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MIP Fund Accounting

MIP Fund Accounting

Overview

What is MIP Fund Accounting?

MIP Fund Accounting™ is a configurable fund accounting solution. The solution includes functionality for fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, and dashboards for nonprofits and government agencies.

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Recent Reviews

Outstanding Software!

10 out of 10
February 16, 2024
Incentivized
MIP Fund Accounting assists our organization in tracking and managing expenses and receivables on a daily basis. MIP assists us in …
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Awards

Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards

Reviewer Pros & Cons

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Video Reviews

1 video

MIP Fund Accounting Review: Serves As A Customizable Accounting Solution Software
01:14
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Product Demos

Introduction to MIP Cloud Accounting Software

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Product Details

What is MIP Fund Accounting?

MIP Fund Accounting is a configurable fund accounting solution that allows users to report and track finances, streamline processes, and scale and grow based on your unique needs. MIP is the accounting software of choice, with cloud or on-premises deployment options, and designed to meet and handle the complex accounting needs of nonprofit financial management.

MIP's integrated software solution suite provides general ledger, accounts payable and receivable, budgeting, payroll, human resources, allocations management, procurement, fixed assets, grant management, and advanced security functionality. The solution enables users to manage and report on multiple cost centers at the general ledger level including multiple organizations, funds, projects, grants, programs, departments, locations, etc.

MIP Fund Accounting exclusively serves the financial management and fund accounting needs for nonprofits, schools, native nations, and government agencies with its complete, end-to-end suite of functionality and multi-segmented chart of accounts. The company states that with the right fund accounting platform and expert guidance, users can track unlimited funds, manage complex reporting requirements, streamline productivity, and make the right data-driven business decisions for an organization.

MIP Fund Accounting Screenshots

Screenshot of MIP Advance™ Dashboards with drilldownScreenshot of MIP™ Transactions WorkflowScreenshot of MIP DashboardsScreenshot of MIP DashboardsScreenshot of MIP Dashboard drilldownScreenshot of MIP TransactionsScreenshot of MIP Budget WorksheetScreenshot of MIP ReportingScreenshot of MIP Audit Trail  and SecurityScreenshot of MIP PortalScreenshot of MIP Fund Accounting

MIP Fund Accounting Video

Meet MIP Fund Accounting

MIP Fund Accounting Technical Details

Deployment TypesOn-premise, Software as a Service (SaaS), Cloud, or Web-Based
Operating SystemsWindows
Mobile ApplicationNo

Frequently Asked Questions

MIP Fund Accounting™ is a configurable fund accounting solution. The solution includes functionality for fund accounting, procurement, budgeting, payroll, human resources, timekeeping, fixed asset management, grant management, and dashboards for nonprofits and government agencies.

Sage Intacct, Blackbaud Financial Edge NXT, and QuickBooks Desktop Pro are common alternatives for MIP Fund Accounting.

Reviewers rate In-Person Training highest, with a score of 10.

The most common users of MIP Fund Accounting are from Mid-sized Companies (51-1,000 employees).
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Comparisons

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Reviews and Ratings

(819)

Attribute Ratings

Reviews

(51-75 of 429)
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Score 10 out of 10
Vetted Review
Verified User
Incentivized
I use MIP Fund Accounting to manage the finances of a multi-county library system. I use the system for the whole cycle of business operations, from budgeting to operating to reporting. The system is designed for organizations like mine, so it is easy to track and report on various grants and other special-purpose funding that we receive.
  • Flexible and customizable reporting
  • Easy to use and intuitive interface
  • Excellent customer support
  • Looking forward to payroll being available on the cloud side
  • In the cloud, I have to look in 2 places to find the vendor id and then view the payment history. It would be great for that to be one click.
  • I get kicked out of the cloud side pretty frequently - I understand the need for security but the window of inactivity seems very, very short
MIP Fund Accounting is well suited for organizations with many funding sources and restrictions on how those funds can be used. The reporting is very customizable which makes it easy to design reports that answer grantor or donor questions. I do think the software requires a bit more accounting knowledge than some other systems I've used, but I do not find that a drawback.
May 14, 2022

MIPleased!

