1.1.2 Advantage of defining a product

This topic describes the advantage of defining a product.

The product definition facility is a one-time effort. When defining a money market deal type or scheme as a product, specify (amongst other details):

• The tenor
• The rate of interest
• The repayment schedules
• The tax details
• The accounting entries to be passed
• The advice to be generated

The user does not have to specify these details every time a deal is entered. The product definition facility thus reduces the time required to capture a deal.

The product definition feature also facilitates:

• Quick retrieval of information relating to deals of a particular type
• Standardization of money market schemes across branches
• Modification of standard features of a scheme to suit specific requirements