The Financial Management Module is customisable to interface with many ERP or front end systems already in use in your company. Key features include:
Transaction Document Input
Input screens for all accounting related transactions regardless of type including invoicing, debit/credit notes, accruals and provisions, journals, futures amendments, settlements, inventory and account liquidations, etc.
Receipts and Disbursements
Bank and cash transactions for receipts and payments whether allocated / unallocated to accounting transactions including business to business (“B2B”) electronic transfers.
Interest Financing calculations and posting of interest journal.
Work in Progress Account Status and Analyses
The work in progress sub-ledger acts as a holding account for certain clients to record all their open contract analyses, by charter or by vessel, prior to the ultimate realisation to the Profit and Loss account. Included here are contract analyses by shipping positioning, post-fixtures, laytime (time sheet) calculations and voyage analysis with costs accrual for the un-invoiced portion of open contracts.
An alternative Profit and Loss reporting functionality is available in ITAS CTRM to support the Trading environment ONLY. These Profit and Loss Reports do not use the Work in Progress Holding account, clients can directly accrue unrealised and un-invoiced transactions straight to the Profit and Loss account, which are then subsequently reversed out as required in the following period
Client Ledger Receivables & Payables Analyses
Subsidiary ledger of the main General ledger used for client account set-up and maintenance including enquiry on trade or other receivable / payable accounting transactions, credit control, commitments, statements and cash matching related to provisional / final invoicing.
Financial Statement Reporting and Analyses
General ledger chart of account enquiry, Income Statement, Balance Sheet and Trial Balance reporting and analyses.
Budget analysis and apportionments and / or alternative ledger set up (which allows users to design own financial statement format).