With MIP, you can accelerate your accounting system with an integrated purchasing process.
If you’re working in disperse systems, bring them together with MIP Fund Accounting and decrease the time it takes to issue and track purchase orders, encumbrances, electronic requisitions, and fixed assets.
This also fosters collaboration and compliance in your organization as well as connecting all of your financial systems together for expedient reporting.
This system also enables superb auditing and review so you’re able to see if there are any missing assets, or duplication errors as well as ensuring your purchase orders are in shape for audit.
A solution for the optimal purchasing process
From managing purchase orders and encumbrances to fixed assets acquisitions, warranties and depreciation, MIP Fund Accounting enables easy and powerful distribution to appropriate programs, grants and/or departments.
As more and more organizations are juggling multiple funding sources and grants this robust system for being able to track all fixed assets and more is vital to maintaining your organization’s checks and balances and reporting needs.
Virtually every organization that uses MIP Fund Accounting possess assets that they are required to capitalize and depreciate according to GAAP. Your assets include elements like your nonprofit’s cash, inventories, furniture, property, deposits, and long-term investments. Meanwhile, liabilities include elements such as accounts payable, accrued expenses, deferred revenue, and line of credit.
Net assets are equivalent to the net worth of your nonprofit organization. GAAP calls for these net assets to be divvied and classified as unrestricted, temporarily restricted, and permanently restricted funds.
The Fixed Assets module provides users with a means to easily track those assets as they are acquired and depreciate and dispose of them as needed with all of the appropriate accounting entries flowing directly into the General Ledger. This module enables cleaner tracking, reviewing and auditing of fixed assets.
Along with the Fixed Assets module MIP offers and continuing the solution of MIP’s purchasing modules, the Encumbrances module allows organizations and agencies to easily reserve budget for committed future purchases.
The purpose and main benefit of encumbrance accounting is avoiding budget overspending, by showing open commitments as part of projected expenses. Our module helps you ensure that you will not over-extend organization finances.
Seamlessly integrated with the Purchase Orders, General Ledger and Accounts Payable modules, the Encumbrances module allows organizations that are keenly interested in projecting future budget position accurately to quickly and easily encumber funds and convert those encumbrances to expenditures when the time comes.
With this module you are able to ascertain at any time exactly where your organization’s budget is at present and plan for those what-if scenarios proactively.
Purchase with ease
Being able to track your purchases in real-time and ensure you have a direct view at anytime for your purchasing is a key need in any organization. There is additional value in the ability to create in-depth reports to track any purchases. Reducing manual purchase orders and automating the purchase order.
MIP Fund Accounting’s Electronic Requisitions module (sometimes called E-Req) allows organizations to take greater control over their purchasing process. By allowing organizations to define a formal approval process for purchases, managers have improved line-of-sight into future cash flow requirements and budget position.
Potential purchases requested through the Electronic Requisitions module are tracked in the MIP system as “pre-encumbrances” that become available throughout the budget reporting system so that financial managers easily understand the implications of approving such a purchase.
Now, you can empower and enable your nonprofit accounting team to easily and quickly generate payments, increase confidence with integrated receiving functionality for items on Purchase Orders; and seamless integration with accounts payable, encumbrances, inventory and e-requisitions. With the MIP Purchase Order module, staff will have access to easy-to-use purchase order entry with strong and easily customizable reporting. Not only does this module enable reporting, but it also provides a transparent view for auditing your expenses and ensure they are tracked closely and securely.
MIP’s Purchasing modules include:
Improve the availability of information for pre-purchase decision making and leverage our one-click budget checking tool.
Easily reserve funds for planned expenditures or commitments and improve your tracking and compliance for reporting. Include encumbrances on financial reports to measure true budget performance.
Track assets, calculate depreciation and automatically generate depreciation and disposal entries in the General Ledger.
This module provides easy-to-use purchase order entry and robust reporting, and is effortlessly integrated with Accounts Payable and Receiving.
MIP’s Purchasing modules help nonprofit organizations maximize their processes. Spend less time on paper and more time on your mission.
With our powerful review process in our purchasing modules we are able to help you ensure payments and invoices and purchases are transparent and easily trackable.
Additional functionality for your purchase strategy
Asset group tracking
Track acquisition dates, warranty information, serial numbers and more. With fixed assets this is a powerful way to keep track of all your assets and track when and if they might need to be sold or updated.
Easily encumber funds
Manage multiple accounts using MIP’s powerful distribution features.
Approvals and transparency
Require secondary approval for items in specific categories over a defined amount. This functionality helps decrease potential fraud opportunities as well as helps you clearly track items and approvals for those items within your staff.
Hear from our customer, Cenclear, about how they use the MIP modules.
Discover how our many add-ons can scale as your organization grows. Dena Pry, CenClear’s Executive Director, shares her experiences with us on video. Plus, she tells us how her team benefited from all the MIP Fund Accounting modules.