Sage MIP Fund Accounting

Reporting Dates

Report dates determine what amounts are calculated for reporting columns. Setting up the correct reporting dates is imperative to ensure correct information on reports.

Within the General Ledger reports and Financial Statements there are two sets of dates. They include the Balances Dates and the Current Period Dates. The Balances Dates include the Account Balances Begin and the Current Reporting Year Begins fields which determine the opening balances for accounts. The Current Period Dates determine what figures are reported in the actual columns within the content of the report.

The Account Balances Begin date displays the first day of the organization’s open fiscal year. The Current Reporting Year Begins date defaults to the organization’s Fiscal Year beginning date being reported within the Current Period Dates.

Reporting on the Current Year

To report on the current year, the last year closed in the software must be determined. Go to Activities> Close Fiscal Year. The last day of the open year will be illustrated. Be sure to click cancel after noting the date to avoid inadvertently closing the year.

The first day of the year will be entered into the Account Balances Begin. The first day of the dates being reported on in the Current Period Dates is entered into the Current Reporting Year Begins. This is illustrated below.

Simulating a Year End

To simulate a year end close, the year in the Fiscal Year to Close date will be earlier than the current year being reported on. The Account Balances Begin stays the same but the current year is entered in the Current Reporting Year Begins and the Current Period Dates. The message “A Year End Close will be simulated for this report” will appear below the dates, illustrated below.

Reporting on Cross Fiscal Years

Funding for nonprofits comes from many places. Grants awarded can be given in the middle of a fiscal year and have to be used in a staggered period.

For example a grant is given to an organization on October 1, 2005 and must be used within 18 months. The grantor must be reported to, this scenario is demonstrated below: