pryme Fund Management

• 1: Setup and configuration
• 1.1: Fund Posting Setup
• 2: Fund Management
• 2.1: Create Funders
• 2.2: Create Funds
• 2.3: Create Projects
• 2.4: Create Commitments
• 2.5: Reclassification of Entries
• 2.6: Apply entries
• 2.7: Create Allocations
• 3: Create Reporting Data
• 4: pryme Fund Management Release Notes

1 - Setup and configuration

The settings you select in pryme Funding Setup establish the setup for the funding number series, and settings when doing reversal funding reservations and usage.

To assign number series and settings, choose the 🔎 icon, enter pryme Funding Setup , and then choose the related link.

Set up the General Fast Tab

The General fast tab allows you to set rules when reversing funding reservations and usage.

• Select Reserv. Full Reversal to reverse the existing reservation entries and create new entries for the full amount. If not set, difference entries will be created.
• Select Usage Full Reversal to reverse the existing usage entries and create new entries for the full amount. If not set, difference entries will be created.
• Usage Amounts From - Allows you to select whether Cost or Price are used for calculating the budget amount and amount to use in the allocation process. The default is Cost.
• Post usage to G/L - If active, usage allocations will be posted not only to the fund ledger, but general ledger too. Set up the posting groups from the Fund Posting Setup.

Set up the Numbering Fast Tab

The numbering fast tab allows you to set up a unique identification code with a first and last number for the funds, fund commitments, reservations and usage posted.

1.1 - Fund Posting Setup

Fund Posting Setup is designed to map the financial transactions related to project funding. It links specific project posting groups, funder posting groups, and fund posting groups with the correct credit and debit accounts, ensuring accurate tracking of fund usage.

This setup ensures accurate posting of project-related funds by associating each group with specific accounts for credits and debits. The configuration is customizable based on project, funders, and fund types.

Set Posting Groups

• Project Posting Group: Selected on the Project Card from Project Posting Groups list.
• Funder Posting Group: Selected on the Customer Card from Customer Posting Groups list.
• Fund Posting Group: Selected on the Fund Card from Fund Posting Groups list.
• Usage Credit Account: Specifies the general ledger account that should be credited on posting usage allocation entries.
• Usage debit Account: Specifies the general ledger account that should be debited on posting usage allocation entries.

This setup allows flexible financial management based on various project stages and funding sources, ensuring that transactions are recorded accurately in the general ledger.

2 - Fund Management

Funding refers to the process of obtaining financial resources, such as money or capital, to support a project, business, or organization. There are many different sources of funding, including investors, loans from banks, grants from governments or foundations, and crowdfunding. The terms and conditions of funding can vary depending on the source and the nature of the project or organization being funded. In general, funding is used to support the growth and development of a business, organization, or project.

It is crucial for non-profit organizations to have a means of tracking received donations and funds in Business Central. However, this can be a challenge, especially for the different types of funds that the company receives.

Based on the specific conditions or limitations on their use from the donors or other funding sources, such as for specific programs, projects, or activities, you can commit, reserve and post usage for the funds received. Non-profit companies are obliged to ensure that restricted funds are used for the specified purposes only.

The allocation process comes also as an extension to Progressus Advanced Projects, where it can be done to the project and contract level.

The following table describes a sequence of tasks, with links to the topics that describe them.

2.1 - Create Funders

Funders are your source of income. In this solution the Funder is a Customer.

The first thing for getting started is creating a new funder. The steps followed to create a new funder are the same as when creating a new customer. You can create a new funder by following the steps in here.

2.2 - Create Funds

The process of keeping track of the donations, reservations and usage involves the creation of a fund to support programs and projects for a specific cause and purpose. Before you get started working with the funds, there are certain steps you need to create it and based on the conditions, update it’s settings.

To start with creating one, choose the 🔎 icon, enter Funds , and then choose the related link. Select New and the following fields are to be completed for the creation of a new fund.

Setup the General Fast Tab

The General fast tab allows you to set up a fund and add settings. Some of the most important fields are as follows:

• Mark Blocked if the related fund is blocked from being posted in transactions, for example a funder that is declared insolvent.
• Mark Restricted to true if the fund is restricted to a certain purpose. This field is used to only show information on the fund, does not have any role on ledger entries.
• Single Fund: When active, shows that a single funder is contributing in this fund. If set, Funder No. needs to be specified. You can select the Funder No. which is a lookup on the Customers (considering every Customer is a Funder).
• Assign the dimensions that are specific to the created fund, to be able to track and generate reporting data.

