NOT ACTIVE In Development: Accounting Team

Owned by Ed Cable
Last updated: Sept 15, 2015 by Dayna Harp (Unlicensed)
2 min read

Objective

The aim of the accounting team is to ensure the Mifos users have the best in breed of portfolio management and financial management.  Currently MFIs face a major gap in financial reporting while using Mifos because Mifos lacks a built-in accounting package and no well-defined method for integration. We want to address accounting integration, basic branch-level accounting, cash management, financial reporting, and more. We aim to provide both small and large MFIs with the financial management and accounting solutions they need. For smaller MFIs who don't have an existing accounting software, we want to provide a solution that provides adequate portfolio management and accounting without having to maintain two separate systems. For those large MFIs with existing accounting softwares - the ease and flexibility of fully integrating their portfolio and financial management.

Current Priorities

Mifos X now has a fully integrated accounting module including support for cash accounting, automated portfolio posting, configurable posting rules, advanced account mappings, and basic finanical reports. The current work is focused on adding support for accrual accounting in Mifos X.

  • Accrual Accounting Support
  • Support for accounting of shares & dividends.
  • Cash and Teller Management

Past Priorities

We are currently exploring a number of accounting enhancements that were discussed in the product working group meeting. As the product working group is formalized, we'll update this list:

  • Build in Basic Accounting Functionality into Mifos: Build in UI functionality to input debit/credit transactions, simple financial reports. DONE
  • Molly Integration with Mifos: Krishnan and the Mostfit team have a built Molly, a sophisticated interface for recording and mapping transactions between the portfolio MIS and accounting software. It is robust enough to track full acccounting for a small MFI and offers the flexibility and ease of mapping transactions to enable better integration with existing accounting packagesON HOLD
    • Cash Management: SCHEDULED IN ROADMAP
    • Branch-Level Accounting: Customers like GK face a hurdle when trying to track branch-level accounting expenses with only integration of accounting at the head office level. DONE
  • Next Phase of Tally Integration: What more do Indian customers need? SEEKING VOLUNTEERS
  • Accounting Integration: Can we do a deeper integration with any open source ERP systems like OpenBravo, Adempiere to provide a fuller accounting experience.SEEKING VOLUNTEERS

See Also

Status Updates

Meeting Schedule

The date and frequency of the accounting meetings will be posted here. 

Get Involved

Want to join the team and assist with accounting? Email the team lead. Have a suggestion on how to improve accounting ? Send an email to the release team lead or log it as feature request with the label, "accounting".

Meet the Team

The Accounting Team is made up of the following community members: