1.2.1 Functional Features
This topic provides the information about the various functional features added in this release.
- Chart of Accounts
The Operational Ledger enables the seamless management and maintenance of the general ledger, offering advanced functionality for tracking and recording financial transactions.
- Transaction Accounting Handoff to Operational Ledger along with MIS
The Operational ledger streamlines the process of handing off transaction accounting entries to the operational ledger along with MIS, ensuring smooth and accurate data transfer. This improvement enhances efficiency when processing large volumes of transactions and accelerates financial reporting.
- Inter Branch Accounting
The Operational Ledger now processes inter-branch entries based on bank-level preferences. The system automatically resolves the inter-branch accounting setup and generates the necessary additional pairs of entries, ensuring accurate and efficient handling of inter-branch transactions. This enhancement streamlines inter-branch accounting, which improves overall system accuracy and consistency.
- System Account Generation
The Operational Ledger now enables the automatic creation of system accounts based on predefined criteria, such as general ledger, branch code, currency, and 30 MIS categories, including Customer, Composite, and Transaction.
- Granular Level Balances of System Account
The Operational Ledger tracks system account balances for transactions, including Value Dated (VD), Book Dated (BD), and period-specific balances. This enhancement provides a comprehensive view of account balances, which improves financial data tracking and management while ensuring greater accuracy and transparency in reporting.
- Aggregate balances for System Account parameters
The Aggregate Balance of General Ledger and MIS feature consolidates the total balances of all system accounts recorded in both the General Ledger and the Management Information System. When period-wise balances of system accounts contain matching entries based on criteria such as Branch Code, General Ledger Code, Currency Code, Related Reference, Related Customer, MIS, and Financial Year Period Code, the system automatically computes the total balance for the specified combination.
- Default MIS option by Source Systems
The Operational Ledger enables the application of Management Information System (MIS) data to transactions posted by an external system, provided the MIS has been previously maintained for that system. This ensures accurate categorization of transactions and alignment with the relevant MIS data, streamlining integration and enhancing data consistency across systems.
- Foreign Currency Revaluation of System Account
The Account Revaluation process has been introduced into the Operational Ledger to update the local currency (LCY) equivalent of foreign currency (FCY) account balances. This ensures that balances accurately reflect current market exchange rates.
- Transaction Adjustment Entries
The Operational Ledger now supports posting adjustment entries to system accounts, ensuring that these accounts remain balanced. This feature provides greater flexibility in maintaining accurate financial records by allowing necessary adjustments to be made seamlessly within the system.
- Trail Balance
Trial Balance feature has been introduced to validate the alignment of debits and credits automatically during the End of Day process. If an imbalance is detected, the system posts the discrepancy to the system accounts, ensuring that the general ledger remains balanced and accurate. This enhancement strengthens the integrity of financial data and ensures consistent ledger management.
- Extended Window for Period Closure
An extended period closure window has been introduced in the Operational Ledger, providing the bank with enhanced flexibility in managing the closing process. This feature offers additional period days during financial closure, ensuring that all transactions are processed and balances are updated before the financial period concludes.
- Operational Ledger Accounting Entries Enterprise Handoff
The Operational Ledger Accounting Entries Enterprise Handoff enables the seamless transfer of accounting entries from the Operational Ledger to the Enterprise GL. This integration ensures that financial data from various system are recorded in the Operational Ledger is efficiently passed to the broader Enterprise GL system for further processing, analyzing, and reporting.
Parent topic: Release Enhancements