Statistics

The statistics fast tab shows information about commitments, reservations, and usage of the fund, where drilling down shows you the funder ledger entries of each type associated with this fund.

2.3 - Create Projects

To effectively manage funds, it is important to have a system in place that allows you to track expenses and income. One way to achieve this is by creating a project. By creating a project, you can set up a structure for tracking expenses, usage and income related to the project, as well as monitor the overall budget and allocation of funds. This can help you ensure that funds are being used efficiently and that you are staying within budget. Additionally, having a dedicated project can help with transparency and accountability, as it provides a clear record of all financial transactions related to the project.

To create a new project, follow the steps in here.

2.4 - Create Commitments

A fund commitment is a pledge or promise by an investor to contribute a certain amount of money to a fund over a specified period of time. The commitment may be made by an individual, institution, or corporation, and it is typically made prior to the fund’s initial closing. The commitment is not an actual investment, but rather a promise to make an investment in the future when the fund makes a capital call. The commitments help the fund manager plan its investment strategy and ensure that it has sufficient capital to execute its investment plan.

It is possible to track and post fund commitments, agreed or received for a certain fund, through the Fund Commitment document and Fund Journal. Posting the document results in creating fund ledger entries of type commitment.

Fund commitment

Create a new Fund Commitment

Choose the 🔎 icon, enter Fund Commitments, and then choose the related link. Select New to create a new document.

• Enter the Funder No. by selecting an existing funder.
• Fill in the remaining fields on the Fund Commitment page as necessary. Hover over a field to read a short description.

You’re now ready to fill in the Lines FastTab, with Funds you are creating the commitments for.

The Lines fast tab allows to create fund commitment lines. The following fields contain information regarding the lines:

• Select the Fund No. you want to create a commitment for.
• Fill in the total Amount of the commitment entry.
• Select an Expiry Date which represents the date when the commitment expires and can no longer be applied to costs.
• Fill in the remaining fields on the Lines. Hover over a field to read a short description.
• When the Lines are completed, choose the Post action.

The related Fund Commitment is now posted and has created Fund Ledger Entries of type Commitment. The fund commitment is removed from the list of fund commitments and replaced with a new document in the list of Posted Fund Commitments.

Fund journal

The Fund Journal can be used to post commitments, but this is not its primary use, it is used for more special cases. The journal is a way to create fund ledger entries without using fund commitment documents, and its primary use is to make corrections or end of process changes.

Posting through the Fund Journal

Choose the 🔎 icon, enter Fund Journal, and then choose the related link. Select a Fund Journal Template from the ribbon, then complete the fields to create a fund journal batch. Fill in the fields based on the descriptions in the following list:

• From the journal, only Ledger Type commitment is available, as allocations are done from the Fund Allocation page.
• Select the Fund No., which will populate the Restricted Fund field, to provide information if the fund is restricted or not.
• Select the Funder No. the journal line will be posted to.
• Enter the total Amount for the commitment line.
• Enter the Expiry Date which specifies the date when the commitment expires and can no longer be applied to costs'
• Fill in the remaining fields on the Lines. Hover over a field to read a short description.
• Set up more dimensions from page action Line -> Dimensions.
• Post the Journal Line from page action Post.

View the posted journal line by opening Fund -> Ledger Entries.

2.5 - Reclassification of Entries

The Reclassify Entries function can be used for special cases. It can be used to make corrections and reclassify the whole amount of commitments from one fund to the other, or the remaining amount on a commitment.

Reclassify Entries

Choose the 🔎 icon, enter Fund Ledger Entries, and then choose the related link. Select a fund commitment ledger entry which you would like to reclassify to another fund.

• Navigate to Functions action and select Reclassify Entries.
• Select the Move to Fund No., which determines the new fund where the amount will be transferred and create a new commitment line.
• Select the Date Selection which determines if the new and the reversing entries will have the Original Posting Date or a New Posting Date.
• Select the Posting Date if you selected New Posting Date on the option above.
• Enter the Amount to Move to the new fund. The Available Amount is the remaining amount available on that commitment line.
• Select OK, and two new lines will be created; a reversal line, and a new line to the selected fund, with the selected amount to move.

