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Sage MIP Fund Accounting Joins the Sage Development Partner Program
Sage MIP Fund Accounting Joins the Sage Development Partner Program
Sage MIP Fund Accounting has always been a powerful tool for managing your nonprofit or government agency’s finances with accountability and transparency. One of the benefits of being a Sage Nonprofit Solutions customer is the growing selection of development partner solutions available through the Sage Development Partner program. These solutions will help you integrate with your other operational processes such as purchase order approval processes and billing management.
Sage Nonprofit Solutions offers both Gold and Silver level solutions to meet the diversified needs of our customers. Here are a few examples of the growing selection of Sage MIP Fund Accounting Development Partner Solutions. Please visit the Sage Partner Solution Source for Sage MIP Fund Accounting frequently to find the latest available solutions.
Gold level:
Microix
Microix delivers work flow management for Requisition/Purchase Order process and Budget process. Their modules are seamlessly integrated with relevant Sage MIP Fund Accounting modules.
Continental Utility Solutions
Continental Utility Solutions, Inc., (CUSI) has been developing and servicing Customer Information Systems, Utility Billing Applications and Financial Software Systems since 1984. The CUSI Team has extensive knowledge and experience focused in the public sector, particularly water, sewer, natural gas, and power utilities.
TeamNFP
TeamNFP is an experienced provider of Sage MIP Fund Accounting add-on products and services. They provide many add-on products in general ledger and payroll areas that increase the value of your investment in Sage MIP Fund Accounting.
Silver level:
JAG products
Developed by mental health clinicians and administrators, the ClinicTracker product suite provides comprehensive management and EHR for behavioral healthcare agencies that provide mental health, chemical dependence, family, and home care services.
Paperless Environments
Paperless Environments provides Imaging and Workflow Automation (IWA) solutions that reduce waste and expense while improving operational efficiency. Their solutions integrate electronic versions of paper documents and other types of digital information with Sage MIP Fund Accounting software.
Please visit the Sage Partner Solution Source or contact your Business Partner or Sage Customer Account Manager for more information about purchasing add-on solutions.
What's New with Sage MIP Fund Accounting: Form W-2G
New with version 10.2 and the 4th Quarter Aatrix tax update, you will be able to produce a 1099/W-2G to record gambling winnings.
While this new function is critical for tribal governments with comprehensive casino operations, it is also important for nonprofits capitalizing on raffles and prize drawings as part of their fundraising activities.
There are several important factors regarding nonprofits obligations when reporting prize winnings:
Non-profit’s Obligation to Report Prize Income. The prizes are taxable income to the winners so the non-profit must ensure it properly reports the raffle prizes to the I.R.S. Generally, raffle prizes must be reported on Form W-2G with a copy to the winner if a) the amount paid, reduced by the amount the person paid for the chance to win a prize, is $600 or more; and b) the payout is at least 300 times the amount of the wager.
Non-profit’s Obligation to Withhold from Prize Income. If the fair market value of winnings amount to more than $5,000, the non-profit must withhold taxes from the winnings and report this amount to the I.R.S. on Form W-2G. The non-profit is liable for any tax it fails to correctly withhold.Source = http://charitylawyerblog.com/2009/10/07/charity-raffles-tread-carefully/
While it is labeled a W-2 by the Internal Revenue Service, Sage MIP Fund Accounting actually produces the form through the Vendor 1099 process, rather than Payroll where other W-2s are created.
The form operates a bit differently than the regular 1099s. The main difference is that this form is designed to be given to the recipient each time they have gambling winnings for the amount of those individual winnings rather than the sum of all payments at the end of the year.
Setting up a 1099/W-2G Vendor
In order to record W-2G information into the system, you will first have to set the winner up as a Vendor in the MIP System. This is done under Maintain Vendors. The vendor would be set up like any individual with the exception of the 1099 Information Tab, where you would choose the default form type as W-2G.
Entering Transactions
Since it may not be practical or desirable to have a copy of Sage MIP Fund Accounting running at the location of the actual payout, it is designed with the expectation that actual transactions will be entered as cash disbursements. W-2G amounts are entered with transactions that affect a cash account and are coded to a W-2G box.
Producing the W-2G
Producing the W-2G form is as easy as all your other tax processing through Aatrix. Go to Accounting>Activities>Produce Vendor 1099’s, select Form Type- New and the 2009 1099-W-2G form, and follow the wizard!
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