Banking Software: Integrated Accounting

Multi-Company, Multi-Currency, and Multi-Rollup

The Integrated Accounting module is an online, real time General Ledger and financial reporting system. There are also Accounts Payable and Accounts Receivable subsystems. With the system you can maintain several corporate structures within a multi-company, multi-currency environment enabling you to act in accordance with General Accepted Accounting Principles (GAAP).

The Integrated Accounting module is table-driven with parameters which can be selected by the user. The user defines the chart of accounts, report structures, closing periods, year-ends, and more.

The Integrated Accounting module is specifically designed to interface seamlessly with the other components of the Portfolio Plus system. This is achieved through automatic journal entries produced by each subsystem (in real time) via a unique user-controlled interface.

Third Party System Integration

The Integrated Accounting module can be used as a stand-alone system or a custom interface can be developed to provide integration with your legacy accounting system.

Real Time

All financial entries are created in real time, ensuring your organization is working with the most up-to-date data available.

Integrated Accounting: Have it Your Way

The Integrated Accounting module can be tailored to mirror your organizational structure by associating cost and profit centres to appropriate areas of your business. As such, cost centres become a strategic tool to measure the performance of the various areas of your organization.

General Ledger reports can be printed by branch, company, or for the organization as a whole. This flexibility addresses numerous scenarios and could allow one company to use the GL of another company.

System Security and the Sarbanes-Oxley Challenge

Increased regulatory governance is a trend you must accept in today’s financial industry. Luckily, Portfolio Plus can help. With the security system built into Portfolio Plus you can reflect the authority of each user on the system and monitor any attempts to breach this security.

Audit Trail and Compliance

Strict regulatory requirements make it imperative for financial institutions to maintain comprehensive records. As such, SIT has embedded technology into each Portfolio Plus module to closely track and monitor all activity within the system. The Portfolio Plus Accounting system enables your organization to act in accordance with GAAP reporting requirements.

Flexible and User-Definable

Virtually every aspect of the Portfolio Plus Accounting module is user-definable including:

• Fiscal periods
• GL accounts
• Report roll-ups
• Security settings

The General Ledger

Fiscal Period

Year end dates and fiscal periods are user-defined.

General Ledger Accounts

GL Accounts are user-definable and can be:

• Named as desired
• Numbered as required
• Posting or non-posting (summary only)

Manual Journal Transactions

• Provision for authorized personnel to adjust previous periods
• Data is validated to ensure that accounts, cost centres, and companies are valid and that entries are balanced
• Journal numbers are automatically assigned
• Journal entries may be posted to the General Ledger accounts immediately or left for bulk posting at a later time

Automatic Journal Transactions

Journal entries for a specific event are user-definable and can be configured as follows:

• You can set and change the GL Account numbers associated with a transaction created by a subsystem
• An identification name is associated with the transaction and a transaction can be turned off so as not to post
• The account number, default cost centre, and sign (+,-) can be assigned
• If an automatic transaction is created but no accounts are associated with it, the system will default to the suspense debit and credit accounts that are set in the company file for posting

Journal Entries

All entries from the subsystems (and any manual journals) are kept unposted until the posting program is run. The posting process can be run manually at any time or run as a scheduled job within the nightly queue. This is completely at the discretion of your accounting department. These entries may be printed or viewed on screen.

Accounts Payable and Accounts Receivable

Integrated Accounting Brochure

The Integrated Accounting module includes both accounts payable and accounts receivable functionality. The CIF-centric design enables AR and AP contact information to be input once and reused for future transactions.

Accounts payable and accounts receivable features include:

• Ability to enter a payable for immediate payment or at a later date (in batch or by vendor).
• Payables can be settled by computer cheque, manual cheque, or direct deposit into a retail account (Portfolio Plus Retail Banking module required)
• When cheques are created, one cheque is produced for each vendor showing the invoices for which the payment is being made
• Ability to do bank reconciliation, query cheque information, cheque registers, vendor payable information and reports, depending on user selection and criteria
• A receivable may be entered as a receipt being collected immediately, creating journal entries for distribution and a bank deposit slip record, or as a receivable to be collected at a later date
• Full and partial payments may be received

Fixed Assets

The Integrated Accounting module enables you to track and control fixed assets such as computers, printers, and other office essentials within its fixed asset subsystem. You can calculate and book the depreciation for these fixed assets using either the declining balance or straight-line depreciation method. You can also record the financial entries related to:

• the acquisition of fixed assets
• the periodic depreciation of fixed assets
• transfers of fixed assets between cost centres
• the eventual disposal of each fixed asset

Reports

The Integrated Accounting module enables you to schedule recurring reports at any frequency (i.e. monthly, weekly, daily, etc.). Reports can be viewed on screen, saved as a file, or sent to print. You can easily create management reports, diagnostic reports, and customized roll-up reports including:

• Income Statement Reports
• Trial Balance Reports
• Balance Sheet Reports
• Audit Trail Reports
• Account Roll-up Reports
• Cost Centre Roll-up Reports

The system also enables you to perform comparative reporting and analysis such as: This Period vs. Last Period, This Year vs. Last Year, and This Month vs. Last Month.

Account roll-ups aggregate the balance of a specific account or sub-accounts while cost centre roll-ups aggregate the balance of a specific cost centre and its sub cost centres.