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Current User of Modern and Classic MIP
February 15, 2024

Current User of Modern and Classic MIP

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Software Version

MIP Cloud

Overall Satisfaction with MIP Fund Accounting

MIP Fund Accounting is our Accounting system for 5 different funds. We use the GL and AP modules, with plans to use Fixed Assets and AR modules in the very near future. We have a third party payroll vendor, but have been able to use the Import feature of JEs to assist with monthly payroll activity.
  • Importing JEs
  • Importing Invoices
  • Review of TB with non-posted JEs
  • Cannot use the drill down function (in reports such as TB, FS) in Modern MIP.
  • Ability to run GL reports that have option to include check #s
  • Make report options easier to under - i.e. matching document # and document #
  • Ability to import cash receipts
  • Time saved with automated accounting processes (JEs, AP invoices)
  • Importing JEs has allowed staff accountants and CFO a combined 24 hours during month-end close.
  • Importing invoices for multiple departments has decreased errors and saved time during AP entry
  • Can use "drill" in Classic MIP to review transactions that make up TB and FS, unfortunately, that is not available in Modern MIP.
  • In Classic MIP one can open different modules, and reports and have multiple windows open. Unfortunately, this is not available in Modern MIP.
This has been very helpful, especially during audits. Auditors need to see the TB, FS, GL reporting by Fund or combined. We have HUD properties under a different fund - having the ability to enter JEs and run reports with the different fund allows for separate audits easily.
Because of the ease of use
I only used CATALYST Accounting software for a few months but thought it was very cumbersome, especially at year-end when a hard close was needed.

Do you think MIP Fund Accounting delivers good value for the price?

Yes

Are you happy with MIP Fund Accounting's feature set?

Yes

Did MIP Fund Accounting live up to sales and marketing promises?

I wasn't involved with the selection/purchase process

Did implementation of MIP Fund Accounting go as expected?

I wasn't involved with the implementation phase

Would you buy MIP Fund Accounting again?

Yes

I like the ability to run reports for one fund or multiple funds, the ability to use different checking accounts to pay invoices for different funds. The importing process has made month-end close much easier, except for the ability to import cash receipts. We have a template to import cash receipts, but it is too time-consuming to format the Excel template to allow for ease of importing.