Recording and Tracking Grant Expenses
Want more awesome video content? Check out our YouTube Channel
Want more content specific to Grant Management? Check out our Grant Management Playlist
MonkeyPod allows you to easily record and track expenses that were paid for by grants.
How do I record an expense that was paid for with grant funds?
To record an expense that was paid for with grant funds, you first need to record a restricted grant in your MonkeyPod. After that is done, you would go to "Transactions"->"Track Expenses" like you would for any other expense. In this example we're going to track writing a check
From here, you record a check the way you would for any other expense. The only difference, is that you select the grant you are paying the expense from under "Apply Grant Funds". Any restricted grant with unspent funds will appear in that list.
What about the complicated accounting?
Accounting for the release and expenditure of restricted funds is complicated, error-prone, and required by accounting rules. Thankfully, MonkeyPod takes care of it for you. When you use the process outlined above, MonkeyPod automatically handles the extra accounting required to track the release of those funds from restriction.