General Ledger Module

Take advantage of real time financials processing

General Description

The General Ledger Module is completely integrated with all front office as well as other back office modules and processes data in real time, as part of a predefined workflow.

The chart of account can be predefined based on client business needs and managed from user side with options for opening new accounts and adjustment of account definitions, (receivables or payables-accounts, account dimensions, activation/deactivation of accounts, setting limitations etc.). The module also supports possibility for defining accounts for accrual booking with automatic matching of accruals as the periodic due date matures.

Transactions are automatically posted in General Ledger and matched on predefined accounts according to matching priority. The matching priority rules can be defined in correspondence with client business needs (for e.g. the system can be adapted to match first the oldest penalty, interest, principal, then second oldest penalty, interest, principal, etc.; or total oldest penalty, then total oldest interest and total oldest principal; or any other priority path that the client follows).

The module has an option for transaction preview before posting in General Ledger that provides an insight into the posting outcomes and better posting control.

With the option for uploading external bank files, whole bank statements can be imported into the system and directly allocated on corresponding accounts in General Ledger. The module can be adapted to handle the required file format as provided from the bank.

The module supports generation of Bank Statements and manual posting of transactions directly in General Ledger.

Transactions can be processed in a bulk and concurrently posted in General Ledger by simply selecting the transaction rows and activating the posting process. All postings are instantly visible in reports, displayed in chronological order.

The Standard Financial Reporting (Trial Balance, Income Statement, Balance Sheet, Audit Reports, etc.) is complemented with Dynamic Report Generator which supports definition and adaptation of the reports based on the reporting requirements of the client.

The consolidation among corporate departments and processing of complex financial analyses requires only several clicks and results are automatically viewable in reports. The organization of the data is designed in a way that the generation of the analytic and synthetic management reports is fast and in-time.

Key Features

  • Centralized Accounting Streamline accounting operations and avoid redundant steps with automatic postings of transactions that eliminate double entries and manual work by increasing Accounting Officer’s efficiency, in one centralized accounting system.

  • Manual vs. Automated Postings Use combination of manual and automatic posting possibility, in dependence of your needs and experience the benefits of creating manual journal entries with preview based posting controls as well as automated front office postings, matched on predefined posting schemas.

  • Flexible Accounting Rules Keep control over your accounting and flexibly define limitation rules, analytic and synthetic accounts with consistent and flexible categories for Assets, Liabilities, Equity, Income and Expenses and posting controlling mechanisms.

  • Enhanced Financial Control Eliminate the risk of transactions inaccuracy with automatic and manual closing of posting periods in General Ledger. This option strengthens your financial control over all accounts by declining any attempt to post or modify transactions in closed period.

  • Real-time Financial Reporting Make your decisions based on accurate analyses, generate up-to-date reports and have a real time preview of borrower’s debts at any moment, with automated transaction processing, and tracking accounts analytically in General Ledger with possibilities for dynamic dimensioning.

  • Controlled Auditability Maintain clear insights into what, by whom and when some forms are opened, viewed, altered and be able to quickly react and repair errors with strict control mechanisms and use the Log Audit Trail System.

  • Increased Performance Visibility Achieve operational and financial efficiency by better tracking performance results through structured financial reports which provide you with accurate information about loan repayment frequencies and allow you to perform analyses of business trends, payment planning, portfolio quality, based on which the Top Management will be able to find solutions and react on time.

What
clients say
  • "It's an outstanding system. Having a full overview and control over the branch operations in due time is a huge advantage when corrective actions should take place. Before ASPEKT, it was difficult and lot of effort was invested, to analyze the performance and make conclusions that will lead to improving business processes." - Credit Director
  • "Before ASPEKT, I had to remember all loan conditions, criteria and other rules and I was continuously under pressure not to make any errors. I felt a huge relief when ASPEKT system was introduced, everything is now predefined: amount limitations, interest rates, provisions, etc., even the loan contract templates are automatically generated so no additional double-checking is needed." - Loan Officer
  • "With Aspekt Microfinance Software, we have complete control over the corporate portfolio. Our active portfolio is monitored accurately and we are able to make future assumptions based on historic data, making precise risk assessment." - Risk Manager
  • "Aspekt Microfinance Software helped me better manage my time. When I start in the morning, I can make a quick review for: status of open loan applications, loan disbursements, clients with payments due for the day, new loan in arrears, portfolio outstanding, etc. Everything can be found from one location, so I can efficiently prioritize daily tasks and coordinate other activities with my colleagues." - Loan Officer
  • "Administering one system, from one central location saved time, improved the control and security mechanisms of our IT Department. I’m more than glad to recommend this highly flexible solution to other companies." - System Administrator
  • "With the integrated functionalities and controlling procedures in Aspekt Microfinance Software, we could easily locate a breach of procedures and prevent frauds. The solution is adjusted to detect errors and inappropriate transactions." - Risk Manager
  • "Before ASPEKT, I couldn't monitor neither review my performance. I waited for my Branch Manager to receive reports from head office, to find out about exact number and amount of outstanding loans, PAR and delinquency, drop-outs etc. Now with Aspekt Microfinance Software, I can even predict my performance in near future." - Loan Officer
  • "Before ASPEKT, the field audit in a single branch could last for 4-5 days. Now, with ASPEKT I can do most of the preparation work in my office and be more efficient on the field." - Internal Audit
  • "I can't imagine that all client's information and records are at one place. Before ASPEKT it was extremely difficult to check the credit history of returned clients, and we could make mistakes and approve loans even to rejected clients. With ASPEKT we can also review the repayment history of clients coming from other branches." - Loan Officer
  • "Before ASPEKT, we didn't have reliable information to assess performance. We were overburden with forms and excel spreadsheets and no information on how other branches perform." - Branch Manager
  • "With Aspekt Microfinance Software we can efficiently and accurately control all cash transactions. Borrower's cash receipts are printed from the system only when payment transactions are entered by Loan Officers. This prevents from handing over the cash outside of branches." - Internal Audit
  • "I'm happy now that Loan Officers I'm supervising can spend much more time on a field with clients. Before ASPEKT, the manual administrative work occupied so much of their time so that they were unable to recruit new borrowers and reach the projected growth." - Branch Manager
  • "Once ASPEKT was introduced, our efficiency increased, allowing our MFI to grow by 50% with current human resources. Aspekt Microfinance Software contributes on replacing the manual and routine tasks, so that staff can spent more time on innovations and development." - CEO
  • "ASPEKT is not just a simple loan tracking software. I used to travel in every branch once per month to monitor and appraise each branch performance. Now, I can monitor the progress and identify weaknesses from distance." - Credit Director
  • "With this vendor, we didn’t receive just a system sophisticated to be administered independently from the vendor, we also got entire team that supports us in any situation and is more than happy to help us continuously improve our operations." - System Administrator
  • "Aspekt Microfinance Software as one integrated solution offers full coverage of MFI's business process. It's an excellent management tool that improves decision-making processes. The flexibility and adoptability perfectly match the dynamic environment in which our MFI operates." - CEO
  • "With the centralization of the data we got smart system that streamlines all financial activities we perform on a daily basis. Payment transactions are automatically posted in general ledger and our department is able to perform complex financial analysis, using customized financial reports." - Accounting Officer
  • "Aspekt Microfinance Software is very flexible and managed to fully incorporate our internal risk management policies and procedures. I can generate customized reports on clients and loan portfolio and closely monitor and analyze the credit risk before and after disbursements. The information from the system is the baseline for any improvements on risk policies and procedures I have recommended." - Risk Manager