Based on accounting team meeting on Dec 6, members of community decided to pursue building in basic accounting functionalities. This will satisfy majority of requirements of small MFIs; more sophisticated accounting needs will be met through deeper integration through an improved accounting bridge with Mifos.
Simple Accounting Functionalities to be built in Mifos:
- User interface to enter general debit/credit transactions (expenses, etc.)
- Simple financial reports.
Integration with other accounting software is not very useful, especially with MFIs which has branches or associations with many MFI s.
What is needed to have Balance Sheet and Income Statement in Mifos?
In my case we just need other non operational expenses: 2-3 transactions + 1 additional account (which I can add myself).
All accounting localization (i.e. amortization, fixed assets, salary, taxation forms) of course will be very difficult to implement , but can we add 2-3 accounts and GL journal ( simple mechanism: DEBIT , CREDIT, AMOUNT, DESCRIPTION or DB, AMOUNT, DESCRIPTION | CR, AMOUNT DESCRIPTION if it community will decide to have a single entry system).
I have heard that someone is working on accounting module. Any chance to see demo, plan, road map or any other docs?