Factoring and Buying of claims is a financial service which enables financing of operations, management of claims and risk protection by selling with a deferred payment date.
The module is designed for invoice discounting and management of purchased claims in domestic currency.
Software support enables:
The module is designed for invoice discounting and management of purchased claims in foreign currency.
Software support enables:
The module is designed for the execution of factoring and management of purchased claims in domestic currency.
Software support enables:
The module is designed for Discount of bills in domestic currency.
Software support enables:
A documentary letter of credit (loro and nostro) is a safe payment instrument and a payment security instrument. It signifies the bank’s commitment to pay the seller the amount due, subject to a timely presentation of correct, in the letter of credit specified documents.
The letter of credit is suitable for use in domestic as well as cross-border and international payment transactions.
A cheque is a simple and relatively inexpensive payment instrument for the payment of goods and services. The transfer of a foreign cheque to a foreign bank by the fastest route and reception of coverage approves the beneficiary’s account. Support for the management of cheques sent for collection.
Software support enables:
Guarantee operations consist of guarantees in domestic currency and foreign currency guarantees for the insurance of transactions, by which the basis for the issue of a guarantee is a specified transaction.
Support for legal transactions, it is the bank’s commitment to assume responsibility toward the beneficiary for the settlement of a third party’s liability, in the event of non-fulfillment of obligations stated in the guarantee under specified terms at maturity.
Neutral bank transaction for the redemption of various securities, payment instruments and documents on the client’s account against payment of fee.
The module is designed for the management and monitoring of documents sent for collection. The module supports collections in domestic as well as in foreign currency.
Software support enables:
The module is designed for the management and monitoring of documents, that other banks have sent for collection to our bank. The module supports collections in domestic as well as in foreign currency.
Software support enables:
Derivative financial instruments are instruments derived from an underlying instrument; they are rights, the price of which is directly of indirectly dependent on the price of the security, foreign currency, goods or the level of interest rate.
A currency forward transaction with a client is a binding agreement between the bank and the client to buy or sell a specified amount of foreign currency at the exchange rate defined on the date of contract and with the actual supply of the agreed amount at a specified future date.
Software support enables:
Currency SWAP transactions with client - Foreign exchange swap is a binding agreement between the bank and the client on the simultaneous buying or selling of a specified amount of a given currency and simultaneous forward sale or purchase of the same amount of that same currency. A swap is an agreement between clients to exchange two methods of financial realization for a specified time period.
Software support enables:
Buying or selling of the right that gives the holder the option of reimbursement of costs between each agreed interest rate. The following interest rate swaps are supported: plain vanilla, multi-callable swap, trigger liability swap. The following types of interest rate swaps can be managed in the module:
With all above listed modules management of the transaction according to the net or the gross principle and with an amortization schedule, the principal of which changes between individual interest periods or stays the same throughout the transaction period, is possible. The adding of new types of interest rate swaps, that can assume one of the properties of above listed transactions, is possible, as well as the determination of whether additional input of call parameters or triggers during the transaction is possible or whether these are inputted at the start of the transaction and stay unchanged until its completion.
Other Software support functionalities are as follows:
The module is an upgrade of the interest rate swaps module (it retains the functionality of the module regarding the input and use of the amortization schedule). Software support enables:
Insurance against interest rate risk with purchase of the right. The interest rate option hedges the debtor against an increase in interest rate above the implementation interest rate. The following types of interest rate options are supported:
• cap
• floor
• collar
Software support enables:
Buying or selling of the right to buy or sell a specified amount of foreign currency at a specified exchange rate. Software support enables:
Exotic currency options are options that differ from classic currency options in the calculation method and/or in what way and when the buyer of the option receives specified disbursement; properties are specified for individual option type.
In the software support the management of the following exotic currency options is supported:
Options can have either an American or a European mode of settlement, where the latter is relevant. For the above listed types the following barriers are supported (depending on option type):
• knock in
• knock out
• double knock out
• Euro knock in
Other functionalities:
The forward rate agreement is a contract between clients, that ensures an agreed forward interest rate for the leasing or placing of a specified, hypothetical amount of funds for a specified time period in the future. The forward rate agreement does not include an actual lease or placement of a specified amount of money on the money market. It is only an agreement on beforehand determined interest rates.