2.6 - Apply entries

The Apply entries function can be used to make corrections on posted fund ledger entries and close open debits or credits. You can specify the amount to apply. Closing fund ledger entries keeps fund and funder statistics, account statements, and so on, up-to-date.

Apply Entries

Choose the 🔎 icon, enter Fund ledger entries, and then choose the related link.

• Select the line with the entry that will be the applying entry.
• Choose the Apply entries action. The Apply fund entries page opens showing the open entries for the fund.
• Select the lines with the entries that you want the applying entry to be applied to, and then choose the Set applies-to ID. action.
• For each line in the Amount to apply field, enter the amount you want to apply to the individual entry. If you don’t enter an amount, the maximum amount is applied. At the bottom of the Apply fund entries page, you can see the specific amount in the Applied amount field.
• Choose the Post application action. The Post Application page appears with the document number and the posting date of the applying entry.
• Choose the OK button to post the application.

On the ledger entry list, on the line that contains the ledger entry that was fully applied to, you can see that the Open check box isn’t selected.

To correct an application of fund entries

When you correct an application, correcting entries are created and posted for all entries. The correcting entries are the same as the originals but have an opposite sign in the Amount field. The correcting entries include all fund ledger entries derived from the application. The entries that were closed by the application are reopened.

Choose the 🔎 icon, enter Fund ledger entries, and then choose the related link.

• Select the relevant ledger entry, and then choose the Unapply entries action.
• Select the lines and then choose the Process -> Unapply action.
• Press Yes to unapply the entries.

On the ledger entry list, on the line that contains the ledger entry that was unapplied, you can see that the Open check box is selected.

2.7 - Create Allocations

The fund allocation allows you to create and post fund reservations and usage, by distributing the committed funds based on the agreements and conditions. Posting these fund reservations, results in creating fund ledger entries. It is possible to reserve from project or contract level. To create allocations, go from Project -> Actions -> Fund Allocations.

General

The General fast tab shows information regarding the reservation and usage for the project or contract, depending on what level you select to do the process.

Reservation

• The Budget Amount (LCY) shows the budgeted amount to be reserved, in local currency. This includes already reserved amounts. This field can also be updated manually.
• Fields Amount to Reserve (LCY) and Reserved (LCY) show respectively the amounts to be reserved, and currently reserved in local currency.

Usage

• The Usage Cost Amount (LCY) shows the total cost amount of usage to be posted, in local currency. This includes usage already posted towards commitments.
• Fields Amount to Use (LCY) and Usage Posted (LCY) show respectively the amounts to be used, and the amounts used and posted, in local currency.

Filter Options

For some projects, only certain types of usage can be funded. By limiting the types of expenditure when allocating funding, it can be ensured that funds are not spent on disallowed expenditure.

It can be defined on each allocation whether certain kinds of usage are excluded. As the usage must be backed by reservations, the limitations must also apply to the budget amount.

• Basic A number of filter fields are shown which can be used to filter in the most common scenarios. The fields are: Exclude Resources, Exclude Items, Exclude G/L Account, Task Filter
• Advanced The field Included Budget will show a summary of the filter defining the allowed usage. Drill-down of the Included Budget field opens a filter page where the fields of planning lines (budget entries for PGS) can be selected and filtered. The field Included Usage will show a summary of the filter defining the allowed usage. Drill-down of the Included Usage field opens a filter page where the fields of a job ledger entry can be selected and filtered.

The Included Budget filter is applied when getting the budget amount to the allocation. The Included Usage filter is applied when getting the usage amount to the allocation.

Create and post reservation lines

A fund reservation is a process by which a specific amount of funds is set aside for a specific project or contract, without actually transferring the funds. It is a temporary hold on the funds, which ensures that they are available when needed for the intended purpose.

To create reservation lines, you can take from a fund, a funder, a specific commitment entry no. or a mix of all the above. This depends on the certain conditions or expectations. Reservation Lines are created to cover and match the budget on the project/contract.

