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The IP516 / IP816 is a multipurpose 8 stereo (or mono) input module.
It can be used as effects or groups returns, or for any stereo or mono source.

Bal / Pan
The Bal / Pan pot functions as balance when the input is stereo, or pan when the input is mono.

[Mono]
As standard, each channel is stereo.
When the mono switch is activated only the left input is used, and gets routed to both Left and Right outputs.

[Mstr1] switch sends the output to Stereo Master 1 bus
[Mstr2] switch sends the output to Stereo Master 2 bus

Both master outputs can be used at the same time.

[Mute] switch kills the signal on the channel

The
IP516 and IP816 are identical in use.
The difference between both modules is the position in the console.
The
IP516 is positioned above the main master section (IP701), taking up the space of 8 slots for 500 series modules.
The
IP816 is positioned below the main master section (IP701), taking up the space for keyboard / mouse.