Rock U - Finances - Financial Basics

Transcribed Video Content

Batches, accounts, transactions, and pledges can feel disconnected features until you see how they fit together. Finance is all about tracking generosity for your organization. So let's look at these different components, see how they fit together, and you'll end up with a whole picture of finances in Rock. So to quickly understand the basics of the financial structure, let's look at this chart here. You can see up top we have a batch and that has a simple number and a name and there's all sorts of ways that batches can be created. But the most important thing to know is that a batch holds a list of transactions and a batch can either be open or closed. And those batches, as long as they're open will be receiving new transactions. This makes reporting and other accounting things easier. But again, just remember, this is to hold a list of transactions and each transaction is tied to a person such as Ted Decker. Then below that transaction, there can be multiple different transaction details and examples are giving a $100 to the general fund and we can see connected to that transaction detail is an account called general funds. And in blue you see these accounts. This is how we sort of group the place to which money is going. So you can have funds general funds, building funds, mission fund, and more. They can be created for all sorts of things to categorize giving. But again, you can have multiple transaction details within a transaction, then you can have multiple transactions within a batch. Once you see how these pieces connect, the rest of finances and Rock just fall together. Keep this big picture in mind as we start to look at the details of finances.