How to Record and Track Grant Expenses

MonkeyPod allows you to easily record and track expenses that were paid for by grants and other restricted funds.

How do I record an expense I paid for with grant funds?

To record an expense that was paid for with grant funds, first record a restricted grant in your MonkeyPod. After you have your grant on the books, use one of the options under "Income & Expenses" in the Finance menu to record an expense.

For this example, we'll track an expense paid by check that uses grant funds.

First choose Write Check / Debit Card from the Finance menu.

Enter the basic check details as usual. When entering "Expense Details", click the link to "Apply restricted funds". A drop-down menu appears listing the available grants and other restricted funds in your MonkeyPod. Any restricted account with unspent funds will appear in that list. Select the appropriate grant or restricted fund account that you want to use for the expenses.

Reminder: Be careful when applying restricted funds that you are applying them correctly! Note any restrictions on the grants.

What about the complicated accounting steps? 

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.

Want more content specific to Grant Management? Check out our Grant Management Playlist.

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