FAQ
Why we need accounting integration with Mifos?
- Mifos is a financial software which is used by Micro Finance Institutes (MFI), every financial (even non-financial) institute have 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 a home grown solution (scripting), There is no automated way to transform transaction information from Mifos to an accounting software.
Why not just build accounting in Mifos?
- MFI has various other kinds of operations and accounting information apart from Mifos transactions, Mifos can provide accounting information related to Mifos only, and Mifos can (should) not replace and accounting software required by an institute. In many place (countries) these institutes uses Accounting software to show reliability of their accounting data and external Auditors are more familiar with known accounting software and consider those software as standard. Due to the reason explained, MFI still have to transfer accounting information from Mifos to their accounting software.
Setting up Tally ERP 9 for Mifos Accounting Integration.
Every Accounting Systems has a "Chart of Account" (COA). Mifos also maintains financial transaction mapped to a COA.
Mifos COA can be configured and match your Accounting System.
http://mifos.org/functional-specifications/mifos-system-setup/chart-accounts
Tally ERP 9 Setup for Mifos
- Set up branches as cost centers in Tally: Branch name in Tally should be the same in MIFOS
- Synchronize ledger/GL accounts of MIFOS and Tally: Alias of ledger account in Tally should be the same as GL account code in MIFOS
- Set up automatic numbering of vouchers in Tally
Successful setup is given as an example in these User Stories
http://mifosforge.jira.com/browse/MIFOS-3536
http://mifosforge.jira.com/browse/MIFOS-3116
Exporting Accounting Data from Mifos
Mifos 2.1 has Accounting data export capability enabled by default.
Login -> Admin tab -> Under section "Manage Imports and Exports" - > View accounting exports
The Tally XML format can be downloaded per day basis from this interface.
This XML contains vouchers that can be imported into Tally using "Tally XML Import" functionality of Tally ERP 9.