Purchasing - Now 100% easier
Decrease the time it takes to issue and track purchase orders, encumbrances, electronic requisitions, and fixed assets by automating your purchasing process with MIP Fund Accounting®
Our customer-developed, integrated purchasing module unites your disperse systems and optimizes 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.
The module also has 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 assets acquisitions, warranties, and depreciation, MIP Fund Accounting® enables easy and powerful distribution to appropriate programs, grants, and/or departments.
Purchasing doesn't have to be hard when you have MIP®
Optimize your purchasing process
Virtually every organization that uses MIP Fund Accounting possesses 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 your General Ledger. This module enables cleaner tracking, reviewing, and auditing of fixed assets.
Along with the Fixed Assets module MIP offers, the Encumbrances module allows organizations and agencies to easily reserve budgets for committed future purchases.
The purpose and main benefit of encumbrance accounting is to avoid budget overspending, by showing open commitments as part of projected expenses. Our module helps you not over-extend organization finances.
Seamlessly integrated with the Purchase Orders, General Ledger, and Accounts Payable modules, the Encumbrances module allows organizations to encumber funds and convert those encumbrances to expenditures when the time comes quickly and easily.
With this module, you can ascertain at any time exactly where your organization’s budget is at present and plan for those what-if scenarios proactively.
Being able to both track your purchases in real-time and have a direct view of your purchasing at any time are necessities for any organization. There is additional value in the ability to create in-depth reports to track any purchases, which reduces manual purchase orders and automates your purchase orders.
MIP Fund Accounting’s Electronic Requisitions module 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 generate payments, increase confidence with integrated receiving functionality for items on Purchase Orders, and seamlessly integrate with accounts payable easily and quickly. With the MIP Purchase Order module, staff will have access to easy-to-use purchase order entry with strong and easily customizable reporting.
Maximize your mission. Minimize your workload.
With our powerful review process in our purchasing modules we can help ensure your payments, invoices, and purchases are transparent and easily trackable
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