Score 8 out of 10
Vetted Review
Verified User
Incentivized
We use MIP Fund Accounting for our HR and Accounting functions. We run a lot of reports using the MIP Fund Account. Sometimes the reports aren't completely accurate - some items are omitted.
  • I like that reports are fairly easy to create and run
  • I really like that payroll is such an easy process in MIP Fund Accounting.
  • If the reports were more accurate - especially when being converted to Excel
Again, I think payroll is a very simple process. I also like that end-of-year tax forms (W2, 1095-C) are fairly easy to navigate through for processing.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use the product to track all financial activities in the nonprofit. We use accounts payable, accounts receivable, and the general ledger package. We track our grants in Abila and have created financial statement reporting for our Board in Abilia. We use Abilia to prepare reporting for all our programs and cost centers. We recently moved to the cloud and purchased the budget module.
  • Grant Accounting
  • Accounts payable
  • 1099 reporting
  • Duplicate payment prevention
  • Ease of adding new accounts
  • Easier report writing capabilities
Abilia works extremely well in grant accounting, cost center, and program reporting. Abilia is easy to drill down into the detail supporting individual accounts in a particular cost center or program. Abilia has good functionality in creating a billing system to easily prepare monthly tuition bills for individual school districts. Abilia also has robust fund accounting built into its financial system.
May 02, 2022

MIP is Adequate

Score 2 out of 10
Vetted Review
Verified User
Incentivized
It can handle multi-segment accounting strings and fund accounting.
  • Fund Accounting structure.
  • The Dashboard configuration.
  • More dynamic planning/budgeting.
  • Better customization of Reports.
  • Flexibility
We have had difficulty getting information out of the system for our reporting and planning purposes. It's kept us pretty manual on anything outside of transaction recording.
Larry Parish | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
I use it to control all accounting needs. I run payroll for 2 different company processing groups. It makes our finances easy so we can focus on consumers. Also, our audits are extremely easy with all the different reports it runs. It’s really a foolproof way to do your finances.
  • Payroll
  • Account receivable
  • Reports
  • I wish it was easier to correct input errors
  • Don’t like the recent password change
  • Wish forms were easier to edit
If you had to run multiple dba you might want something different. It can get confusing changing the modules on the payroll. I have forgotten many times. It is great for small nonprofits. Pretty straightforward and easy to use.
Score 2 out of 10
Vetted Review
Verified User
Incentivized
We use MIP Fund Accounting daily as our primary tool to manage our accounts. We have approximately 50 active accounts at one time and hundreds of inactive accounts.
  • Flexibility to create as many fund accounts as needed.
  • Ability to create a combined statement of revenues and expenses for multiple funds.
  • Very difficult to use - not intuitive at all; I feel like you really need the training to understand the product.
  • Very little automation; everything has to be manually entered which allows the opportunity for more errors and also requires a lot of double and triple-checking entries.
  • Cumbersome and tedious to use; for example, a journal entry that could be done in two lines on other programs, in my experience, takes at least 6 in this program, sometimes more. When you have to do this repeatedly it takes significantly longer to do everything in this program than it should.
  • Constant issues with reporting; reports are often missing funds or are incorrect and I have to call customer support for help. Most of these issues cannot be resolved immediately and a ticket has to be created to solve them.
  • In my opinion, even simple things don't work properly. We recently found out that when exporting results into Excel, if you select to remove headers and footers with the export, the program also removes some of the data. No telling how long this has been an issue, so now we have a data integrity problem with all of our exports. MIP Fund Accounting says it will fix in the next update so this likely affects other users as well.
  • Because the product is so time-consuming and cumbersome, it creates efficiency issues; everything takes longer than it should to complete, so we have to hire additional staff, especially at peak times.
The product does allow flexibility to create as many funds as needed with varying start and end dates, which is very helpful when you have a multitude of grants with different start and end dates. Unfortunately, that flexibility results in a lot of extra work to complete routine accounting; journal entries that would normally take two lines take at least 6. And nothing is automated so all of the lines are completely manually entered which allows for human error and requires careful review. I have used a wide variety of accounting software programs and this is by far the worst I've ever used.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
I have been using Abila for the last 3 years to keep the books for a Not for Profit organization consisting of 13 entities. The entities vary in scope from consulting to real estate. The software is very accommodating for not-for-profit accounting that consists of grants, budgeting, etc. The MIP Fund accounting software does not accommodate the real estate quite as well, simply because it is not made for it.
