Home > Introduction > Processes > Generating and Recording Client and Product Accounting
All financial movements at a Membership or Product level are recorded as actual accounting transactions. At various stages in the batch processes accounting activities are created. From these accounting activities, business transactions are generated according to the rules defined for the Product. Any number of business transactions can be defined for each Accounting Activity. Each business transaction generates an accounting transaction to debit a specified account and an accounting transaction to credit a specified account. The debit and credit transactions are defined when creating an Accounting Rule Set which is linked to one or more Products.
The following accounts are used to record Membership accounting transactions:
- Deposit Account
- Contribution Account
- Investment Account
- Unitised Investment Account
- Benefit Payment Account.
The Member Deposit Account effectively represents a Bank Account for the Member and facilitates double entry accounting. As a result the Members’ accounts are maintained in balance at all times.
The Product Accounting transactions are a summary of the Member transactions and therefore there is never an imbalance between the Product Accounts and the total of the Member Accounts.
All enquiries on financial movements are views of the accounting transactions and are provided using predefined retrieval accounting activities. A basic set of retrieval accounting activities must be created to support these standard enquiries. Any number of additional retrieval accounting enquiries can be created to display accounting transactions or accounting balances via a general accounting transaction or balance list.