Fully fledged native Accounting package integrated with other functional modules. Consists of four integrated applications:

  • Accounting
  • Financial Management
  • Managerial Accounting
  • Cash Management.

accounting financial management

Functional Highlights

  • Universal General Journal, enabling manual entries with intuitive interfaces and system supported suggestions for entering partners, currencies and amounts
  • Features to describe standard transactions for quick reuse
  • Automated Journal entries as and when transactions occur in other functional modules with an option for manual verification of final entries
    • Premium revenues and receivables
    • Reinsurance premium expenses and payables
    • Reinsurance commissions revenues and receivables
    • Commissions to and from agents and brokers
    • Claims expenses and payables
    • Reinsurance claims revenues and receivables
    • Reserves related to premiums, claims
    • All revenues and expenses being accounted by Lines of Business and by Branches
  • Receivables and Payables
    • Aging analysis of receivables and payables
    • Automatic calculations of bad debts reserve
  • Fixed assets
    • Fixed asset register (acquisitions, movements, disposals)
    • Inventory custody and inventory serial numbering
    • Depreciation and amortization calculations
  • Payroll
    • Payroll accounting fully integrated with HR module
    • Automatic calculation of salaries, bonuses and other rewards to be paid to employees
  • Reserve calculations
    • Unearned Premium Reserve
    • Outstanding Loss Reserve
    • IBNR Claims Reserve
    • Other statutory reserves
  • Multi-currency transactions
    • Multiple foreign currencies to facilitate transactions with foreign partners (e.g. reinsurance companies, suppliers, clients, investments)
    • Multiple presentation currencies to translate financial statements of foreign branches to native currencies of parent companies
    • Enables simultaneous journal entries with local (functional) currency and a foreign currency
    • Daily currency rates being set both manually or by automatic updates
    • Automatic translation of values of assets and liabilities denominated in foreign currencies
  • Multiple bank accounts
    • Automatic Bank statement reconciliation of incoming payments
    • System supported suggestions for identifying the payers of unidentified bank receipts
  • Multiple petty cash accounts
    • Cash accounts mapped to respective employees
    • Entity level and branch level reporting
    • Each transaction recorded at branch level
    • Inter-branch transactions balanced by Inter-branch accounts
    • Financial statements generated at both entity level and branch level
    • Cost allocations
    • Operational, administrative and marketing cost allocation by branches
    • Operational, administrative and marketing cost allocation by lines of business
    • Various MIS reports available by branches and lines of business
  • Reports
    • Trial Balance
    • Account Turnovers
    • T accounts
    • Fixed assets
    • Receivables
    • Payables
    • Payment orders
    • Investments
    • Warehouse, etc.
  • Fully integrated with Underwriting, Policy Reinsurance, Claims Handling, Claims Reinsurance, Agents Management, Service Providers Management, Investment Management, HR and Analytics Dashboard modules.

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