  • A lot of reporting options are available
  • The multi-entity database flows well
  • Simple formatting
  • Ease of use
  • Real Estate functionality
  • Billing module is cumbersome
  • Creating reports can be confusing
I would highly recommend Abila for its ease of use for any type of fund or grant accounting. We also use it for Real Estate including leasing which the software does not have any modules to accommodate.
Joanne Jenkins | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use it for our payables, our payroll, our receivables, reporting, budgeting. It's nice to have all aspects of accounting under the same program, making reporting consistent. We recently moved to the Cloud (about 18 months ago). I like the Cloud, but am constantly kicked out of it and there seems to be no resolution for it. The classic version works 99.9% of the time and I am often using that over the Cloud version because it consistently stays available.
  • Being able to design a report exactly as you want.
  • Data entry for payables and receivables.
  • Training
  • The Cloud. It consistently kicks you out and is super frustrating daily.
  • Making adjustments for viewing the Classic Version. It would be nice if you could make the view larger.
  • Deleting very old, unused vendors.
Entering payables is extremely easy and user-friendly. This leads to balancing the bank account being very easy to accomplish each month. I love the Cloud Version for looking up invoices that were paid and balancing out statements. So much easier to read and I like that you can customize the dates.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
MIP Fund Accounting is our sole accounting software from AP, AR, budgeting, and general ledger. It allows the use of grant tracking easily. It also allows an efficient method for tracking custodial funds (approx. 50+ checking accounts for individuals, approximately 25 shared accounts of those served) that are audited quarterly by the state agency. It also allows tracking of those persons' accounts that we bill for various expenses that the agency forwards the funding for (until reimbursed by either the individual or their funding source). These are essential tasks that require constant monitoring.
  • Budgeting-we have over 25 departmental budgets to enter and it is efficient to do so through MIP.
  • General ledger imports-we now use imports to expedite data entry and review
  • Reporting-the options are numerous so that we can always pull the report needed-be it for the Board, external agencies, or internal requests
  • Audits-each year our external audits have improved due to the capabilities and reporting available.
  • Bank reconciliation-the ability to clear a series of sequential items would expedite the task
  • Screen-should be able to "lock" the preference of the user-it goes away when leaving the screen
  • The dates-on screen should have popped up to explain "document" vs. "effective" in various applications.
It is well suited to non-profit accounting, with the UDF available to further code items as needed. It is especially applicable to the size of the agency we have (budget of 10M). The payroll and HR modules should be better suited to an agency size of ours (300 employees annually). We would love to have the payroll and HR modules so they would integrate straight to the GL but have determined the functionality is not robust enough for the agency and the turnover.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
We are a non-profit organization, and we use MIP for our GL, AR, AP, fixed asset depreciation, and monthly allocation of shared costs. We also use it to create our annual operating budget. The reporting features are easy to use and fully customizable. There is also an option to export the reports directly into Excel for further analysis. MIP customer service is readily available, and they are very friendly and helpful. I have resolved several reporting issues by simply calling the help desk. I would like the option to increase the font size as sometimes it is difficult to read on the main screen.
  • customer service
  • reports export to Excel
  • customizable reports
  • display on monitor
  • high cost of compatible checks
The software is appropriate for non-profit accounting as well as managing multiple revenue streams including grants.
Douglas Gates | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We use MIP Fund Accounting for all of our accounting needs. We use it effectively to manage a significant number of contracts, grants, and funds. We heavily use the application and many of the modules including a significant number of imports to automate our operations. We also use the tool to produce many of our financial statements for our board and internal managers.
  • Segregates funds
  • Manages grants on different time periods
  • The reporting function allows you to easily isolate specific data
  • The Encumbrance module has some issues that I have never seen to be resolved
  • The Full AR Billing Module is a bit cumbersome in the user interface to invoicing
MIP is a great non-profit fund accounting software that is extremely functional, flexible, and affordable. There is newer software out there that has additional bells and whistles, but those all come with significant costs that may be prohibitive to many non-profit organizations both large and small.
March 30, 2022

