In October 4-th, Sage Software announced general accessibility of Sage MIP Fund Accounting, version 8.0, new 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 modules: Multicurrency, Inventory Control, and Sales Order Entry. All enhancements were made to additional help nonprofit organizations of all sizes plan and supervise budgets and quickly produce accurate, customized reports.
New Features of Sage MIP Fund Accounting Software
The Sage MIP Fund Accounting solution gets more robust with each release, adding the FASB 52-compliant Multicurrency module in version 8.0 is proof that Sage Software responds to the needs of its customers.
1. The new Multicurrency module allows nonprofits to maintain a virtually unlimited number of active currencies and rate types to create and process transactions. Complying with financial reporting rule FASB 52, the Multicurrency module makes it easy for Sage MIP Fund Accounting customers to maintain exchange rates, to enter invoices in any currency, and then pay in working currency. The module also automatically recognizes any gain or loss due to exchange rate fluctuations at time of invoice payment or receipt.
2. The new receiving functionality for purchase orders helps Sage MIP Fund Accounting users to increase internal control by allowing them to stay over orders with tracking reports. Additional purchase order controls built into version 8.0 make purchase order monitoring even easier, while improved integration with the Accounts Payable module provides supplementary control over tracking. Default purchase order reports, which are added, assists in tracking cancellations and adjustments and help nonprofits better manage the purchasing cycle.
3. The new Inventory Control module helps Sage MIP Fund Accounting users easily handle inventory levels through automated returns, receiving and manual adjustments. The module, operating in agreement with GAAP and other requirements regarding inventory valuation, allows customers to maintain total inventory control with new default inventory reports, giving them full visibility into their inventory positions and activities, including "up-to-the-minute" item availability.
4. 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 complete insight into sales history and activities with new default Sales Order Entry reports.
About Sage Software
Sage Software supports the needs of more than 2.6 million small and mid-sized business customers in North America through easy-to-use software and services. Their products support accounting, human resources, time tracking, customer relationship management merchant services and the specialized needs of accounting practices and the construction, distribution, healthcare, manufacturing, nonprofit and real estate industries. Sage Software is a company of The Sage Group plc, a leading international supplier of accounting and business management software solutions and related products and services for small to mid-sized businesses. Formed in 1981, Sage was floated on the London Stock Exchange in 1989 and the Group now has 5.0 million customers and employs over 10,500 people worldwide.
The other products of Sage Software:
Peachtree Accounting Software
Simply Accounting Software