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Real-Fusion is pleased to announce our new Native American Accounting Module. The unique accounting requirements of Native American 's requires an understanding of how specific government programs work, accounting software design, and the reporting requirements associated with those programs.
Perhaps the most unique is the Department of Housing and Urban Development. HUD has extremely unique reporting requirements and guidelines. The need to track the various types of program income, non-program income, integrating asset management and tracking DEFICIT VS EXCESS fund dollars is without a doubt a difficult task. Combining "Fund" VS "NON FUND" related income and expenses further encumbers the tracking and reporting process.
Many tribes spend a great deal of time tracking fund income and expense. Often, separate accounting software is used along with exporting data out of and into other accounting systems to facilitate proper reporting to the government. In some cases, data is actually re-keyed into other systems greatly increasing the overall expenses incurred to enable the proper reporting to HUD.
Real-Fusion has created an accounting version of our software specifically for Native America and the unique accounting/reporting needs. Our Native American Module has been designed to eliminate the need to have transactions entered into multiple accounting systems, reduce user related data entry errors and also produce the required reports in the proper format for the government.
Software should be designed to help eliminate user mistakes, reduce the time required to do data entry, provide the necessary reports in the proper format required, AND reduce the overall expenses needed to report properly. Software should ADD dollars to the bottom line and not be cumbersome and more costly than necessary.
At any given time, a tribe will have multiple grants, spanning multiple years, including program, non-program income and expenses. In addition the tribe has NON-FUND or "Tribal" related income and expenses. These must all be tracked and reported in individual Statements of Operations. STO's must be printed for individual grants or years as well as non fund/grants. The reports must then, "Roll Up", into a combined report or Balance Sheet.
The example below was created in our Native American Module with no importing or exporting of data. The reports have been created according to HUD requirements. In the example you will find three Grants, and Non-Fund income and expenses. Statements of Operations have been created for each fund/grant and the Non-Fund or "Tribal". Two of the three grants have no DEFICIT or EXCESS dollars. All of the dollars are properly reflected in the Balance Sheet and Trial Balance.
In an effort to simplify the proper demonstration of the system, only a few entries have been made to allow the viewer to validate the correctness of the system.
This Statement of Operations shows $100 of Grant income and a $100.00 Legal Expense with $0 of DEFICIT or EXCESS
This Statement of Operations shows $100 of Grant income and a $100.00 Audit Expense with $0 of DEFICIT or EXCESS
This Statement of Operations shows $200.00 of income, $100 of Staff Training Expense, and a $100.00 DEFICIT/EXCESS.
This Statement of Operations simply shows $50.00 of income and a $25.00 depreciation expense of the purchased building. The purchase of the asset and depreciation is properly reflected in the Balance sheet.
The Balance Sheet properly reflects all entries for each Fund/Grant as well as NON-Fund "Tribal" income and expense.
The Trial Balance properly reflects the DEFICIT or EXCESS for ALL Fund/Grants and NON Fund/Grant income and expenditures for the tribe.
If your tribe utilizes the services of other companies to produce your reports for you, Real-Fusion also has the ability to import data from other accounting software and produce your STO's for you.
Real-Fusion's modules are available either installed on your hardware or ON-LINE. In either case your tribe can either license or actually rent the software. Costs vary depending on the number of users, modules selected and whether the system will be installed on the tribe's computers or not.
Our decision to design our Native American Accounting Module included an analysis of current systems utilized, additional expenses of data conversion and hidden, "Up-Front" costs not known at the time of purchase. Please contact us regarding your tribe's specific goals and needs. We will be glad to assist in any way we can.