Nonprofit News

Set Up for Tracking COVID-19 Related Revenue and Expenses in MIP

In preparation for the receipt of COVID-19 related revenue and expenses, consider setting up a new segment account code using the MIP Chart of Accounts Wizard. Choose a segment, for example FundSource, Program, etc., to which you will create a new account. During data entry, use that new account code to track your revenue and/or expenses that specifically relate to COVID-19.

Chart of Accounts Wizard

To access the COA Wizard in MIP Classic, from the Taskbar Menu dropdown go to Maintain>Chart of Accounts and click the New button in the lower right.

  1. In the upper left corner, click on the Wizard icon Wizard Icon
  2. Select your segment from the dropdown and click Next
  3. Enter the new Code, Title and Short Title and click Next
    COVID-19 Chart of accounts wizard

  4. Both Designation and Form 990 may be required depending upon the selected segment. You will have the option to set them both to N/A if you prefer, or, select the most appropriate option. Click Next.

    MIP Chart of Accounts Wizard

  5. The most important step happens now! When prompted “What is the model account you would like to use?”, be sure to make a selection from the dropdown. For a non-GL segment, you will at a minimum want to checkmark Account Code Combinations and Report Group Assignments if those features are used by your organization in MIP. Click Next.

    Chart of Accounts Wizard

  6. MIP will display the Account Code Combinations and the Report Group assignments. Click Finish.


You are now ready to use your new account code to track COVID-19 related revenue and expenses.