Software support enables:
Commodity option gives the purchaser the right but not the obligation to buy or to sell a certain type of commodity on a predefined day(s) for a predefined price. The settlement is always carried out in cash and never in actual commodity. In that way the buyer of an option is securing his/hers price.
To buy an option requires the buyer to pay premium which depends on strike price, lifetime and market price volatility of a purchased option.
Basic option types are as follows:
Price is fixed on a predetermined day (European Style) or on a basis of average prices in a predetermined period (Asian Style).
Just as commodity swaps, commodity options can also have one or more calculation periods and consequently one or more settlement dates.
Software support enables:
domestic currency or with a currency clause.
Management of the following is supported:
Software support enables:
Saving accounts differs by stimulating interest processing for domestic founds.
Software solution enables:
Current account book of receivables and liabilities is a subsidiary ledger and enables the bookkeeping of all financial business events, which relate to claims against buyers and obligations to suppliers and their settlement (payment), irrespective of whether it is transactions in domestic or transactions in foreign currency.
The product enables a record of accounts receivable with a required specification, which enables easy bookkeeping and later the calculation of input tax, record of advances given, internal entries and payment transactions. All analytical transactions are shown simultaneously also in the general ledger through package transfer of cumulative traffic into the general ledger. The entire offered software is divided into several modules: coding systems, liquidation, current account book of sellers with transfer into general ledger, payment transactions and VAT calculation.
Software support enables:
• coding systems: The purpose of coding systems is to ensure the standardization of the labeling of data carriers, which participate in the recording of transactions. (general coding systems, common coding systems)
• liquidation - domestic: liquidation is a software package for the received invoices record with the execution of procedures for the bookkeeping of costs. It enables a record and bookkeeping of liabilities for domestic as well as for foreign suppliers. Inputted data is the basis for the printing out of the tax book of input VAT:
-book of accounts payable;
-review of the book of accounts payable;
-apportion of accounts payable;
-managing of the keys for the automatic apportion of costs;
-liquidation - foreign exchange;
-foreign exchange book of accounts payable;
-review of foreign exchange book of accounts payable;
-foreign exchange apportion of costs;
-printouts of foreign exchange book of accounts payable;
-current account book of suppliers - domestic - The main module of the bookkeeping record of all liabilities, which is connected with the liquidation and payment transactions module. If this connection does not exist, the bookkeeping of all required transactions can be done in this module, but then there is no data for VAT. However, if the connection exists, then in this module only the bookkeeping of special features, such as the reconciliation of invoices with credit notes, record and bookkeeping of advances, transfers between documents etc. are executed. The data forms the liabilities subsidiary ledger, the balance of which in transfered by a special transfer into the general ledger Hibis:
-bookkeeping of the current account book of suppliers;
-bookkeeping of accruals;
-review of suppliers’ transactions;
-correction of the general data of the accounts;
-printouts of the current account book of suppliers;
-current account book of suppliers - foreign exchange;
-bookkeeping of the foreign exchange current account book of suppliers;
-review of foreign exchange documents;
-adjustment of foreign exchange liabilities;
-printouts of the foreign exchange current account book of suppliers;
-payment transactions - Module for the execution of payment transactions on the side of suppliers. The basis is an open account balance by account, for which payment orders by individual invoices are prepared. Simultaneously reservations are recorder, which prevent overpayment.:
-preparation of payment orders;
-review of orders;
-transfer into Hibis payment transactions;
-bookkeeping of orders;
-deletion of orders;
-calculation of VAT - Calculation of input VAT is executed from the database of received invoices where a complete specification of input tax with all the required parameters is located. Based on these parameters the allocation of invoices depending on tax period and by tax book columns is executed. The first requirement for the received invoice to be taken into account in the tax book, is that is recorded into the current account book, if it at the same time meets all other the requirements as well. Output tax in calculated on the basis of items recorded onto corresponding accounts in the general ledger. The final calculation of tax is shown on the VAT-O form. Calculation of output tax has the option of manual addition of items:
-tax coding system;
-preparation of tax book for input tax;
-preparation of tax book for output tax;
-printouts of VAT;
-general ledger - Analytical transactions of the current account book are transfered into the general ledger by the principal of package transfer, where a collection of all non-transfered transactions up to the inputted date is prepared in the form of a bookkeeping order for the general ledger. Each package is assigned its own number. For each package it is possible to print out the controller. Before bookkeeping the package can be deleted and prepared again. With bookkeeping the package is transfered into the general ledger with the assigned codes for type of transaction (VPO), action (AKC) and purpose (NAM). Change of package content after bookkeeping is not possible.
-bookkeeping of transactions into general ledger;
-printout of the analytical account card;
-printout of the controller of transactions transfer into the general ledger - Hibis
The product is an accounting software package for the management of bookkeeping records. To meet the needs of invoicing and current account book of buyers it contains the modules of coding systems, invoicing, current account book of buyers, VAT calculation and calculation of interest on arrears of claims against buyers. It is connected with the banking system in the coding systems (partners, post offices, chart of accounts, agencies, accounting periods, monetary units), rate of interest on arrears and foreign exchange rates areas. Automatic transfer of transactions into the general ledger of the banking system in also ensured.
Software support enables:
-coding systems: The purpose of coding systems is to ensure the standardization of the labeling of data carriers, which participate in the recording of transactions. (general coding systems, common coding systems);
-Invoicing - software package for the preparation and printing out of invoices and the transfer into current account book;
-input of invoices
-preparation of invoices for transfer into current account book;
-confirmation of credit notes;
-review of sale by documents;
-managing of the coding system of clauses;
-printing out of the book of accounts receivable;
-current account book of buyers - A group of programmes for the management of the subsidiary ledger of the current account book of buyers. The module is independent, it is connected with invoicing through the transfer of invoices into current account book and the general ledger with the transfer of transactions into the general ledger. If the transfer of invoices is ensured then only the bookkeeping of settlements and other entries is done in this module, otherwise it is possible to also manually record all claims against buyers.
-bookkeeping of current account book of buyers;
-transfer of invoices into current account book;
-bookkeeping of received payments;
-review of buyers’ documents;
-correction of general data;
-printouts of current account book of buyers;
-bookkeeping of foreign exchange current account book of buyers;
-review of foreign exchange documents of buyers;
-tolar adjustment of foreign exchange receivables;
-printouts of the foreign exchange current account book of buyers;
-VAT calculation - VAT calculation is executed from the database of issued invoices, and not from the current account book of buyers. Documents of claims against buyers are recorded directly into current account book, they will not be included in VAT calculation;
-tax coding system;
-preparation of the tax book of accounts receivable;
-printouts of value-added tax;
-interest on arrears - Calculation of statutory interest on arrears of claims against buyers for posted items in current account book of buyers. Two calculation methods. The first is manual by individual partner with the possibility of simulation and the second is packet for mass calculation on all posted receivables;
-input of interest rates;
-calculation of partner’s interest on arrears;
-packet calculation of interest on arrears;
-review and printing out of calculations;
-deletion of calculations;
-bookkeeping of calculations;
-general ledger - Analytical transactions of the current account book are transfered into the general ledger by the principal of package transfer, where a collection of all non-transfered transactions up to the inputted date is prepared in the form of a bookkeeping order for the general ledger. Each package is assigned its own number. For each package it is possible to print out the controller. Before bookkeeping the package can be deleted and prepared again. With bookkeeping the package is transfered into the general ledger with the assigned codes for type of transaction (VPO), action (AKC) and purpose (NAM). Change of package content after bookkeeping is not possible.
If the current account book of suppliers is also installed, then this part of the connection with the general ledger is common for the complete current account book, only the transfer is executed for each subsidiary ledger individually.
-bookkeeping of transactions into general ledger;
-printout of the analytical account card;
-printout of the controller of transactions transfer into the general ledger - Hibi