Financial ApplicationIES Financial Main Functionalities

• The financial interface provides functionalities required to administer the agency and general accounts for both non-life and life.
1. General Ledger
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- The general ledger accounts can be charted, classified and maintained. The budget details (up to two years) for all revenue and expense accounts can be maintained.
- Reporting Sub-Ledgers can be created for suppliers, vendors, and other creditors.
- All sub-ledgers report to the general ledger directly through the default ledger account maintenance interface.
- Adjustment journals posted within the GL will automatically apply to any related sub-ledgers.
- All subsystems (e.g. Agency Production/ Revenue, Payroll details, etc.) can automatically update the GL at period intervals.
- Any accounting period can be accessed by users for the purpose of posting as long as such a period has not been marked as closed by management. For enquiries/ reports all accounting periods can be accessed at any time.
- The set-up facilities enable the system generate reports up to the Cash flow and Balance Sheet level.
2. Agency Accounting
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- Account details can be maintained, and the agency classified into agents, brokers, insurance companies, re-insurance companies, etc.
- The commission class applicable to each account can be indicated, for the policy maintenance to apply when premiums are posted.
- Details of VAT and other deductions can be setup for application against commissions/policies.
- Receipts, Commissions and other Payment details can be posted against accounts and debit/credit documents.
- Unallocated cash can later be matched against appropriate documents.
- Credit notes may be raised against owed amounts such as cheque requisitions and outstanding commissions.
3. Cash Management
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- Details of banks used by the company can be maintained as standard records for reference during payments and lodgment postings.
- Cashbook details can be reconciled against actual bank balances based on bank statements. Postings of charges and interests can be done.
Un-reconciled items (e.g. un-presented cheques, un-credited lodgments, etc.) will be continuously carried until cleared. - Direct lodgments to banks by customers can be related to the appropriate accounts (within the General Ledger and Sub-Accounts).
- Payments can be made on-line and processed based on the method used (e.g. credit cards, direct bank lodgments, etc.).
- Daily cash position of the company is available for enquiries and reports.
- Where required, interface to MICR machines can be implemented for the printing of cheques directly from the system.
4. Fixed Assets
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- A Register can be kept for assets and their details.
- Related activities on each asset such as vendor, maintenance contracts, and allocation can be kept.
- Assets can be depreciated automatically on monthly, quarterly or yearly basis, and updated to GL instantly.
- Assets will be disposed automatically when receipts are posted in respect of asset sales.
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5. Investments
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- An investment register can be maintained for all portfolios and grouped into various classes.
- Each investment can be tracked automatically or manually.
- Return on Investment (ROI) can be generated or posted.
- Taxes. Commission and fees can also be applied.
- All postings update the GL directly.
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6. Stock Inventory
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- Details of inventory items can be maintained.
- Each item’s stock, reorder, minimum, and maximum levels can be tracked and monitored.
- Orders and supplies can be tracked and used to automatically update the stock position of appropriate items.
- All postings update the GL directly.
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