McGovern Consulting Group

In the Accounts Receivable Invoice (ARI) training for MIP Fund Accounting, participants will learn the intricacies of entering invoices into the system correctly, an essential skill for ensuring effective accounts receivable management. This segment of the training provides detailed guidance on each step of the invoice entry process, ensuring that all financial transactions are accurately recorded and managed.

The course begins with ARI 01: Accounts Receivable Invoice Entry, where you will be guided on how to efficiently utilize the session information screen. This initial step is crucial as it sets the foundation for the invoice details to be entered correctly and ensures that all session data is properly recorded for tracking and reporting purposes.

Next, you will learn the appropriate practices for filling out the invoice number field. This involves understanding the system's numbering conventions or setting up a custom invoice numbering system that meets your organization's needs. Proper invoice numbering is vital for maintaining an organized record of receivables and ensuring easy access to specific transactions when needed.

The training also covers how to correctly code the revenue line. This step is critical for ensuring that revenue is accurately reported and categorized in your financial statements. Correct coding helps maintain consistency, aids in budget tracking, and ensures compliance with accounting standards.

Additionally, participants will learn what to enter in the transaction description field. This includes detailing the nature of the transaction, which enhances clarity for bookkeeping and provides essential information during audits or financial reviews.

Finally, the course teaches how to run an unposted transaction report and post the session. This process is key to verifying that all entries are correct before they are finalized in the system. It ensures that any errors can be identified and corrected and that all transactions are accurately reflected in your financial records.

This training segment is essential for anyone responsible for managing accounts receivable in MIP Fund Accounting, providing them with the knowledge and skills needed to perform accurate and efficient invoice entries, ultimately contributing to the financial health and accountability of their organization.