- Reports required
- Fund Based Budget vs Actual
- Fund Accounting Balance Sheet
- Fund Based Income Statement
- Samples of Fund Accounting Reports:
- Balance Sheet
- Income Statement
- Cash Flow Statement
- Budget vs Actual
- Statement of Changes in Fund Balances
Fund Based Budget vs Actual
Tracking Reserves on a Budget
This is done by setting up a reserve income and expense account since Buildium only shows income and expense accounts on the budget and budget vs actual reports. When funds are transferred between the Operating bank account and the Reserve bank account, they should be allocated to the “transfer reserve expense” (withdrawal) and “transfer reserve income” (deposit) accounts. This will allow you to track transfers between these funds on the budget vs actual report.
Things to consider:
- The Budget Reserves Income and Budget Reserves Expense will appear on reports such as the Income Statement, Property Statement, and Budget vs Actuals.
- These two items will "wash out." That is, subtracting the Budget Reserves Expense from the Budget Reserves Income should equal $0.
- At tax time, remember to exclude both the Budget Reserves Income and Budget Reserves Expense from income and expense totals.
Fund Accounting Balance Sheet
Buildium’s balance sheet will not split balances based on the type of fund and will only have a single column like a traditional balance sheet report.
Balances can be split into multiple column in order to be compliant with fund accounting.
Balance sheet report in Buildium:
Accounts can be customized in the chart of accounts and named in a way that will associated them with the corresponding fund they belong to.
Balance sheet report exported from Buildium in Excel and split to show fund balances:
Fund Based Income Statement
Transfers between the operating and reserve funds can be tracked on the budget vs actuals report using the “transfer reserve expense” and “transfer reserve income” accounts. Transfers can also be tracked by running the bank transactions report for both the operating and reserve asset accounts.
Example of a fund accounting income statement:
Example of fund accounting income statement from Buildium: