Sage Software today announced general availability of Sage MIP Fund Accounting, version 8.0, the latest version of its award-winning accounting software for nonprofit financial management. The updated product features new receiving functionality, additional purchase order controls, and three new seamlessly integrated modules: Multicurrency, Inventory Control, and Sales Order Entry. All enhancements were made to further help nonprofit organizations of all sizes plan and manage budgets, maximize grants, and produce accurate, customized reports in minutes.“Charitable organizations continue to be under increased pressure to strengthen their organizational transparency, governance, and accountability,” said Marc Griffin, senior vice president and general manager for Nonprofit Solutions at Sage Software. “Version 8.0 helps nonprofits meet reporting requirements and demonstrate accountability by providing a true fund accounting software system with strong functionality. The exciting new optional modules for multicurrency, inventory control, and sales order entry were added in direct response to user requests and feedback.”
New Features
The new receiving functionality for purchase orders helps Sage MIP Fund Accounting users further strengthen internal control and audit procedures by allowing them to stay on top of orders with tracking reports. Likewise, additional purchase order controls built into version 8.0 make purchase order monitoring even easier, while improved integration with the Accounts Payable module provides additional control over tracking and compliance. Added default purchase order reports that assist in tracking cancellations and adjustments, as well as receipts, will help nonprofits better manage the purchasing cycle.
“The Sage MIP Fund Accounting solution gets more robust with each release," said Timothy Straub, IT manager with Tait, Weller & Baker LLP, auditors for ORBIS International, a leader in blindness prevention and sight restoration through its country-based programs and flying eye hospital, and a Sage MIP Fund Accounting customer. "Adding the FASB 52-compliant Multicurrency module in version 8.0 is proof that Sage Software responds to the needs of its customers.”
The new Multicurrency module allows nonprofits to maintain a virtually unlimited number of active currencies, rates, and rate types to create and process transactions. Complying with financial reporting regulation FASB 52, the Multicurrency module makes it easy for Sage MIP Fund Accounting customers to maintain exchange rates and to enter invoices in any currency, and then pay in their home or functional currency. The module also automatically recognizes any gain or loss due to exchange rate fluctuations at time of invoice payment or receipt.
The new Inventory Control module helps Sage MIP Fund Accounting users easily manage inventory levels through automated receiving, returns, manual adjustments, and other time-saving features. Operating in compliance with GAAP and other requirements regarding inventory valuation, the module allows customers to maintain absolute inventory control with new default inventory reports, giving them detailed visibility into their inventory positions and activities, including “up-to-the-minute” item availability.
The new Sales Order Entry module seamlessly integrates with the Inventory Control and Accounts Receivable modules, providing a total sales order entry package. This module also provides GAAP-compliant revenue management for sales of inventory items, as well as the ability to quickly receive comprehensive insight into sales history and activities with new default Sales Order Entry reports.
Sage MIP Fund Accounting recently received a coveted 2005 Campbell Award from Campbell Rinker for its exceptional ratings in the Nonprofit Accounting Software Survey, a nationwide survey of accounting software users. Version 8.0 of the product is available now from Sage Software and its certified business partners. For more information about the product or Sage Fundraising solutions, visit www.sagenonprofit.com or call 800–647–3863.