Great for Grants!

Score 10 out of 10
Vetted Review
Verified User
Incentivized
Having a robust system of codes allows us to track the type of funding (federal, state, earned/private/other), restrictions, grants, programs, and departments. We can easily pull reports to slice the data in many different ways, which assists with decision-making. The reporting features are robust, and it's incredibly easy to create customized reports, apply filters and adjust parameters as needed.
  • Reporting
  • Set-Up
  • Pricing to add users
  • Data visualization
MIP Fund Accounting is great for any non-profit organization that needs to manage grants or multiple sources of funds. It can be a bit confusing for non-finance personnel so if an organization wants broader access, this program doesn't provide dashboards, charts, or things of that nature that help non-finance personnel easily visualize data.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
MIP Fund Accounting is valuable in managing 4 different tax entities; 30+active programs, and numerous funding sources. The accounting interface is straightforward making AP and AR clear to enter, manage and analyze. Reporting is robust allowing for deep analysis.
  • Reporting
  • AP - total functions
  • Support is helpful
  • Exporting to excel could be improved by exporting formulas
MIP is able to handle all accounting needs. They offer add-on modules to include payroll, eft payment, and other functions. I wouldn't recommend MIP for small enterprises with limited accounting needs, as it is an in-depth accounting program.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Available to identify what is available in a budget quickly. Ease of using payroll.
  • Budget balances.
  • Encumbrances
  • Separation of funds.
Able to obtain exact account balances as far as what is outstanding in encumbrances for budgets. Budget balances for payroll departments are easily obtained.
Brian York | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Incentivized
We use MIP as a fund accounting solution and have historically run payroll through it as well. It tracks our grant spending, we run full cycle accounts payable through it and use it for employee expenses as well as payroll. We run our internal reporting through the software and use that for grant billing purposes. We're also working on adding on the Microix product requisition software and digitizing our receipts and such. For its cost, I think MIP is one of the best fund accounting solutions for small to medium non-profits who need a real fund accounting solution but don't need a true ERP system. The biggest weakness is probably the grant management tools, which are not very good and can't have reports run using those fields directly. However, you can use report groups if you're careful and understand the functionality in order to create grant reporting groups to track different end dates and such. MIP has a lot of power and flexibility if you investigate all it can do, many times there are ways to create functionalities that seem lacking, such as through user-defined fields.
  • Fund Accounting
  • Reporting
  • Accounts Payable
  • Payroll
  • Human Resources Module is pretty lacking.
  • Grant Management tools and out of the box functionality.
If they are a small to medium non-profit it's an excellent fund accounting solution. It's cost-effective and relatively easy to use. Getting good advice about the setup is very important, it can be cumbersome if, for example, too many segments are set up. The out-of-the-box functionality can be enhanced through the purchase of additional modules, such as Payroll or Accounts Receivable.
March 28, 2022

