MIP Customer Resource Library: How to Maximize MIP for Audits

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Your organization is already in charge of its financial story using MIP Fund Accounting®, and when it comes time for an audit, we’ve got you covered there as well. MIP helps speed up and simplify your audit prep. We allow for better fund tracking, complete compliance, and robust reporting to help your nonprofit organization make informed financial decisions and ensure that your organization is properly equipped when it comes time for an audit.   

How MIP® Helps  

The partnership between your organization and your auditor is made simple with MIP. Our fund accounting software is fully equipped with features that increase efficiency and ensure you’re accurately portraying your organization as a strong fiscal steward. MIP features:  

A Fully Auditable General Ledger  

  • As you make changes to invoices throughout the year, your organization and your auditor will have complete visibility into all those changes, allowing for complete transparency. Learn how to use the general ledger.

Transaction Reports

  • Easily filter for transaction information and include detail regarding entry or modification such as username, date, and time. Further breakdown reports by segments, descriptions, debits, credits, attachment count, and others. Learn how to use transaction reports.

System Audit Trail

  • Track any changes that are made to the system by user ID. All changes are time stamped and list the terminal server that a user made the change from. 

Summary Organization Audit

  • This additional audit shows changes to vendor records and transactions. With this audit, you can see if checks are printed and then deleted from the system. 

Advanced Security Module

  • Our advanced audit allows you to track detailed before and after changes. This is important for things such as payroll pay rates or vendor address changes. The advanced security module allows you to grant rights to specific users only to use specific general ledger coding. Learn how to activate the module and how to set advanced audit trails.

HR Management Audit Trail

  • If you are using the HR module, you also have a full audit of changes made in the system. These additional details provide added context to ensure your next audit goes smoothly. Learn how to use the HR Management Audit Trail.

A Complete 360° Picture 

In addition to our robust standard audit functions, our software offers several other services to make your next audit your smoothest one. 

Compliant Compliance  

  • Quickly generate a Statement of Activities for your auditors to examine and document expenses back to each grant. Your Statement of Activities will show what your organization expensed in one location, without multiple spreadsheets.   

Classify Net Assets

  • MIP allows for simple net asset classification with donor restriction or without donor restriction within the software. You can then provide that information to your auditors, saving them time on reconciliation. Make the audit easy for your auditor and keep related costs down. Because you’re starting the new year reconciled, you’ll save your organization time by not having to reclassify assets again.  

Easy Pull Grant Information

  • Track grants by funding source, group them by state or federal grantors and assign attributes to each grant. When your auditor asks for grant-specific details, you can swiftly pull that information into a report.  This is especially helpful when determining if you require a single audit because it clearly shows whether your organization passes the monetary threshold. Learn how to add the grant administration module.

Access Documentation Effortlessly

  • Scan and attach invoices as you enter them, and your auditor can then pull them directly out of the system.  
  • Attach supporting documents to transactions, vendors, or customer records, and much more. Learn how to run reports to see which transactions have attachments.

Robust Security Controls

  • Control which users have access to what information. For example, each program manager can be given access to budgets only for their programs. When it’s time for an audit, you can enable temporary access for your auditors to assess data during the fieldwork stage. You can also create a report for your auditor that specifies who has access to what, demonstrating an essential facet of your internal controls. 

Strong Internal Control Processes

  • Define expenses your organization can allocate. Our internal controls also inhibit intentional or unintentional misappropriation of funds. You can configure the system to control transaction entries and define which segments can or cannot be combined. Finally, you can automate business rules to prevent certain kinds of errors. 

Additional Power Through the Purchasing Module

  • With this module, you can ensure your organization doesn’t miss a single asset or unintentionally duplicate an incorrect figure while expediting reporting. The module unites your disperse systems and optimizes the time needed to complete everyday purchasing tasks, such as issuing and tracking purchase orders, encumbrances, electronic requisitions, and fixed assets. Learn how to use the purchasing module.

At MIP, we believe in offering support and acting as a true partner for our customers. Through this series of informative pages, you can set up your software for increased efficiency. Learn how to:  

Learn more about how MIP can help simplify your audit process today. If you are interested in adding additional modules to MIP request a demo here.

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