Decrease the time it takes to issue and track purchase orders, encumbrances, electronic requisitions, and fixed assets by automating your procurement processes with MIP Fund Accounting.
Our customer-developed, integrated procurement modules unite your disparate systems and optimize the time needed to complete common purchasing tasks, such as issuing and tracking purchase orders, encumbrances, electronic requisitions, and fixed assets. Unite your team and your financial systems to create expedient reporting.
Our modules also have a superb set of audit and review tools to ensure your organization doesn’t miss a single asset or unintentionally duplicate an incorrect figure. From managing purchase orders and encumbrances to fixed asset acquisitions, warranties, and depreciation, MIP Fund Accounting enables easy and powerful distribution to appropriate programs, grants, and/or departments.
Powerful Procurement and Accounting in One Seamless System
Being able to both track your purchases in real-time and have a direct view of your procurement at any time are necessities for any organization. Realize additional value with the ability to create in-depth reports to track any purchases, which reduces manual purchase orders (POs) and automates the PO process.
MIP Fund Accounting’s Electronic Requisitions module allows organizations to take greater control over their procurement 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 financial managers can easily understand the implications of approving such a purchase.
Now, you can empower and enable your nonprofit accounting team to generate payments, increase confidence with integrated receiving functionality for items on POs, and seamlessly integrate with accounts payable.
Enhanced Asset Tracking
Virtually every organization that uses MIP Fund Accounting possesses assets that they are required to capitalize and depreciate according to GAAP. The Fixed Assets module provides users with the ability 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 your General Ledger. This module enables cleaner tracking, reviewing, and auditing of fixed assets.
Additional MIP Modules
MIP Fund Accounting’s Electronic Requisitions module (sometimes called E-Req) allows organizations to take greater control over their procurement process. Managers, who are ultimately responsible for approving purchases, are given access to the information they need to support their approval decision.
The Purchase Orders module combines easy-to-use purchase order entry with strong reporting to offer a complete purchasing solution. Integration with Accounts Payable, Encumbrances, Inventory, and E-Req.
The MIP Fund Accounting Encumbrances module allows organizations and agencies to easily reserve budget for committed future purchases. With this module, organizations can ascertain at any time exactly where your organization’s budget is at present and plan for those what-if scenarios proactively.
Within MIP, track assets, calculate depreciation, and automatically generate depreciation and disposal entries in the General Ledger. Save time entering new assets with Asset Quick Entry when recording purchase in Accounts Payable and cash disbursements.
Maintain and report on an unlimited number of active currencies, rates, and rate types to create and process transactions. As donors and funders donate from all sources, you’ll find this module particularly helpful in reducing manual calculating of rates and currencies.
The Microix Requisition Module enables organizations to automate the purchase-to-payment process including requisitions, purchase orders, invoice approvals , and expense management. The Microix Inventory Module is a powerful and efficient tool that allows you to track and monitor your inventory in real-time.
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