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Management Reconciliation Control of Financial Instruments

Processing, Management, Reconciliation of Financial Instruments can be undertaken for any Financial Institution that has a high volume of transactions to record. This can be tailored to suit individual needs and information can be presented in any format required.

Depending on you needs we can takeover entire processes or very specific segments of the work which are time consuming and/or you are having difficulty in finding/ retaining the right staff to be able to carry out the work. As bulk of our work is done at our offshore center in India, we offer a highly skilled workforce at a fraction of your current costs.

Financial Instruments Reconciliation for Collection & Redemptions:

Financial Instrument Management Organisations such as Mutual Fund Organisations have large volume of collection and redemption of units on daily basis. There are various schemes operated by each Mutual Fund. Units are to be issued / cancelled for every collection and redemption respectively.

Generally activity of creation / cancellation of units are looked after by the Registrars appointed by Mutual Funds. The Registrars or some associate concern of Registrar also handles some times reconciliation work, which is not advisable, and not in the interest of the Mutual Fund due to inherent limitation of non-segregation of duties. Therefore, reconciliation is done by other independent agencies.

Reconciliation of Mutual Fund is slightly different from the normal bank reconciliation since it involves three dimensions reconciliation, which are as under:

• Total amount of units created on daily basis are posted in Units Created / Purchase Account of each scheme. Hence by way of reconciliation it is verified that total units created by registrar are posted in the respective accounts correctly.

Similarly if units are reverted due to Cheque bounced or any other reason the same is verified that total reversals are correctly posted.

• Every transaction of unit creation is traced in the Bank(s) statement for credit in the Bank(s). There can be more than one Bank for collection accounts. By way of reconciliation it is verified that there is a credit for every creation of units, and there is a creation of units for every credit in the Bank.

Similarly some times there are Cheques bounce cases, which are verified from revertal list and ensued that units are reverted for all cheque bounce cases.

• Generally funds from Collection Accounts are transferred to Operation Account and these transfer entries are verified from Bank Statements to the respective relevant accounts.

Hence by way of reconciliation one can find out for short / excess credits, units to be created / reverted etc.

Redemption accounts are reconciled to verify that all redemption are posted correctly in respective scheme’s repurchase / redemption accounts. Funding is correctly done for redemption in the redemption bank accounts and balance in the bank redemption account tallies with the list of unclaimed redemptions.

Information Needed :

1. Opening reconciliation statements
2. Daily / Periodical details as under for collection accounts:
   • Purchase List / Units creation details
   • Revertal details
   • Collection Account detailed transaction statement
   • Collection Account summary statement
   • Ledger and Bank Book
3. Daily / Periodical details as under for redemption accounts:
   • Re-Purchase List / Redemption details
   • Redemption revertal details
   • Redemption Account Bank(s) Statement
   • Transfer instruction / Grouped details for DD etc.
   • Ledger and Bank Book

Fixed Deposit Reconciliation

Large Organizations accepting Fixed Deposit from public require reconciliation to ensure Fixed Deposit Receipts (FDRs) are issued correctly for every credit in Bank towards fixed deposit and similarly to verify that there is a credit in the Bank for similar amount for all FDRs issued.

 We will require on daily / periodical basis :

1. FDRs statement
2. Bank statement
3. Ledger
4. Bank Book

Others

• Banking Sector Reconciliation – Draft Reconciliation, Travelers Cheque Reconciliation
• Demat Account Reconciliation
• Dividend Account Reconciliation
• Public Issue Accounts Reconciliation
• Interest on Debentures / Fixed Deposit etc.

We can capture and add the relevant information to your Software for up to date Control and Maintenance or give you processed data or reports in whatever format you need on a regular basis, including daily basis if needed.

Software

We can work on the following packages for you:

- Sage
- Viztopia
- SAP 3.1 Financial & Inventory Module
- R SAP Financial & Inventory Module
- Oracle  Financial & Inventory Module
- Flash    Financial & Inventory Module
- PeopleSoft  Financial Module
- Tally
- Pro Fit
- Pay II Pro  HR & Payroll Module
- Delphi HR & Payroll Module

We also use our own in-house software with MS SQL database for customised needs. If you feel that your needs are not covered by the software packages listed above, please let us know, we will advise you of the possible solutions available.

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