Reporting life saver!
December 21, 2016
Reporting life saver!
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with Abila MIP Fund Accounting
MIP Fund Accounting is used in our accounting department and is incredibly useful in capturing financial data and in reporting. We must report on multiple grants to different regulatory agencies and this software allows us to record costs at many different levels from the grant, the grant year and grantor prescribed cost categories, while still sharing GL codes and employee/participant codes that may be applicable to any grant.
- Custom reporting options that are easy to use
- Ability to track costs at a very detailed level, far beyond just a grant and general ledger account code
- Ability to report on grants that have differing beginning and ending grant dates
- Ease in creating reports that are used for audits
- Ability to track expenses for participants on our social programs
- It's expensive to change or add reporting segments.
- Account codes, specifically Cash accounts, don't have a place in the setup to include the (bank) account number.
- Payroll liabilities are accrued in PR, but when transferred to accounting they just go to the liability GL account rather than creating the Accounts Payable to the vendor. For instance, I would like to see state withholdings transferred over to a payable to the designated vendor rather than having to separately record the AP which removes it from state withholding payable to Accounts Payable. This additional entry is room for error.
- Once you set up your frequently used reports, you save much time in pulling routine information; this is especially useful when you have stakeholders asking for information 'on the spot'.
- Different awards/grants require different reporting categories and MIP Fund Accounting makes it easy to customize your reporting for each award/grant to match the prescribed budget categories. Giving your grantors information in 'their language' is incredible goodwill.
We receive funds from various federal and state agencies and MIP fund accounting makes it possible for us to track costs per grant. Some of our grants are renewable so we keep the 'Fund' number the same and code costs to a 'Year' segment so that we know which 'pot of money' expenses have been paid from. This is very important when auditing and it makes our lives so much easier. This software has allowed me to write a report for our SEFA (Schedule of Expenditures of Federal Awards) which is one of the first steps to beginning an annual audit.