• To create a new line, select either a Fund No., Funder No., Commitment Entry No. or a mix of all these fields, based whether you want to take money from the fund, funder, or a specific commitment. Based on these, the field Avail. to Reserve (LCY) is updated with the amount available to reserve on commitments.
• Select the Reserv. Method which specifies the field that is updated for every budget change. If by amount, the % of budget is updated. If by %, the amount to reserve is updated.
• Set % of Budget if the reservation method is by “%” which specifies what percentage of the budget should be reserved.
• Set the Amount to Reserve (LCY) if the reservation method is by amount which specifies the amount to be reserved, in local currency. This includes already reserved amounts.
• Post the reservation lines from Actions -> Reservation -> Post Reservations. Notice that Reserved (LCY) field is updated with the posted amount.

Create and post Usage

After the reservation lines are posted, you can post the usage. The Amount to Use (LCY) is the same as the reserved amount.

• Post the usage lines from Actions -> Usage -> Post Usage. Notice that Usage Posted (LCY) field is updated with the posted amount. If posting usage to G/L is active on Funding Setup, the same amount will be posted to general ledger according to the accounts set in Fund Posting Setup.

Reverse usage and reservations

Reversing a fund reservation in fund management means releasing the funds that were previously set aside or reserved for a specific project/contract. This can happen for various reasons, such as:

1. The original purpose for which the funds were reserved is no longer relevant or necessary.
2. The project for which the funds were reserved is cancelled or delayed.
3. The fund manager identifies a better investment opportunity for the reserved funds.

Once a fund reservation is reversed, the funds become available for other investments or purposes, depending on the fund’s investment strategy and objectives.

Reverse usage

1. To reverse the usage entries, go to Actions -> Usage -> Reverse Usage.
2. Posted usage is reversed, negative fund ledger entries are created.
3. If Post usage to GL is active, the reversal is created for the general ledger too.

If you want to reverse the usage on one of the funds, not all, set the Total Amt. to Use to 0 and post.

Reverse reservation

1. To reverse the reservation, go to Actions -> Reservation -> Reverse Reservations.
2. Reservation is reversed, negative fund ledger entries of type reservation are created.

If you want to reverse the usage on one of the fund reservations, not all, set the Total Amt. to Reserve to 0 and post.

Edit in Excel

This functionality streamlines the process of modifying reservation lines and brings greater efficiency to the fund management process in our application.

1. From Fund Reservation Lines -> Edit in Excel.
2. An Excel file is opened, and the lines can be updated from there.
3. After updating the lines, publish the changes, and they will be published in Fund Reservation Lines.

Batch Posting Allocations

You can batch-post allocations for all projects from the Fund Allocations list, selecting multiple projects for reservation and usage posting. If any posting encounters issues with a particular project, a list of errors will be provided to help identify and resolve the related project or lines.

3 - Create Reporting Data

Reporting in funds is done based on dimensions to provide more detailed and flexible analysis of fund performance and financial status. Dimensions are attributes or characteristics of a fund, such as asset class, investment type, geographic region, or time period, that can be used to slice and dice data in various ways to gain insights into different aspects of the fund’s performance.

By organizing data based on dimensions, you can create custom reports and dashboards that are tailored to specific needs and goals. For example, you might want to see how the fund’s performance varies by asset class, so you would use the asset class dimension to group data and generate a report that shows the fund’s returns and risk metrics for each asset class.

In addition, reporting based on dimensions can help complying with regulatory requirements and provide investors with more transparent and meaningful information about fund performance

Fund Management has extended Cash Flow Module to enable reporting based on fund ledger entries and dimensions.

Create new Cash Flow Accounts

Create new accounts for each type of fund ledger entries.

• Choose the 🔎 icon, enter Chart of Cash Flow Accounts, and then choose the related link.
• Select New and create new accounts for funding, respectively for commitment, reservations and usage.
• On the created Cash Flow Account Card, select the Source Type, which can be commitment, reservation or usage.

Cash Flow Setup

Assign newly created accounts on the Cash Flow Setup.

• Choose the 🔎 icon, enter Cash Flow Setup, and then choose the related link.
• Under Accounts fast tab, set the previously created accounts, for each type of entry.

Cash Flow Worksheet

For reporting purposes, it is important to get the fund ledger entry lines of different types, and post them through the Cash Flow Worksheet.

• Choose the 🔎 icon, enter Cash Flow Worksheet, and then choose the related link.
• Open from Actions -> Process -> Suggest Worksheet Lines. Select the type of the funding ledger entries you want to load on the worksheet.
• Register the retrieved lines from action Process -> Register.

