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Banker (Bank Charges Review software)
This software provides complete bank charges, reconciliation and capital investments (fixed deposits, bankers acceptance, commercial papers, etc.)
This software helps with recovery of excess bank charges on past transactions makes past business activities more profitable and reduce cost of funds for ongoing businesses. The software review areas where banks might have inadvertently or advertently:
Application of unapproved and unagreed interest rate
Sometimes, the rates and fees used for debit interest/fees on facilities availed might be inconsistent with the laid down monetary policies and might not be as agreed with the bank(s). It is sometimes a fraction of percentage less for credit interest or a fraction of percentage more for debit interest. The implication is that the account holder is denied of his/her legitimate funds while the bank rakes in more profit by way of excessive charges. Our Banker software ensures that interest and fees are based on agreed rates within the limit of the monetary policies.
Application of COT (Commission-On-Turnover)
COT is one of the major means through which banks overcharge customers especially the high networth and volume accounts. There are about six classes of transactions exempted from COT charges but most of the banks do otherwise. Sometimes, because of the volume of transactions, you might have negotiated COT rate with your bank. In order to increase their COT earnings, the banks use rate higher than agreed rate without informing customers. Our Banker software ensures that the COT calculation is as agreed within the limit of the monetary policies.
Application of undue excessive/default charge
Credit facilities (overdraft, excess overdraft, finance, lease, etc) are given to proven customers to facilitate and promote their businesses beyond their financial capabilities. It is mandatory that accounts running on facilities must attract debit interest. In some banks and for some account holders, the stipulated limit does not mean the customer cannot exceed the limit but the amount by which the limit is exceeded (called excess/default) would attract a higher debit interest rate. Contrary to monetary policies, when limit is exceeded some banks calculate interest using excess rate on both limit and excess thereby overcharging the customer on the limit. Our Banker software ensures interest calculation on facilities (limit and excess) is in accordance with the monetary policies and procedure of interest calculation.
Application of unauthorised fees on facilities
There are fees allowed to be charged on bank facilities. These fees have rules and regulations guiding their applications, computations and frequencies. Most times, some of the banks violate the rules and regulations on fees by applying wrong procedures and frequencies. Our Banker software eliminates this practice by ensuring that all fees are in line with rules and regulations of lending fees.
Inappropriate management of BAs and CPs
BA (Bankers Acceptance) and CP (Commercial Papers) are instruments used by banks to avail credit facilities to creditworthy customers. Inappropriate BA and CP parameters like interest rates, tenor/duration termination, fees, rollover differentials, etc could lead to huge amount of overcharge on the account absorbing the fees/charges. Our Banker software is equipped with the mechanism to generate appropriate parameters for BA and CP charges thereby eliminating all possibilities of overcharge and increasing the profitability of the instruments.
Foreign Exchange Sales, Bidding and Rates
Another major means of overcharge on facility accounts is exchange rates applied on some foreign exchange transactions. Several times, the banks apply unauthorised exchange rates on forex transactions thereby short-changing the customers Our Banker software is a multi-currency application and allows transactions in other currencies with appropriate exchange rates at bidding dates.
Application of backdated/postdated value/effective dates
Backdating of debit transaction is a situation in which a withdrawal is given a value/effective date earlier than the transaction date. An example is when a withdrawal that took place on Friday 10th January, 2003 is said to be effective (i.e. having value date) on Monday 6th January, 2003. Postdating of credit transaction is a situation in which a lodgement is given a value/effective date later than the supposed value date. An example is when a lodgement that took place on the Monday 13th January, 2003 and supposed to have value on 16th January, 2003 is given 20th January, 2003. The monetary policies states clearing period for every class of transaction thereby enabling customers to determine appropriate value/effective date of their transactions. Backdating/postdating of value dates is another major means of bank overcharge as it imposes undue debit interest on customer and reduces credit interest due to customers. Our Banker software is equipped with excellent value date generation mechanism with consideration for weekends and holidays thereby detecting overcharge that emanated from wrong value dates.
Inclusion of unknown cheques
This is a situation in which a cheque with the same human-interpreted serial number with yours and owned by another customer was debited into your account and account of the owner thereby making an unauthorised withdrawal from your account. This situation is very dangerous when your account is having high confirmation limit and continuous overdraft facility because you may not know when an unknown cheque is withdrawing funds from your account. Our Banker software has an in-built mechanism to detect unknown cheques.
Application of undue VAT charges
By regulations, not all charges are VATable but the banks do otherwise. Example, VAT is not chargeable on interest/overdraft charges.
