What’s New in Abila Fund Accounting 2014?

fund accountingIt is important to stay current with your software in order to not only take advantage of improvements, but to stay compliant with the ever changing tax laws as well. Abila MIP Fund Accounting has recently released a couple of updates you may be interested in that we wanted to share with you…

Abila MIP Fund Accounting is committed to providing the tools that nonprofit organizations rely on to continue to effectively support their cause. As a true fund accounting solution, Abila MIP enables nonprofits to report and track the information that is the most important to you, your board, your donors, and your funders. From keeping all transactions, reports, and budgets organized; to offering a mobile app that allows your staff members to quickly find important information, not to mention a streamlined auditing process – you have everything you need right at your fingertips.

There have been three recent updates to MIP Fund Accounting in which they have made a number of enhancements to strengthen both the product as well as the end user experience. These updates inclusive through version 2014.4. And watch for version 2014.5 this spring with additional strengthening of MIP. ” You will find that enhancements have been made in everything from accounts payable, accounts receivable and billing, to the mobile app and tax formulas. All in all, you will find exactly what you need to improve system, reporting, and tax performance in 2014.

Abila MIP Version 2014

Mobile APP Enhancements Include:

  • On-premise users can initiate a back of their MIP database directly from their mobile device.
  • Hosted MIP users can now view logs of recent backups of their MIP database.
  • Updated interactive reports:
  • Giving users the ability to view custom report formats for the Balance Sheet and Statement of Revenues and Expenditures.
  • Enabling users to review their Balance Sheet and Statement of Revenues and Expenditures with drill down functionality.
  • Allowing recipients to view interactive reports on a mobile device, or export it to an Excel or PDF format to share with others.
  • Enabling users to review their General Ledger Analysis reports on a mobile device or in Excel.

Accounts Receivable and Billing Enhancements Include:

  • An updated and streamlined prepayment process.
  • Prepayments will now be made in Accounts Receivable Receipts, instead of the former Accounts Receivable Credits.
  • There have been some updates to reports such as: calculated finance charges, and calculated invoices.
  • A new prepayment Transaction Source Code to be used with distribution codes.
  • Accounts Payable Enhancements Include:
  • Changes enabling users to reverse the voids of individual items in a voided batch, and edit an unposted batch, accessing the session if a check is voided by mistake.

Abila MIP Version 2014.1
Version 2014.1 includes a tax release which has updated federal withholding tables that will be effective for the 2014 calendar year. Examples of changes include:

  • The increase of the Social Security wage base to $117,000.
  • An increase of the nonresident alien salary.
  • Updated tables for the withholding allowance and the percentage method income tax.
  • It also includes changes for state withholding tax formulas for California, Rhode Island, New Mexico, Minnesota, Maine, Kentucky, North Carolina, New York, Connecticut, Delaware, Kansas, and Maine.

Abila MIP Version 2014.3

  • Version 2014.3 includes updates to state withholding tables for the remaining states including: Oregon, Oklahoma, North Dakota, Illinois, Michigan, Massachusetts, Puerto Rico, and Vermont.

If you have any questions regarding the recent enhancements to Abila MIP Fund Accounting, or would like to speak with us regarding when the best time might be to perform these updates, please contact us today. We would be happy to hear from you and help you make the best plan for your organization.