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Getting Started with Managing Funds

Funds management is a process of effectively overseeing and controlling financial resources within an organization. This involves some major aspects:

  1. Budgeting: Funds management begins with the establishment of budgets for various departments, projects, or initiatives within the organization.

  2. Cash and Cheque Flow Management: Managing cash and cheque flow is crucial for ensuring that the organization has enough liquidity to meet its financial obligations. This involves making sure the amount donated via cash or cheque is properly banked and deposited.

  3. Expense Tracking: This allows tracking of expenses incurred by different departments including recording expenses and categorizing them properly.

Tally, also caters to all the points above by ensuring each part is properly dealt with. Read about how cash and cheque deposits are handled within Tally in the next section.