GAAP Standards Changes for NonProfits
The Financial Accounting Standards Board (FASB) has released four major updates to U.S. Generally Accepted Accounting Principles (GAAP) since 2014 that will go into effect in the next few years.
This will primarily affect nonprofits that use Daxko Accounting by changing the number of net asset classes, which have been reduced to two: net assets with donor restrictions, and net assets without donor restrictions.
Changes in Daxko Accounting
To anticipate these upcoming GAAP changes, we’ve made several changes to net asset classifications and reporting in Daxko Accounting. We’ve made updates to:
- Existing GL Accounts
- Creating an new GL Account
- Statement of Activities
- Statement of Financial Position
- Budget Report
- Annual Budget Comparison Report
- Forecast by Month Report
- Budget Report
- General Ledger Report
- Journal Report
- Trial Balance
To read more about each change, please refer to our User Guide.
These changes are available now on your Daxko Accounting site. You can also explore them in your Daxko Accounting Training Site.
Questions? Email email@example.com
You now have a Daxko Accounting Training Site
Have you ever wanted to try out a feature or function in Daxko Accounting, but held back because you worried it would affect other areas of the system? Worry no more! You now have a training site for your Daxko Accounting data.
To access your Training Site, navigate to this LINK and use the same username and password you use to log in to the Daxko Accounting Live Site.
What you need to know
- All of the permissions are the same for users as your Live Site, but you may enable permissions for users that will only affect the Training Site
- No action in the Training Site affects the data in your Live Site
- We will refresh your data to match your Live Site every quarter (remaining 2018 dates are: August 12th and November 18th)
Questions? Email firstname.lastname@example.org.
Adobe has announced that Flash Player will be retired in 2020. Since Flash Player is used in several areas within Daxko Accounting, we are removing it in stages. Stage 1 was released on January 2018, and phase 2 will be released on June 6, 2018.
Adobe Flash Player Removal Stage 2: Check Printing
This release will affect check printing. (Printing checks will now rely on HTML5 instead of Adobe Flash.) Before you print your next round of checks, you’ll need to take the following actions:
- Switch the printer default to HTML5. To change this setting:
- Go to under the Accounts Payable> Custom Fields and Defaults
- Select HTML5 in the Printing Technology drop-down menu
- Click Save
- Allow pop-ups from the browser. In order to preview the check, your browser must allow pop-ups from Daxko Accounting.
- Turn off Fit to Page. Ensure that your printer settings are the default, as the “Fit to Page” option will change the layout and lead to misalignment.
If you have any questions or concerns, please contact email@example.com.