Financial Reports

Setup a financial report to use for the reporting, and filter based on dimensions and required results to achieve.

• Choose the 🔎 icon, enter Financial Reports, and then choose the related link.
• Choose New to create a new financial report.
• Setup the rows layout, by filtering on dimensions and totaling.
• Setup the columns layout by setting entries, dimensions and formulas for totaling.
• Generate reporting data by selecting Overview on the newly created financial reports.

4 - pryme Fund Management Release Notes

3.2 (October 2024)

Application enhancements

Post to GL

You can now track the usage of funds for specific processes and post directly to income and balance accounts in the General Ledger (GL). Set Fund Posting Groups, create and post allocations to GL. This feature enables tracking and reporting of funding allocations within your financial records.

Fixes and minor adjustments

• #149 Calculate Additional amount fields on a fund when get budget/usage
• #163 Problem when adding and posting additional budget on a fund allocation
• #164 Project name is missing in Fund allocation list.
• #165 Additional amount to reserve is showing the incorrect value after updating the Budget

3.1 (August 2024)

Application enhancements

Foreign Currency Allocations

When managing projects funded in a foreign currency, it’s essential that all financial allocations align with the project’s currency. Our system ensures this by automatically setting the funding currency to match the project currency. This guarantees consistency and accuracy in all financial transactions. Currency exchanges will only occur if commitments and the project are in different currencies, ensuring that all financial operations stay consistent with the project’s currency.

Fixes and minor adjustments

• #157 “Additional Amt. To Use” should not be updated without posted reservations
• #151 Adding new allocation lines after the usage is fully posted creates strange results
• #150 Expiry dates on commitments makes it impossible to post reservation without selecting a commitment without exp date

3.0 (June 2024)

Fixes and minor adjustments

• #132 Fund Look Up on Fund Commitment Lines should show only the available funds
• #133 Effective Date not working correctly on Fund Commitments
• #138 Possible to post reservation with no info on the line

2.6 (May 2024)

Application enhancements

Collecting errors for batch posting of allocations

When posting allocations in batch, it’s important to ensure that a single error in one allocation doesn’t halt the entire process. Now, we can post the correct allocations while also generating a list of errors to identify what went wrong with the ones that weren’t posted.

Expiry Date added to Commitment Look Up

When selecting commitments for the reservation process, it’s crucial to consider the Expiry Date, prioritizing those nearing expiration to ensure timely selection.

2.5 (April 2024)

Application enhancements

Limits on types of cost

Allocate funding based on specified types of usage, ensuring funds are spent appropriately. Users can define exclusions for certain types of expenditure within each allocation. This limitation applies to both budget amount and usage, ensuring alignment with allocations. Two filtering methods are available: Basic and Advanced.

Funding by price

Companies can now choose between using cost or price to drive funding. This is made possible through the addition of a field called Usage Amounts From in pryme Funding Setup. By selecting either Cost or Price, users can specify which metric to base budget and usage allocations on. The corresponding caption in the Budget/Usage Amount field dynamically adjusts to reflect the chosen metric, ensuring clarity and accuracy in allocations.

Expiry of commitments

An enhancement for managing commitment limitations and expenditure order efficiently. With the addition of an Expiry Date field to commitments, users can set a cut-off date for costs. Commitments without an expiry date are considered unlimited. When posting reservations and usage, commitments are prioritized by expiry date.

Fixes and minor adjustments

• #99 Add filter to exclude billable job planning lines

2.4.4 (March 2024)

Fixes and minor adjustments

• #116 Posting usage in different currencies triggers an error

2.4.3 (February 2024)

Fixes and minor adjustments

• #111 Added entry type filtering for Usage Amount

2.4.2 (February 2024)

Fixes and minor adjustments

• #106 Division by 0 error, when posting reservations

2.4.1 (February 2024)

Fixes and minor adjustments

• #102 Budget and Usage amounts for allocations are incorrect in BC Jobs

2.4 (December)

Application enhancements

Allocation fields with difference amounts

Introducing new fields for the allocation process. Recognizing that it is preferable clarity on changes rather than absolute amounts, we have introduced two new fields: “Additional Amount to Reserve” and “Additional Amount to Use.” These additions enhance user comfort and provide a more intuitive experience when indicating modifications.

