15 Balance Reconciliation
Balance Reconciliation reconciles the balances from the operational systems of a bank with the balances maintained in General Ledger (GL) of the bank. With AFCS, banks can also reconcile between General Ledgers maintained in the bank. The balances in the GL of a bank are the ones that are audited and duly certified by internal and external auditors. Hence, considered to be the final version of the truth in a bank. Therefore, all data extracted from any other operating system of a bank must be reconciled with the balances maintained in the GL to ensure they are complete, accurate, and comprehensive. It acts as an authentic and reliable base for any further decision-making.
The bank's operational data are sourced into standard product processor entities/tables. AFCS' GL Reconciliation has pre-configured GL/PP table GL code and corresponding balances, for which the reconciliation definition process must be executed. See 'Balance Reconciliation' for more information.
An option is available to reconcile GL data with other operational data used by the bank, which does not flow into the standard Product Processors configured in the application.
The Balance Reconciliation feature of AFCS supports reconciliation by the following dimensions, of which As-of Date, Accounting Standard, Account Currency, Legal Entity, and GL Account are mandatory.
Table 15-1 Mandatory Dimensions
| Dimension |
|---|
| As-Of Date |
| Accounting Standard |
| Account Currency |
| Legal Entity |
| GL Account |
Table 15-2 Optional Dimensions
| Dimension |
|---|
| Business Unit |
| Organization Unit |
| Branch |
| Product |
| Project |
| Ledger Identifier |
Note:
This set of dimensions corresponds to properties that are common across all product-processor and ledger balance data. The set of dimensions cannot be extended by users.Product Processors supported are:
- Stage Bill Contracts
- Stage Borrowings
- Stage Cards
- Stage Casa
- Stage Equity Exposures Contracts
- Stage Futures Contracts
- Stage Foreign Exchange Contracts
- Stage Investments
- Stage Letter Of Credit Contracts
- Stage Leases Contracts
- Stage Loan Contracts
- Stage Over Draft Accounts
- Stage Option Contracts
- Stage Repo Contracts
- Stage Term Deposit Contracts