The system provides a flexible accounting infrastructure. All financial movements are recorded at a Member level as actual accounting transactions and can only be changed by the processing of another accounting transaction. In this way strict accounting disciplines are applied at a Member and Product level.
The accounting infrastructure enables the Administrator to set up the accounting according to the requirements of each Product with any number of accounts and reserves. By the creation of Accounting Rule Sets, any number of Products can use the account structure set-up of another Product.
A base rule set is supplied with the System, which can be used as is or amended to suit specific requirements.
An Accounting Rule Set contains a set of accounting activities associated with a Business Process. For each Accounting Activity, any number of business transactions can be created. Each business transaction consists of a debit account and a credit account selected from a list of accounts captured for each Accounting Rule Set. Accounting activities are defined as either create activities which are used to generate accounting transactions, or retrieval activities which are used to retrieve accounting transactions that have already been created.
An Accounting Activity can also be defined as a money movement which will result in an electronic Funds transfer (EFT) being generated. For these, EFT rules must be captured, i.e. both “from” and “to” Bank Account details.
Accounting activities may also be defined to allow manually initiated transactions, which means that they can be used in the capture of on-line accounting transactions (see below).
A minimum defined set of accounting activities and business transactions must be captured for the various processes to execute successfully, as these accounting activities are used in various processes.
Pre-defined accounting transactions (accounting activities defined as manually initiated) can be captured and authorised on-line. These can also generate money movements by Electronic Fund Transfer or Cheque and can be used e.g. for the payment of Scheme Expenses, transfer of money to Asset Managers, etc.
Enquiries are available on all accounting transactions at a Member or Product level which can be grouped by Income Type or Investment Portfolio. Accounting transactions can be requested for a specified period or balances viewed as at a specified date.
Maintenance of financial period calendar
Opening and closing financial periods.
Trial balance
Production of monthly trial balance reports.
Bank reconciliation
Capture of bank statement transactions, automatic reconciliation, manual reconciliation of un-reconciled items and reporting of un-reconciled items.