What Is The New District Accounting System and Why Is It Important to the Districts?
I read in the Leader Letter that there is a new district accounting system. What type of system is it?
After a thorough review and analysis of the leading accounting software providers, the Intacct online accounting solution was selected. The Intacct solution is a cloud-based accounting software.
Why should districts use the new accounting system?
Districts’ accounting and financial needs have outgrown the current Excel templates. The new accounting system simplifies the accounting process in a number of ways:
- You will no longer be required to submit monthly templates. Instead, you will simply enter deposit and payment transactions into your online account.
- The system will automatically produce reports that replace the monthly treasurer reports.
- The bank reconciliation process will be conducted through your online account.
- The system will be pre-configured with a chart of accounts and report groupings that are similar to what districts have used in the past.
- You will have access to powerful but easy-to-use reporting and dashboards for at-a-glance summaries.
There are many accounting software programs on the market. Why was Intacct selected?
After extensive research, Intacct was chosen for the following reasons:
- It is flexible, easy to use and intuitive.
- Intacct is “cloud-based,” meaning that it can be accessed from any place and at any time as long as you have access to the Internet.
- It accommodates multiple currencies, and each entity (district) can record transactions in as many currencies as are needed.
- It accommodates multiple entities, up to and beyond the number of districts that make up Toastmasters today.
In addition, the new accounting system was selected as the American Institute of Certified Public Accountants’ preferred software for accounting and financial reporting.
Will districts have to buy software and install it on the treasurers’ computers?
No. The software is web-based; an Internet connection is all that is required. World Headquarters will assign each user a unique ID and password so that they can access the system from a computer, smart phone or any other Internet-compatible device anytime, anywhere.
Who will have access to the system?
District governors and treasurers will have access to the system.
I’ve never used an accounting software program before. How will I know what to do?
World Headquarters will provide a series of webinars to help you learn how to use the system. These sessions will be recorded and made available in the District Finance Corner to accommodate different schedules. The District Finance team is also available to provide one-on-one training if needed.
I’ve been using QuickBooks. Can I continue to use it?
Intacct will be the official accounting software for Toastmasters districts. It is recommended that you do not use other software because it will create extra work and cause inefficiencies.
What will I need to submit to World Headquarters and the District Executive Committee?
World Headquarters will have access to each district’s financial information via the new accounting system. Reports and dashboards will provide real-time information that is accessible to districts and World Headquarters. Because the new accounting system is web-based, district governors and treasurers will be able to present financial results to the District Executive Committee and others using any computer.
I’m not very good with computers. What if I have trouble or do something wrong?
The new accounting system is user-friendly, however you can always contact the District Finance team at World Headquarters for one-on-one assistance. Because the District Finance team will have access your district account information, they will be able to answer your questions quickly and efficiently.
How will district leaders be trained to use the new accounting system?
District governors and treasurers will be required to attend a series of webinars specially created for them to learn how to use the new accounting system. Lieutenant governors are encouraged, but not required, to view the recorded webinars.
Will the system be ready July 1?
With the districts’ help, yes. By July 1 all districts will launch test sites that give system access to users when training. Users will not be able to enter new data at that time.
Each district must have a beginning cash balance in the system before any new data can be entered. Therefore, 2010–2011 treasurers must submit to World Headquarters reconciled cash balances as of June 30, 2011, and the 2011–2012 treasurers must submit all the districts’ bank account information and watch the new accounting system training webinars. Once these requirements are met, treasurers and district governors are able to enter new data.
What about foreign districts that don’t use U.S. dollars. Will the new accounting system be able to handle other currencies?
Yes! In fact, the new accounting system can handle transactions in many different currencies. Each district will have a base currency used to enter budgets and report financial results. Otherwise, districts can record transactions in many different currencies.
What kind of reports does the new accounting system generate?
The District Finance team at World Headquarters has simplified the chart of accounts with “dimensions.” Dimensions are extra categories that allow districts to customize reports. The new accounting system also generates standard reports, such as income statements, balance statements, bank reconciliations and variance-to-budget reports.
How will district orders be categorized?
The new accounting system is flexible enough to allow you to assign your district orders to as many expense codes as necessary, while still flagging the transaction as a district order. This will be further explained in training.