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Best Accounting Practices Non-Profit Labor Unions

Best Accounting Practices Non-Profit Labor Unions

This is a Transcript of a Video Created By Natasha Klebba, CPA & Principal at IFI Professionals.

Hi there. My name is Natasha Klebba. Today I've been asked to talk with you about the Nonprofit Labor Union Group, and what can Sage Intacct do for you.

Sage Intacct is very powerful, dynamic, dimension-based ERP system, which is really powerful with all those Department of Labor reporting requirement needs, for example, your LM-2 reports. Those are very information intensive and time-consuming reports to generate. Except if you have Sage Intacct.

So what we do is create your system and attach dimensions so that you can generate the reports with the information you need. So what we've done over here in this demo environment, is what we've done for other labor unions, and that is to apply a dimensional code for your schedule, your LM. So for example, if you need to report something on your schedule 18, for your LM-53, for your overhead costs, you're going to be able to flag that transaction within Sage Intacct to say, "This transaction is an overhead transaction." That needs to be coded in this way. And so that code will live with the originating transaction all the way through its cycle.

So if it's procure to pay, you can create it if you want it to. You don't have to start here, but you can. You can start with a purchase order and you can say, "for this transaction, this is going to go to this specific LM code." And so when it's paid, you will know. Because you'll be given a cash basis report out of Intacct.

Even if you're accrual basis, you're gonna get a cash basis report showing you what your spend was for that LM. And it's going to have the vendor associated with it. So you get to see; your vendor, your vendor's address, your vendor type, (which goes on the LM,) the project if it's project-related, then you can say, "this is my bargaining," if it's related to the bargaining for this year, or a different functional category. Whatever you choose. And then it is related to this code.

If you had to get more granular on your spend, you could attach a different type of project to it. And so you can see the different variations that came along for the ride, with all the transactions to roll up to that code, to that vendor, to that type.

So, that is super powerful with Sage Intacct. We can create custom dimensions for cost pools. If you need to flag your custom local, that's achievable right here. And again, with that local and those membership dues, you can attach it to the transaction and know how that revenue is going to process through your system. I hope this is helpful. And if you have any questions on reportings, or anything around labor unions, please reach out to myself or one of my partners, and we'd be happy to have a conversation with you. Thank you.