MemberJune 24, 2023 at 3:27 pm
If you are working with just a few government grants, classes and projects can be configured to track them in Quickbooks. If you have a larger portfolio of government grants, Quickbooks is not as well suited. Accounting software that can apply multiple dimensions/segments to each transaction is then required. A number of years ago Abila MIP Fund Accounting was the gold standard for this type of thing. Today, it’s Sage Intacct. My organization will be transitioning from MIP to Intacct this coming year. Intacct is superior in practically every way, from its reporting, to drill-down capability, to A/P automation. But one feature that really helps with government grants accounting is its dynamic cost allocation module. So, in other words, as your grants portfolio changes (old grants expire, new grants are added to the mix), and as headcount fluctuates, the formulas that allocate various expenses to the grants are updated in real time.