FLEXTERA General Ledger

FLEXTERA General Ledger consolidates financial information of a modern financial institution to support regulatory and management accounting and reporting in strict correlation with the company’s internal accounting policy and national and international accounting standards.

Significantly, the solution successfully meets the challenges of international businesses operating under legislations of different countries and allows them to perform both local regulatory accounting and corporate management reporting. FLEXTERA General Ledger provides comprehensive tools for efficient processing and consolidation of financial information ensuring real-time enterprise-wide overview of the company’s finance. It is a modern, high-performance and flexible system designed to meet business requirements to financial processing of the largest multi-branch international banks to small and middle-sized financial institutions and insurance companies.

FLEXTERA General Ledger is based on the SOA principles with the use of JavaEE technologies ensuring easy integration of the solution into any IT environment and flexible configuration of the business processes related to accounting and reporting. It provides web-services for the consolidation of financial information with an incredible speed to ensure effective management, regulatory and corporate control over the company’s finance.

The solution can be delivered with comprehensive FLEXTERA Front Office, Middle Office, Back Office and Reporting product suites or flexibly integrated with third party solutions.

Functional Scope FLEXTERA General Ledger automates the following business processes:

• Multi-currency, multi-language and multi-currency support; maintaining ledgers in different currencies;

• Accounts management: maintaining different Charts of Accounts; recording transactions; debit and credit memos; fast processing of memo-postings to personal and consolidated accounts (both online and batch processing); opening / closing / changing accounts;

• Comprehensive coverage of all mandatory accounting operations: reappraisal, final appraisal; trial balances; carrying forward the balances of double-entry accounts; controlling correctness of book-keeping;

• Managing banking days (opening / closing); reporting periods and post balance sheet events; automated end-of-period processing;

• Consolidating data for regulatory and management reporting;

• Management of standards and master data.

Flexibility through separated operational and regulatory accounting — FLEXTERA solutions are built on the principles of separated operational product accounting and regulatory financial accounting. The back office systems which are responsible for product management operate with internal product accounting data and do not record transactions into financial accounting systems.

To maintain the Chart of Accounts and transactions accounting in the General Ledger, the operational product accounting data are transformed into the regulatory accounting forms with a special FLEXTERA Business Event Manager.

The module allows for processing back office events and generating General Ledger data in accordance with the custom rules and regulatory standards.

Such independence of the two accounting systems enables the use of various accounting methodologies without the need to change the business logic of a financial institution. Considerably, it allows for independent evaluation of product performance along with standard regulatory accounting. Such an approach considerably eases the process of generation of accounting and management reports, saves time and reduces risks of both accounting inaccuracy and missing deadlines for the implementation of new accounting standards, easies the replacement of back office product management solutions.

Solution Strengths Flexible support of internal rules and regulatory requirements — The solution allows for data consolidation to support up-to-date regulatory, analytical and management reporting. Separated operational and regulatory accounting allows for keeping records of all operations and transactions in line with the accounting policies of the financial institution in additional charts of accounts.

This architectural approach together with wide customization opportunities and multi-currency, multi-language and multi-currency enablement allows for the support of international multi-branch businesses operating under legislations of different countries and using multiple accounting methods.

Support of different business requirements — The solution offers the highest scalability and performance allowing for effective business support of both extremely high loads of tier-1 banks and small companies.

Increased ROI and operational efficiency — FLEXTERA General Ledger allows a financial institution to considerably increase its operational efficiency simplifying daily accounting operations and allowing for the consolidation of the company’s financial information. Using a single online database supported by a high-performance solution allows the company to increase the speed of operations, perform timely data analysis and reporting, and reduce the costs of reporting and BI by up to 2-3 times.

Data centralization and improved financial visibility — The solution allows the company to dramatically improve financial visibility through creation of a common information environment which consolidates financial operations of the company’s headquarters, subsidiaries and branches, and supports real-time, enterprise-wide reporting.

Modern technologies and higher customization opportunities — FLEXTERA General Ledger is based on Java technology and is built in full compliance with SOA principles. Leveraging the most advanced IBM technologies, the solution offers to its Customers a modern and highly efficient business process based approach to automation of financial services which allows for flexible customization and streamlining of business operations and provides a reliable platform for successful business development. The solution allows for both thin-client and rich-client access to the database and supports all modern DBMS. Significantly, the solution provides advanced customization tools for configuring reporting forms, user interfaces, pageflows which ensures flexible adjustment to banking regulations.