Commitment Reclassification

With the reclassification of entries, the process of reallocating and utilizing remaining funds across multiple funds has become more efficient. Reclassified entries seamlessly apply to each other, ensuring that the fund ledger remains consistently up-to-date. This enhancement facilitates easier management and allocation of funds, promoting efficiency in operations.

2.3 (November)

Application enhancements

“Due Date” renamed to “Effective Date*

Changing “Due Date” to “Effective Date” provides a more accurate description, particularly when dealing with funding, as it signifies the point when commitments become legally valid.

Updated “Amount to Use” calculation logic for allocations

The “Amount to Use” calculation has been improved to follow a more logical approach to fund allocation. It now considers the reserved amounts, ensuring that allocations are made in proportion to what is reserved at the row level and preventing to exceed it.

2.2 (October 2023)

Application enhancements

Apply Fund Ledger Entries

A new enhancement for the fund ledger by empowering users to rectify incorrect commitments and initiate cancellations with precision. By specifying the amount to apply, this ensures that ledger balances remain accurate. This enhancement safeguards fund and funder statistics, account statements, and related data, guaranteeing their up-to-date and error-free status.

Fixes and minor adjustments

• #75 Change currency code when creating commitment should not trigger
• #77 The description of project on Fund Allocation is not updated

2.1 (August 2023)

Application enhancements

Fund Reservation Lines Editing in Excel

Easily edit Fund Reservation Lines by exporting them to an Excel file for modifications, and seamlessly publish the edited data back into the application for quick updates. This feature streamlines bulk edits and minimizes errors in the fund management process.

Enhanced Filtering for Fund Reservation Lines:

When you choose a fund within Fund Reservation Lines, an additional filter is automatically applied to the Funder selection. This refined filter ensures that the list only displays funders who have made contributions to the selected fund, providing you with more targeted and relevant options.

Descending order on posted documents

Posted documents are sorted in descending order, mirroring the standard behavior of Business Central for a consistent user experience.

2.0 (June 2023 )

Application enhancements

Reclassification of Funds

The reclassification of commitments between funds is now possible, allowing you to rectify any instances where you have mistakenly posted to the wrong fund or utilize the remaining balance on another fund.

Restricted Field Information on Fund Alloc. Line Details Factbox

The factbox will indicate whether the corresponding fund on the line is subject to restrictions or not.

Fixes and minor adjustments

• #1180 Error triggered for empty amount when posting fund commitments
• #1207 Post on fund reservation reverses existing entries
• #1208 Usage is not posted correctly in fund allocation when full reversal is active on Funding Setup
• #1210 Change to a single fund with commitments from several funders posted
• #1222 Decreasing the reserved amount when the amount posted is greater than it, should not be permitted
• #1223 When not Full Reversal, changing Fund No, Funder No., or Commitment Entry No., just creates an additional entry
• #1262 Fund Commitment lines can be posted without “Due Date”

1.2 (May 2023)

Fixes and minor adjustments

• #1178 You can create a commitment on a single fund if you select the wrong funder
• #1179 Negative fund commitments can be posted on a funder with no previous transactions
• #1182 Budget and Usage amount is not updated from the allocation list
• #1183 Reservation method must be mandatory in the fund allocation

1.1 (April 2023)

Application enhancements

Menu for Funding

You can now access the Funding Menu containing everything fund related, from the Role Center directly, without the need to search.

Fund Allocations List

The fund allocations list will serve as the basis of selecting multiple projects/contracts and batch posting allocations, while the individual allocation lines should still be configured on a project/contract level basis.

Fixes and minor adjustments

• #1144 Minor adjustments
  • Added control for deleting fund allocation header if posted reservation/usage exists for that header.
  • Added control for deleting fund allocation lines when the header is deleted.
  • Added control to not reverse reservation before usage, if usage is posted for that project/contract.
• #1147 Currency Code not updated on Fund Commitment Lines.
• #1148 Selecting Commitment Entry from the List and entering it manually displays different behaviour in Fund Allocation Card.
• #1149 Updated tooltip on field Avail. to Reserve (LCY) in Fund Allocation Lines.
• #1181 Reversing reservations with a currency code gets the wrong LCY amount.

1.0.0.0 (March 2023)

Initial release