District Accounting System FAQ
There are many accounting software programs on the market. Why was Intacct selected?Back to Top
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.
- Also, the 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 finance managers computers?Back to Top
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?Back to Top
District directors and finance managers will have access to the system.
I’ve never used an accounting software program before. How will I know what to do?Back to Top
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 section of the website 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?Back to Top
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?Back to Top
World Headquarters will have access to each district’s financial information via the accounting system. Reports and dashboards will provide real-time information that is accessible to districts and World Headquarters. Because the accounting system is web-based, district directors and finance managers 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?Back to Top
The 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 accounting system?Back to Top
District directors and finance managers will be required to attend a series of webinars specially created for them to learn how to use the accounting system. Program quality directors and club grow directors are encouraged, but not required, to view the recorded webinars.
What about foreign districts that don’t use U.S. dollars. Will the accounting system be able to handle other currencies?Back to Top
Yes. In fact, the 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 accounting system generate?Back to Top
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 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?Back to Top
The 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.