Mediocore

Score 8 out of 10
Vetted Review
Verified User
Incentivized
I do full accounting on MIP including payroll. I have an issue with leave balances and can't seem to get all of them correct. Some reports are frustrating trying to get the information I need or look at what is making up the report.
  • separating funds
  • P & L's
  • Payroll
  • Reports, I would like to be able to drill down on more reports
  • Leave accounting
  • Payroll, I would like to be able to just tell the system I don't want any direct deposits instead of having to go into each employee and uncheck the DD box
Keeping funds separate is a plus
Score 8 out of 10
Vetted Review
Verified User
Incentivized
I use MIP Fund Accounting for our accounting needs. These range from daily, weekly, monthly, to annual. For instance, we MIP Fund Accounting for accounts payable, accounts receivable, budgeting, reporting, etc.
  • Reporting is great and you can create and save custom reports
  • The accounts payable module is helpful for paying vendors through ACH
  • The accounts receivable module is used often for cash receipts
  • The accounts payable would be great if there were more paperless automation features
  • The budgeting module could be improved with more reports
  • It would be great if you could easily attach documents to the non cloud version
MIP Fund Accounting is useful for recording various accounting transactions, but the visual design of the system is not the most user friendly.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
Budgeting, posting/importing journal entries, approving transactions, reviewing transactions, allocations, and lots of reporting. The reporting is typically custom financial reports, transactions details, trial balances, and some year-end reports. In the Budgeting module, I import and pull reports. My main roles are reporting and budgeting, so most of my activity is in pursuit of those things.
  • Budget interface is pretty easy to use
  • Training offered is great
  • Helpdesk is responsive
  • Drill down ability is not where it could be
  • The budget template wizard does not allow a default user set up so you have to click through and make selections on each screen
  • Would like to see more integration of budget and financial reporting (or learn how to see)
I have a background in using SAP, so I have a lot of experience with that product. While SAP established some of my expectations, that is a much more expensive product that isn't necessarily suited for a smaller business or non-profit. For the smaller, non-profit environment, MIP works quite well. So I would definitely recommend the product for a similar environment.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
MIP Fund Accounting tracks all income sources and funds associated with them. It keeps things simplified with the various fields for funds and departments codes. In a non-profit organization this is critical. The reporting options are flexible which allows me to design new reports quickly and produce the info requested on short notice.
  • ability to design my own reports easily
  • various options in check writing
  • payroll module easy to use with lots of flexibility
  • help mode is great!
  • would like the ability to drill down directly from the reports
  • would like to print GL reports without fund code detail
  • quick training available for new users
It is a great program when a lot of detail is required for each transaction. It can be complicated if that extra detail is not needed though. I appreciate the various modules that are offered. Currently we don't use the cloud based platform although I expect that is in our future.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use MIP Fund Accounting for all financial accounting and reporting. We also use the software to compare our actual financial results to budgeted amounts for over 50 budgeted operating cost centers. The product addresses accounting and reporting for multiple grants and across multiple reporting periods which we did before only through Microsoft Excel.
  • Report generation and customization
  • Combining various reporting entities and excluding any that need to be
  • Allowing for drilling down to the transaction level
  • Forecasting functionality is very limited since you cannot forecast by GL code or expense account code at different percentages or amounts
  • Budgeting is not available as a tool for developing the budget only reporting
  • More options with allocations would allow for varying percentages based on different expense account codes for a cost center
MIP Fund Accounting is well suited for financial reporting at a detailed level with flexibility in report formats; combining various reporting units and reporting grants across multiple time periods. Budget development is not a feature of the software which could use the previous budgets as what-if scenarios to begin a new budgeting process.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Our usage of MIP entitles many aspects but the one aspect we prioritize is tracking expenses and revenue. We receive numerous grants from governmental entities and other nonprofits, so keeping track of how expenses/revenue are coded is always a top priority. MIP allows you to be as detailed as you want. This can range from funding source to program/department.
  • Ability to run reports with as much detail as you want
  • Send out ACH payments through the AP module
  • Ability to import files for journal entries
  • In order "delete" a journal entry, you have to reverse the original entry (extra step)
Importing our payroll allocation from an Excel spreadsheet is very efficient Most of our staff are allocated to different programs/grants, so using distribution codes is very helpful In MIP, you can't just go into a posted journal entry and make a revision. You have to reverse it and re-enter it correctly. Initially, this seems a bit tedious, but you get accustomed to it with time.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We have been using MIP Fund Accounting since 2016. It was a significant upgrade from our old system Blackbaud Fundware. MIP Fund accounting has provided us with a lot of flexibility and efficiency in reporting, cost tracking and budget controls, bank reconciliation, accounts payable/receivable, and general ledger analysis. The program has several features for creating custom reports, setting organizational preferences and restrictions to enhance control and reduce errors. Overall we are satisfied with our upgrade to MIP fund accounting.
  • Financial Reporting
  • Interface with Microix AR AP and budgeting
  • System setup and controls
  • System for payrolls with complicated union contracts
  • Integrate purchase order/encumbrance in the AP system
  • Attachments features to upload back up documentation
  • Dashboards for graphic presentation of Financial reports
MIP works well for not-for-profit or governmental accounting, with a focus on fund accounting and budget controls. The system allows to track costs and generate reports at various levels of authority, including fund, cost unit, program, object-level reporting. The system also allows soft closing without having to do actual year-end closing of the books.
Dawn Clark | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
I spend most of my time in the HR module, but also use the accounting software as necessary. Obviously, accounting and finance spend more time in that portion than I do. HR uses the system for payroll, employee information, and reporting.
  • Tracks the grant funds well
  • Has a very good reporting system
  • Easy for a new person to learn, because it is pretty intuitive for the most part
  • The Query function would be better if you could query multiple databases at the same time.
  • Occasionally there are glitches that lose or replace some information - it's not often though
  • More standard reports could be added, especially in the HR module
It's wonderful for a not-for-profit because it does such a great job of tracking grant spending. This saves countless hours of spreadsheet work.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use it for our general ledger systems - accounting, accounts payable, fixed assets, budgeting, grants management, cash receipts posting. We also use the bank reconciliation module for bank reconciliations. We have 10 users using various modules in the MIP Fund Accounting systems. We have also included our subsidiary company and consolidated the monthly financial statements. We are planning to include the payroll systems and automate postings to the general ledger. Currently, we are using Excel spreadsheets to prepare journals for posting to the general ledger.
  • Accounting - monthly reports are generally easy to produce
  • Fixed assets module integration with the general ledger
  • General ledger postings
  • Budgeting module could be improved to make it easier
Fixed assets module Accounting module and integration with the general ledger
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We use MIP for our GL, AR, AP, and Depreciation. Our past software had been used for over two decades and while easy to use, it was limited in how we could pull data from the system to use. MIP is a true fund accounting software. The reporting features are wonderful and fully customizable. Further, the data can be pulled directly into Excel for further analysis. I have not used MIP Fund Accounting very long, however, it is easy to pick up. Like any new software, I recommend taking advantage of the training that is offered. After completing the training the software becomes very intuitive and easy to use.
  • Developing reports with the data you need in a useful format.
  • Drill down features
  • Easy to follow step progression for AP and AR clerks to follow
  • Help menu's are very helpful and easy to find what you need
  • Report Manager from the left side menus is cumbersome to navigate
Transitioning to new software is never easy. However, this transition was well worth the pain for what we have gained in data usability.
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