Session, document, effective, due–which date actually matters? – MCG’s MIPster the Tipster™

MIPster the Tipster: Make Sense of MIP Dates in One Go

Hello friends. Dates in MIP can look alike but they do different jobs. The Session Date is when you created the session. It appears on posted transaction reports and helps you track entry, but it does not change your financials. The Document Date is what is printed on the paper, like a check date. It drives bank reconciliations, payroll reports, and sometimes aging, but it does not decide when dollars hit your statements. The Effective Date is the accounting date. This controls when a transaction hits the general ledger and what reporting period it belongs to. Most financial and GL reports read this date. The Due Date is for payables and receivables. It controls when invoices are due, when discounts apply, and when aging begins. It does not affect the GL.

Here is the tip. Use Session Date for tracking entry, Document Date for checks and reconciliations, Effective Date for financial reporting, and Due Date for aging. Get these right and your reports stay accurate and consistent.