Optional modules of the Comarch factoring system: Finance and Accounting Module

The Finance and Accounting Module, which is part of the Comarch Factoring system, is a complex tool used to run a full accounts register of all the operations connected with factoring. The register is run on an analytical level. It can be treated as a supporting ledger when placed in correlation with the general ledger. The module fulfills the formal requirements regulated by accounting laws and the accepted norms.

The module is characterized by a simple and automatic usability. Communication with the user is carried out using application dedicated screens, as well as chosen accounting reports. The module guarantees an efficient preview of the balance details of individual accounts as well as giving access to all the positions which affect the size of the balance on an analytical level. A well developed filter mechanism allows the speedy location of accounting activity carried out on an individual invoice or a factoring agreement by a chosen client or their counterparty.

The factoring system’s accounting module is fully automated and has a wide configurability. It can be applied repeatedly to an individual chart of accounts. The wide choice of accounting events, which the module handles, as well as the possibility to adapt individual charts of  accounts makes this module exceptionally flexible. The automation of the accounting processes guarantees the efficient book keeping of all the transactions in accord with the defined configuration.

Among others, the module covers the registering of accounting data in an analytical form, the export of accounting data to the general ledger (in an analytical or synthetic form), the automatic handling of accounting adjustments, algorithms, which classify clients to a set risk group, a developed user interface as well as a complex reporting module.

The factoring platform guarantees the possibility for a full integration of the supporting ledger with the central accounting systems. A set of dedicated integrating interfaces allows the efficient export of data to many popular accounting applications. The Comarch Factoring system is currently used by several leading banks on the Polish market.

Source: Comarch

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