Finance Module - Starter Guide to the Finance Module

Access Level: Leader, Manager, Student Org Admin, Org Admin

This article is intended for users with Leader, Manager, Student Org Admin, or Org Admin access in Suitable. If you don’t have one of these roles, some of the steps outlined below may not be available in your account.

Ineligible Roles: Member

Shortcut for Student Organization Leaders

Shortcut for Administrators

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Welcome to the Finance Module! This guide is your central resource for managing your organization's financial ecosystem. Whether you are a student leader requesting funds for an event or an administrator overseeing the entire budget, this guide will provide a comprehensive overview of the key concepts and capabilities available to you.

Understanding Your Balances: Concepts for All Users

To make smart financial decisions, every user must first understand how balances are calculated. Instead of a single number, your funds are broken down into several Financial Scenarios that tell the complete story of your money.

• Current Balance: This is your starting total. It’s the full amount of money allocated to an account for the semester or year. This number only changes if more funds are deposited.
• Pending Expenses: This is the total amount of money from purchase requests that have been submitted and are waiting for a decision. The funds are temporarily "on hold" until the request is either approved or denied.
• Approved Expenses: This represents all requests that have been approved but not yet paid. The money is officially spoken for, much like a check you've written that hasn't been cashed yet.
• Actual Expenses: This is the money that has been officially paid out for purchases. The transaction is complete, and the funds have left the account.
• Available Balance: ✅ This is the most important number for everyone. It shows what you can safely spend right now by subtracting all committed funds from your total budget.

The calculation is simple:

For Student Organization Leaders

This section covers the primary responsibilities and terms you will use to manage your organization's day-to-day finances.

Your Role in Your Organization's Finances

As a student leader with "Manager" or "Leader" access, the Financials tab on your organization's profile page is your new home for all things money-related.

Your primary responsibilities will be:

• Understanding Your Financial Standing: Use the balance scenarios described above to get a clear, real-time view of your funds and make informed spending decisions.
• Initiating Funding Requests: You are empowered to officially request funds by creating Budget Requests or Purchase Requests.
• Tracking Your Requests: After submitting a request, you can easily view its status.

Key Terms for Students

• Financials Tab: Your central hub for all financial activities, found on your organization's profile page.
• Budget Request vs. Purchase Request:
  • A Budget Request is a proposal for your organization's overall semester or annual budget.
  • A Purchase Request is for buying specific items or services now from your approved budget.
• Line Items: When you create a Purchase Request, you will list out each individual item you need to buy. Each one is a "line item."

For Administrators

This section provides a high-level overview of the system's structure and the core capabilities available for managing your institution's financial ecosystem.

Core Administrative Capabilities

The Finance module is designed to give you both a broad overview and granular control over student organization funding. Your core capabilities include:

• Gaining Comprehensive Financial Visibility: Get a clear, aggregated view of funds across all levels of your institution.
• Establishing Foundational Financial Management: Fund your organizational accounts using Preallocation or Centralized Funding models.
• Managing & Controlling Spending: Take control of the spending process by reviewing and editing line items within any purchase request.
• Maintaining Accurate Organizational Alignment: Keep your financial structure up-to-date by adding, archiving, or removing organizations from Funds.

Key Concepts for Administrators

• Fund Account: The main bank account or central pot of money for a department or purpose. It serves as the primary source of funding.
  • Functions of a Fund Account:
    1. Deposit: Add money into the Fund Account (e.g., from a university general fund).
    2. Withdraw: Remove money from the Fund Account.
    3. Transfer: Move money from the Fund Account to a linked Spend Account.
• Spend Account: A sub-account linked to a specific student organization, where their allocated budget is held and spent from.
  • Functions of a Spend Account:
    1. Deposit: Receive money, typically transferred from a Fund Account.
    2. Withdraw: Remove money from the Spend Account.
    3. Payment: Use funds to pay for an approved purchase request.
    4. Transfer: Move money from the Spend Account to the Fund Account.
• Preallocation vs. Centralized Funding: The two main ways to distribute funds.
  • Preallocation: Involves depositing money directly into an organization's account upfront.
  • Centralized Funding: Keeps money in a parent fund, from which organizations make requests.
• Rollups: A consolidated, high-level view of finances showing the aggregated sum of balances from all accounts below the one you are currently viewing.

If you have additional questions, chat with us below or send us an email at support@suitable.co.