Project Report.
For example, if you have a dedicated account, 8888 for Memorials, as you use the funds from this account, you may designate the appropriate project (Brick Pavers, Mission Trip, etc.) on each line of the bill or journal entry. As long as the criteria listed under steps 1 - 3 above have been met, the Account Balance Report for the dedicated account will match the total activity on the Project Report. See examples of each report below.
The Account Balance of the Dedicated Account for Memorials is $16,291.00.
The Project Report total agrees with the balance in the Account Balance Report for the dedicated account and breaks down the dedicated account by each project (category).
- Projects can have budgets.
- You may run a simple report which breaks down the Project by income and expense categories.
- Projects are not zeroed out at the end of the fiscal year so they do have a running balance, as does the Dedicated Account.