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

    1. 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.
    2. Reporting Sub-Ledgers can be created for suppliers, vendors, and other creditors.
    3. All sub-ledgers report to the general ledger directly through the default ledger account maintenance interface.
    4. Adjustment journals posted within the GL will automatically apply to any related sub-ledgers.
    5. All subsystems (e.g. Agency Production/ Revenue, Payroll details, etc.) can automatically update the GL at period intervals.
    6. 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.
    7. The set-up facilities enable the system generate reports up to the Cash flow and Balance Sheet level.

2. Agency Accounting

    1. Account details can be maintained, and the agency classified into agents, brokers, insurance companies, re-insurance companies, etc.
    2. The commission class applicable to each account can be indicated, for the policy maintenance to apply when premiums are posted.
    3. Details of VAT and other deductions can be setup for application against commissions/policies.
    4. Receipts, Commissions and other Payment details can be posted against accounts and debit/credit documents.
    5. Unallocated cash can later be matched against appropriate documents.
    6. Credit notes may be raised against owed amounts such as cheque requisitions and outstanding commissions.

3. Cash Management

    1. Details of banks used by the company can be maintained as standard records for reference during payments and lodgment postings.
    2. 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.
    3. Direct lodgments to banks by customers can be related to the appropriate accounts (within the General Ledger and Sub-Accounts).
    4. Payments can be made on-line and processed based on the method used (e.g. credit cards, direct bank lodgments, etc.).
    5. Daily cash position of the company is available for enquiries and reports.
    6. Where required, interface to MICR machines can be implemented for the printing of cheques directly from the system.

4. Fixed Assets

        1. A Register can be kept for assets and their details.
        2. Related activities on each asset such as vendor, maintenance contracts, and allocation can be kept.
        3. Assets can be depreciated automatically on monthly, quarterly or yearly basis, and updated to GL instantly.
        4. Assets will be disposed automatically when receipts are posted in respect of asset sales.

5. Investments

      1. An investment register can be maintained for all portfolios and grouped into various classes.
      2. Each investment can be tracked automatically or manually.
      3. Return on Investment (ROI) can be generated or posted.
      4. Taxes. Commission and fees can also be applied.
      5. All postings update the GL directly.

6. Stock Inventory

        1. Details of inventory items can be maintained.
        2. Each item’s stock, reorder, minimum, and maximum levels can be tracked and monitored.
        3. Orders and supplies can be tracked and used to automatically update the stock position of appropriate items.
        4. All postings update the GL directly.
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