Learn how to perform a month end close in MIP
The software performs a simulated close, making a hard close each month unnecessary. A hard close is typically completed at the end of each fiscal year to close Revenue and Expense accounts into Net Assets. The beginning balances are then brought forward to the next open fiscal year.
The following information will provide an overview on how to set up the Entry Dates table and use it to your advantage when closing month in MIP.
The Entry Data table allows you to define the period that users will have the ability to book entries. If you are not familiar with this table, it can be found in the following location (Organization > Organization Preferences).
The table below will prevent users form booking any transactions prior to the date entered (soft close).
You also have the flexibility to change this date by transaction type. (For example, a user might leave journal entries open for a longer period while closing a month in comparison to invoice entry.) The most common use is to update this table on a monthly basis to prevent financial statement changes once they have been issued to the board.
Classic Interface
Quick Tip: Use the F5 and F6 keys to copy down dates from one transaction source to another.
Modern Interface
The modern interface allows you to update dates from multiple transaction sources at once. Select the transaction sources that will have the same dates and press the Modify Dates button.
The following window opens, and you may enter the various dates for the transaction sources selected.
Both interfaces will provide messages prohibiting entries with dates prior to the date in the Prohibit Prior To column. Similarly, this message will be presented if any date is after the date in the Prohibit After column.
If the previous month is considered closed, this is how you will prevent all users from booking an entry in that period.
Classic Interface
Modern Interface
If your organization allows for entries to be posted in a closed month, the Warn Prior To and Warn After dates will provide a warning message to the user. This will allow you to book any reversals, corrections, or accruals but the user will be asked to verify the date entered.
Classic Interface
Modern Interface
If you are curious about other features of the modern interface or want to explore converting to the MIP cloud, contact us today at 260.423.2414.
Register for our MIP Fund Accounting newsletter today!
Copyright 2025 DWD Technology Group | All rights reserved. This article content may not be reproduced (in whole or in part), displayed, modified or distributed without express permission from the copyright holder.
About the Author: Luc Lothamer, CPA
