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- Sage MIP Fund Accounting
Sage MIP Fund Accounting is the financial management solution preferred by value-conscious nonprofit and government organizations.
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Solutions to meet every nonprofit's needs and budget. From small, single-user environments to the largest organizations, Sage Fundraising helps nonprofits thrive and grow.
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Entering and Applying Pre-Payments with Sage MIP Fund Accounting:
By Camille Livsey
Sage MIP Fund Accounting is
one of the few software
packages geared toward nonprofit
accounting that allows an
organization to record prepayments
without a journal
entry.
Following is an explanation of
the set-up and 3-step process
needed to apply the
prepayment and wash the
appropriate AR accounts:
Set Up
- To use a separate AR
account (or deferred revenue
account) for prepayments
you must go to:
- Administration
- Module Setup
- Set Up A/R
- Designate the AR account to
use for pre-payments
- Designate the distribution
code you want to use for
pre - payments . Any
balancing segments in your
organization must be
included in the Distribution
Code used for prepayments.
Process
- Enter the prepayment
through AR Receipts,
choosing “prepayment.”
After you enter the deposit
number and select
prepayment, the distribution
code populates the invoice
line. Choose “offset” to get
the invoice number to read
“prepayment” in second
line.
- Enter the invoice, mak ing
sure that the charge code
for the invoice uses the same
balancing segments used in
Set Up A/R when setting up
the distribution code.
- To apply the prepayment,
go to AR Receipts, Choose
Prepayment and the invoice
to apply it to. Then choose
“Offset” again.
More Sage MIP Tricks & Tips
Call us at 860.524.4400
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