Accounts, Classes, and Tags

MonkeyPod offers several ways to track your revenue and expenses. This provides power and flexibility, but it can be confusing. It's also necessary to comply with nonprofit accounting rules.

Accounts are Natural Categories

Accounts describe the what behind a transaction. They don't say anything about the reason for it, they just describe what it is. Examples might include:

  • Office supplies
  • Payroll
  • Travel

Classes are Functional Categories

Classes are the opposite of accounts. They describe the why behind a transaction. They don't say anything about what the thing is; they only describe the purpose for the spending. Examples might include:

  • Outreach program
  • Fundraising
  • Management and General

Tags are for Everything Else

Unlike accounts and classes, tags are totally optional. They can be used to track whatever distinctions matter to your organization. Common uses include locations or projects but really it could be anything. Examples might include:

  • Atlanta office
  • 2020 Gala
  • University of Michigan collaboration

More Examples

You buy a plane ticket to meet with an important donor about your capital campaign:

  • Account: Travel
  • Class: Fundraising
  • Tags (Optional): New Building Capital Campaign

Member pays annual dues to access your training materials:

  • Account: Dues Revenue
  • Class: Programs & Services: Training Program
  • Tags (Optional): 2020 Membership Drive

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