Want to know a little more about how Accounts, Classes, and Tags work together? Start with this article showing the relationship between them.
What are classes in MonkeyPod?
Classes describe the why behind a transaction. You can track how funds were used by assigning the appropriate class to identify the spending purpose.
MonkeyPod uses Classes to help your organization categorize your transactions into one of three broadly based areas:
- Programs and Services
- Management and General
Shared Expenses is also listed as a class but it is used as a special holding pen for transactions that don't really fit neatly into the other three classes. MonkeyPod then allows you to take everything in Shared Expenses and allocate it across each of the three classes.
Where do I find classes in MonkeyPod?
To find your classes in MonkeyPod, expand "YOUR MONKEYPOD" on the main navigation bar to expand the menu items and then select "Classes/Programs" under the Accounting category.
When should I create a new class?
Classes are for categories that are permanent(ish) parts of your organization's accounting. These are "functional" categories to describe the purpose of expense or the source of revenue. Not only is this required for nonprofit accounting, but it will also make it easier for you to run reports and glean insights about spending or fundraising.
Anything that would fall under these categories may make a great case for a new subclass, such as an 'Annual Fundraiser' subclass under the class Fundraising.
How do I add new classes?
To add a new class, go to your list of Classes and select "Add a Class"
Adding a subclass
MonkeyPod allows your organization to create custom subclasses within your Class.
An example of a subclass would be an annual fundraiser. You want to keep track of the transactions as "Fundraising," but you may also want to identify them as specific to "Annual Gala." Another purpose for a subclass would be to identify the expenses for a recurring program or service offered by your organization.
Note that specific instances, such as "Annual Gala 2022" would be best served by a Tag.
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