Track Expenses from Funding Source to Payment Approval

Keeping a close eye on available funds can be a time consuming but necessary task for facilities departments. Perhaps even more important is the ability to breakdown where funds were spent and the justification behind the expenditures.

Accounting departments can usually provide an overall view of funds available but not the reasons for expenditures that become so important when trying to justify future budgets.

VisionFM makes budget management very easy. Simply set up your fiscal year and create a list of accounts that relate to the accounts provided by your accounting department. The Budget Module works behind the scenes of each VisionFM module, recording authorizations, allocating funds and generating approved payment reports for the accounting department. The Budget Module will even track taxes and hold-backs on any expense. Plus it tracks internal costs such as parts used from inventory and labor rates for internal staff.

The result is a complete picture of the operating costs of your facilities.

VisionFM offers three levels of budget management:

1. Perform strict budget management by creating opening budgets and run accounts with positive dollar values. The system ensures that goods and services will not be ordered without the available funds.

2. Take a more flexible approach to budget management.  Allow the system to accumulate costs at the account level but not automatically checking for available funds when making purchases

3. Or, don't use accounts. Costs will still be recorded for all purchases, work orders, lease payments, etc. and can be queried on at any time.

Features

• Establish funding sources and cost centers.
• Create annual accounts.
• Create general facilities accounts and building specific accounts.
• Set up multiple currencies and tax rates.
• Enforce that goods and services cannot be purchased unless funds are available or allow accounts to have negative dollar values.
• Assign VisionFM accounts to account numbers issued by your accounting department.
• Track income and expenditures from all modules.
• Create purchase orders and receive goods/services.
• Record one-time or repeating expenses.
• Apply hold-backs to payments.
• Create an Approved Payment summary report for processing by your accounting department.
• Create invoices and receive payments.
• Transfer funds between accounts.
• Set up suppliers used and products/services purchased.
• Each transaction is recorded with the approver's name and date for accountability.

Benefits

• Display operating costs by building.
• Display operating costs by organization level.
• Record the source of funds (i.e. capital budget, grant, donation).
• All of VisionFM’s modules work with the budget module to record payables and receivables.
• Summarize the value of purchases by account, trade and product type.
• Summarize the value of invoices by account and customer.
• Track available funds, allocated funds and spent funds.
• View balance sheet and summary reports.
• View detailed transaction reports.
• Operating costs by building can be applied to leases.