Flexible accounting to support how your organization reports revenue, cash and expenses related to giving. A true “sub-ledger” that creates journal entries for every accounting related transaction.
Three options for recording giving:
All revenue is recognized when cash is deposited
All revenue is recognized at the time of the gift and an “In-Transit” account to facilitate the actual deposit of cash related to the gift at the time of deposit
All cash and checks (not scanned by Vision2) are handled on a cash basis, and all merchant processing is handled on an accrual basis.
Our sub-ledger provides several key features to reduce the amount of time and effort your finance team spends on accounting while providing an auditable process from gift entry to your general ledger.
Dynamic Assembly Process for Accounts
Simplify the synchronization between your giving system and general ledger. Set segments once and the account is dynamically assembled for you. If your organization uses site-designation-channel with 3 campuses, 12 designations and 10 channels then you only have to enter 25 segments. The 360 possible accounts in your chart of account design are automatically generated.
A Seamless Accounting Experience with Merchant Processing Bank Reconciliation
Vision2 is the payment processor. All accounting is automatically recorded in our sub-ledger. Using cash journal entries, compare your bank statement with your general ledger and the deposits in the sub-ledger will match, to the penny, your deposits on your bank statement.
Robust Reconciliation with Cash and Check Deposit Tickets
Leverage the batch entry process with our deposit ticket functionality for cash and checks. Associate the bank deposit with gift batches or individual gifts and account for what has been deposited regardless of when the gift was received. Make bank reconciliation for your non-merchant processing as accurate as the automated bank reconciliation.
Fraud Protection with Financial Controls
Our full accrual accounting and deposit ticket functionality provides an auditable system. Payments are never deleted, only voided or edited, each creating journal entries. Detect any anomalies and prevent fraud.
Update Your General Ledger
Create a general ledger update file by selecting and marking journal entries that you want to bring into your general ledger. Our automated process for marking journal entries as posted prevents your general ledger from seeing duplicate entries in subsequent pulls. Ledger exports provide a quick and easy way to safely update your general ledger.