New Account formats for Not For Profit Organisations

Legacy KB ID: 4304

Question

Will Reckon Accounts be providing accounts in accordance with the proposed new accounting formats for Not For Profit organisation?

Answer

Reckon Accounts is an open-ended accounting system designed to provide users with the ability to configure the software to their particular needs.  Therefore, Reckon Accounts is not configured to conform to any particular accounting standard.

Reckon Accounts does provide sets of Chart of Accounts for specific industries, based on the comprehensive APS Chart of Accounts.  A specific set of accounts exists for Not

For Profit organisations.

Furthermore, the Premier and Enterprise editions of Reckon Accounts do have a Not for Profit Industry Format that can be selected when Reckon Accounts is installed, that gives the user additional reports formatted for the Not For Profit organisation and configuring of other documents that reflect Not for Profit activities – eg, donations and pledges.

 

We have not been informed of the adoption of a new accounting format for Not For Profit organizations.  Proposals for this new format can be obtained from the Queensland University of Technology (QUT) at: https://wiki.qut.edu.au/display/CPNS/Standard+Chart+of+Accounts

They provide a set of Chart of Accounts for Reckon Accounts in an IIF format, the format preferred by Reckon Accounts for importing information, under Datafile for Reckon Accounts . 

This Chart of Accounts has been prepared by a body involved with the proposal and should not be considered the final, adopted accounting format.  Users should check frequently with their professional organisations for up-to-date information on the status of the proposal and the final recommendations. 

 

 

Setting up a new company file with specialized Not For Profit Chart of Accounts from QUT.

1.    Download the Datafile for Reckon Accounts from the QUT website and save to a safe place on your PC.

2.    (optional) Install Reckon Accounts Premier or Enterprise and select the Not For Profit industry edition

3.    Create a new company file:

a.    Select the Skip Interview option

b.    For Chart of Accounts, select Other/None

c.    Complete other minimal information

4.    Import the downloaded file into Reckon Accounts :

a.    File > Utilities > Import > IIF files

b.    Browse to and select your downloaded file (ACPNS Vic.IIF) and click Open

c.    View the Chart of Accounts

5.    Where appropriate, add Account Numbers and Tax Codes to accounts:

a.    Edit > Preferences > Accounting > Company Preferences > tick use account numbers > OK

b.    Review the Tax Code list:

                                          i.    Add any custom Tax Codes and Tax Items required

                                         ii.    Review existing Tax Codes:

For instance, you may want to use the GST Tax Code for both Income and Purchase transactions by linking the GST Tax Code to the GST Tax Item for Income and the NCG Tax Item for Purchases.   

c.    Right-click the account and select Edit Account

d.    In the Number field, add or adjust the Account Number

e.    In the Tax Code field, select the appropriate Tax Code

f.     Click Save and Close

 

 

How did we do?

Reckon Accounts Business has Performance issues in Virtual Machines Specially on MS Azure.

Changing transactions prior to closing date

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