Statement/Cash book Reconciliation
The software is equipped with account reconciliation module that imports statement of account and cash book entries in Microsoft Excel files then match them automatically. For situations where one transaction on statement of account is split into two/more on the cash book or vice versa, the software is equipped with manual match function to enable users match the transactions. Upon completion of the matching exercise, the software would produce the following reports:
- Reconciliation statement
- Bank statement listing
- Cash book listing
- Transactions matched
- Cash book unmatched transactions
- Bank Statement unmatched transactions
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FAMS (Fixed Asset Management Software)
Fixed Asset Management Software (FAMS) is the registered of the software and it is designed/developed in accordance with international standard specifications applicable to fixed assets management all over the world for easy and fast maintenance.
The software has all the features required for effective assets management activities and the major modules in the software are:
Fixed Asset Acquisition
The Fixed Asset Acquisition module enable users to register newly acquired fixed assets into the asset database by entering the acquisition details like asset identification code, asset description, asset group, year of acquisition, original cost, depreciation rate, location of fixed asset (office/department/section/plant of location), town of location, zone of location, state of location, asset class (component or non-component) and asset group. The module provides edit function to enable authorised users update details that require user update. There are several formatted reports embedded in the system to aid quick information for decision-making process.
Fixed Asset Improvement
It is obviously definite that assets in use must metamorphose through the process of ‘wear and tear’ and thereby necessitating asset improvement process. Fixed asset improvement process includes events like repairs, parts replacement and readjustment that will, no doubt, cost the users another form of asset (money). This module enable the users to keep proper records of improvement activities on fixed assets and to determine total cost of using/running the assets with regard to improvement, depreciation effect, net book value. This module also provides edit function to allow authorised users update improvement details that may require user update. Also, there are several formatted reports embedded in the module to aid quick information for decision-making process.
Fixed Asset Movement
During the life of some moveable fixed assets, movement of the assets from one location to another is absolutely unavoidable as the fixed assets usage may apply to more than one location. Also, re-allocation or re-assignment of some fixed assets from one official in a location to another in the same location or another location may be unavoidable. For proper record-keeping of asset movements, the system is packaged with Fixed Asset Movement module to enable authorised users enter movement details and enable the management tracks location of fixed assets. With this module, users can produce movement history of any asset in the register from the date of acquisition. As with others, this module has edit function that allows authorised users to update movement records as may be required. There are several formatted reports embedded in the module to aid quick information for decision-making process.
Fixed Asset Disposal
As fixed assets are acquired, so they are used days after days thereby accumulating ‘wear and tear’ effects necessitating fixed asset improvement until they are completely used-up and due for disposal. The completely used-up fixed assets will, at one time or the other, have no use for existence other than to be disposed off with considerations for their original cost, improvement cost and net-book value. With this module, system can produce list of used-up fixed assets due for disposal with detailed information on the original cost, improvement cost and net-book value thereby aiding the decision-making on the disposal value. The module is also equipped with edit function to allow authorised users update disposal details that may require user update. Also, there are several formatted reports embedded in the system to aid quick information for decision-making process.
Work-In-Progress
In some situations, already acquired fixed assets are collectively used to generate (build) another fixed asset. During the process of building the new fixed asset regarded as ‘Work-In-Progress’, there is need to keep good and accurate record of the units and cost of the projects. This module enable users to initiate and maintain proper record-keeping for the Work-In-Progress projects so that cost and budgetary indices can be determined at any level of the projects. This module features edit function to allow authorised users update project details that may require user update. Also, there are several formatted reports embedded in the system to aid quick information for decision-making process.
Asset Stock
Not all fixed assets acquired are immediately put into use, therefore the need to keep some fixed assets in store (warehouse) pending the time of need is very necessary. As fixed assets are kept in store there is need to monitor their allocation/placement/movement from the store into any location of use with depreciation estimation suspended until usage begins. While in store, fixed assets value must reflect in account books to determine values of fixed assets in store. This module provides stock control activities (Asset Stock) to ensure that accurate records of stock allocation/placement/movement are maintained. The module also features edit function to allow authorised users update stock details that may require update. Also, there are several formatted reports embedded in the system to aid quick information for decision-making process.
Query
The Fixed Asset Management System is equipped database query facilities to enable the users query asset database for any desired report. The in-built query facilities is simplified and does not require the users to have a prior knowledge of SQL (Sequential Query Language). The result of any query can be directed to the printer for printing.