MIP Fund Accounting® Training
General Ledger Setup training for MIP Fund Accounting® will show how to add and maintain various accounts in the system. First, it will go over each GL account type in the system and what each means. Next, it will go into depth about adding new accounts to the chart of accounts. Lastly, it will teach you how to set up and maintain distribution codes, offset account assignments, and closing account assignments.
GLS 01: Understanding General Ledger Account Types
GLS 10: Adding New Accounts To the Chart of Accounts
GLS 20: Setting Up and Maintaining Distribution Codes
GLS 40: Setting Up and Maintaining Offset Account Assignments
GLS 50: Setting Up and Maintaining Closing Account Assignments
GLS 01: Understanding General Ledger Account Types - Training Video
GLS 01: Understanding General Ledger Account Types - QUIZ
GLS 10: Adding New Accounts to the Chart of Accounts
GLS 20: Setting Up and Maintaining Distribution Codes - Training Video
GLS 40: Setting Up and Maintaining Offset Account Assignments - Training Video
GLS 40: Setting Up and Maintaining Offset Account Assignments - QUIZ
GLS 50: Setting Up and Maintaining Closing Account Assignments - Training Video
This MIP Fund Accounting training module focuses on General Ledger Setup, which is where you build the structure that everything else relies on. If account types are misused or the chart of accounts grows without rules, reporting gets noisy fast and routine work like coding transactions becomes harder than it should be.
The module starts with GL account types, explaining what each type represents inside MIP and why it matters for classification and reporting. Understanding those types upfront helps prevent common setup problems like mapping accounts into the wrong section of a financial statement or creating accounts that technically work but produce confusing rollups later.
From there, the training moves into adding and maintaining accounts in the chart of accounts. You will learn how to search for existing accounts before creating new ones, use the account setup wizard to enter new accounts, and select the right account type when assigning the GL segment. The module also covers how to mirror a new account from an existing one, which is a practical way to maintain consistency across similar accounts and reduce setup time.
You will also work with distribution codes, including what they are, how to create and maintain them, and how to use them to standardize coding. This is useful when you want similar transactions to post the same way every time, especially across multiple staff members or departments, because it reduces manual entry and helps prevent inconsistent expense distribution.
The module finishes with offset and closing account assignments. Offset accounts can automate balancing behavior in certain transaction workflows, which lowers the chance of entries being left out of balance. Closing accounts support year-end close by defining where balances move when you close a fiscal year, so your next year opens cleanly and reports stay aligned with your organization’s structure.
This training is designed for accounting and finance staff who maintain the chart of accounts and want a setup that supports cleaner reporting, faster coding, and fewer downstream corrections.
