If you’re brand new to MIP Fund Accounting software, chances are you may not know where or how to begin. From customizing the solution to importing your data to training your staff, getting started and set up can seem a little daunting.
To help ease this transition, we’ve put together several beginners tips and tricks.
Setup Your Software According to Your Needs
Your fund accounting software should make your accounting processes and procedures easier. By implementing and customizing to your needs, you’ll simplify reporting, budgeting, forecasting, and so much more.
Setting up your accounting solution requires thought and planning. It’s important to get this right, because all your other functions will run based on how you setup your software. If you’re able, we recommend consulting with MIP professional implementation specialists.
These professionals understand every facet of MIP, and can customize reports, segments, journals, etc. quickly and efficiently. They can also show you how to use the software, saving you lots of time and money.
Understand the Segments
MIP uses segments to organize and track accounting information. There are five different types of segments: Fund, General Ledger, Balancing, Non-Balancing, and Restriction.
**You can only have one Fund and General Ledger segment. You can have multiple Balancing, Non-Balancing, and Restriction segments.
- General Ledger: The General Ledger segment is a basic segment within MIP. It is used for classifying accounting transactions like Cash and Expenses.
- Balancing and Fund: The Balancing and Fund segments are similar in that each segment must balance. The debits must equal the credits.
- Non-Balancing: Non-Balancing segments can be used when you want to record information but don’t necessarily need it to move year to year.
- Restriction: The Restriction segment is sometimes also referred to as the 117 segment, as it was created to solve issues caused by FAS 117 requirements.
Setup Email AR Invoices From Within Software
From within the MIP software, you can email AR invoices directly to your vendors. It’s definitely worth setting this up, as it can save you a significant amount of time.
You can use this step-by-step guide to walk you through the process.
Additional MIP Resources
For more tips and tricks on using MIP check out:
In addition to our blogs, you can also find fund accounting help on Resources page.
Capital Business Solutions is not only a valued-added reseller for MIP and MIP Advance, but also provides implementation and training services to enhance the fund accounting software. If you need help setting up your software for success or just need additional training for you and your organization, contact Bob Schilling by calling 877-889-0629, emailing email@example.com, or filling out this contact form.