Accounting nerd's review
June 13, 2016
Accounting nerd's review
Score 5 out of 10
Vetted Review
Verified User
Overall Satisfaction with Abila MIP Fund Accounting
The finance department uses MIP Fund Accounting. It is a complex program requiring knowledge of fund accounting. Therefore, other departments do not use it. It provides a tight audit trail (no after-posting changes) and supports fund accounting transactions, accounts payable, cash disbursements and will produce FASB- and GAAP-compliant financial statements.
Pros
- Report writing is particularly good, I think. Once you get the hang of it, detailed reports for almost any purpose can be created.
- Integrated bank account reconciliation function is great!
- I like the trial balance reports: can be run by restriction or consolidated.
Cons
- Accounts Payable reports are a little lacking: if you want both expense distribution and check numbers on the same report, for example, it's a real chore.
- If you set up a credit card as a bank account (in order to reconcile it) it throws off the cash flow statement.
- There is confusion on some TB reports with lines "Current Balance" and "Opening Balance". Current balance is NOT the total balance of the account.
- We do not really see any improvement in ROI using MIP. It's an accounting program, for us, not an analysis tool.
Expense tracking is as good as the set up in your GL string. We have used segments to successfully track expenses for properties and grants, and it works great.
Looking back, I would have liked to have had another segment, so that I can track "Projects" separately from "Grants--because you can have multiple grants for one project.
Comments
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