Thanks for sticking with us in our Fonteva Finance series as we move into the first key aspect of your organization’s Fonteva configuration: the Business Group record. The Business Group record is where it all begins. It’s the definition of the financial organizations you are managing in your Fonteva instance.
Join us on September 14th at 10am PT / 1pm ET for Fonteva Finance office hours. We’ll cover the Business Group record in depth! Advance registration is required. We look forward to seeing you there!
You may only have one Business group if you don’t manage different sets of books within the same system. But most organizations are managing multiple Financial organizations in Fonteva–for instance, both an Association AND a Foundation–so those organizations will configure and manage multiple Business Group records within Fonteva. And then, any time a transaction is initiated in Fonteva, the first thing a user will do is select the appropriate Business Group to assign to the sales order. It’s the driver of every other action moving forward.
Key Related Lists
Chart of Accounts -I start here because you have to have your Chart of Accounts loaded here before you can move forward and set any of your account defaults, which is the main function of the detail section of the Business Group record page.
During your Fonteva set up your Chart of Accounts is loaded for you, but if you need to manage it in any way, you will come here to do it. You can add new records and update existing records. You don’t ever want to delete a Chart of Accounts record since it will be referenced in transactions throughout your financial activity history in Fonteva. If you edit a description here, remember that the new description will display everywhere that Account is referenced in history.
So be careful when changing records. It’s always a better practice to create a new record and use that new one moving forward.
Payment Gateways – Payment gateways are your links from Fonteva to your credit card processor(s). Organizations generally have a test processor and a live processor.
Payment gateways have a default deposit account for all transactions processed through that processor. If you see credit card payments are allocated to the wrong deposit account, check the Payment gateway record to see what the default is. This can be changed as necessary.
Tax Locales – If you are charging sales tax on store transactions, you must have your tax locales defined here. Tax can be charged at the state or county level and also have a default tax account specified, usually a liability account.
If your collected sales taxes are allocated to the wrong account in transactions, check the Tax Locale record for the specific locality on the sales order to see what the default is. This can be changed as necessary.
Business Group Record Detail
Basic Account Settings – Here you determine which Business Group is the master if you manage multiple sets of books, and set your defaults for Payment Gateway, Deposit Account, AR Account, and Transfers Payable and Receivables Accounts if you are handling Due To/Due From situations. (This is when you are managing two Business Groups in an organization and a constituent writes a check to your association that includes a donation to your foundation.)
Fonteva can handle creating the journal entry to prompt the transfer of funds from the Association cash account to the Foundation cash account. Now you see why we had to start with a review of the related lists. If the information hasn’t been set up under the correct related list, you can’t set the defaults here on the Detail page.
Accounting Rule Settings -This is where you will set rules for Credit Memos (Accounts and Limits) and Invoice Write-off rules. If you find a credit memo or invoice write-off has been allocated to the wrong account in Transaction records, you’ll want to check here to see what the settings are.
Invoice Display information – Finally, this is where your organization has the ability to configure the information that members/customers see when an invoice or receipt is generated after a purchase. Make sure this information is accurate because it will be publicly available when members generate receipts and invoices in your member portal, or when staff generate receipts or invoices in the Rapid Order entry tool.
It’s worth taking some time to poke around in your instance and get familiar with all the information contained in your Business Group records. It’s important to be familiar with them because these settings will determine the accounts used in almost every single Transaction (Journal Entry) created in your Fonteva instance over time.
In our next post, we’ll talk more in-depth about Item records, which generally determine the offset line of every Transaction/Journal entry created in your Fonteva instance over time. So stay with us to get a good look at how Items and Business Groups work together every day.