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Why we need accounting integration with Mifos?
- Mifos is a financial software which is used by Micro Finance Institutes (MFI), every . Every financial (even non-financial) institute have has the responsibility of maintaining accounting information for various purposes (eg. Auditing). For maintaining this accounting information, these institutes use an accounting software (in most of the cases), Mifos maintains transactions which can be converted into accounting information. Most of the MFIs do the Mifos transactions to accounting information conversion manually or using by using a home grown solution (scripting), There is no automated . Currently, there is not an automated way to transform transfer transaction information from Mifos to an accounting software.
Why not just build accounting in into Mifos?
- MFI has have other various other kinds types of operations and accounting information apart from Mifos transactions, however Mifos can only provide accounting information related to Mifos only. Also, and Mifos can (should) not replace and accounting software required by an institute. In many place (countries) these institutes uses Accounting software many different countries accounting software is used to show reliability of their accounting data and external . External Auditors are also more familiar with the known accounting software and consider those the software as standard. Due to the reason explained, MFI still have to transfer accounting information from Mifos to their accounting information tracked by Mifos to their accounting software.
Setting up Tally ERP 9 for Mifos Accounting Integration.
Every Accounting Systems System has a "Chart of Account" (COA). Mifos also maintains financial transaction mapped to a COA.
Mifos COA can be configured and configured to match your Accounting System.
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