Best practices for Nonprofit
hhajj
Member Posts: 2
We're a small NGO so does the application do the job and can it be customized for nonprofit?
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hhajj
Member Posts: 2
We're a small NGO so does the application do the job and can it be customized for nonprofit?
Comments
Hi, @hhajj.
We have Wavers working with us who run NGOs. What kind of features do you need?
Not the OP, but we are required to use "Fund Accounting" at our nonprofit. Does Wave have that capability?
Hi, @fargraph.
That depends on exactly what your needs are. It's not something Wave does natively, but you could just consider those different sources of funds as separate bank accounts for your purposes.
If you need separate reports for each that go beyond the Account Transactions report, you would have to treat those sources as different businesses within Wave.
Can you tell me a bit more about the features you need?
I can jump in: I'm a treasurer or a non-profit that has one checking account but needs to keep track of several different funds within that account: general fund, school fund, diaconal fund, and synod/classis fund. I need to be able to track income and expenses for each fund within the checking account that is attached. What's the best way to make this happen?
@Peace_RCUS. In this situation, it sounds like the best situation where is to create an income/expense account for each of these funds -- when transactions are imported into Wave, all you will need to do is categorize them accordingly to match up with either the expense/income account that you've created for these funds; https://support.waveapps.com/hc/en-us/articles/208622046-How-to-add-accounts-and-customize-categories
Hope this helps!
That does help and that's precisely what I'm doing for now, but I'm having to supplement by using an excel spreadsheet to actually keep track of the beginning and end balances of each of those restricted funds. The income and expense parts are tracked just dandily by wave.
Hi @JamieD, that approach works at a high level but some nonprofits like mine have major donors as our 'funds' and have to track expense to those to be able to report back. So with this method I could tell donor ABC that we spent down 10k of what they gave us but not how we spent that 10k. How do set things up to be able to see that 2k was equipment, 100 was postage, 3k was rentals etc? I know wave doesn't have subaccounts but I'm wondering if treating each donor fund like a bank account as suggested by @Alexia will capture this? Does each bank account have it's own set of income and expense accounts?