ALECASH provides an automatic way for opening and closing the cash inventory. It loads the basic, client and account information at the opening. Supports verification of cash inventory (audit) and cash transactions concluded on that day (item verification) when closing.
Concluding Cash and Vault Transactions
The software enables clients to deposit money to their accounts as well as withdraw money from their accounts.
- The solution supports multiple deposits and withdrawals; i.e. a part of the money withdrawn from an account can be immediately deposited to another account. It is also possible to use several accounts during a cash transaction.
- After the solution is integrated to the account system, the cashier can query the account balance of the client and see whether the requested amount can be withdrawn or not.
- Deposits and withdrawals can be concluded in a foreign currency, even with account conversion (if the currency of transaction differs from the currency of the account).
- The conversion rate and the commission charged for the transaction can be predefined for each transaction type.
- It is possible to set custom conversion rates and commissions for each transaction (the predefined one can be changed).
- By using templates, default texts entered in the comment section of the transactions can be defined by transaction types.
- Cash inventory opening
- Inventory upload
- Cash inventory closing
- Item verification
- Audit, i.e. verification of the cash inventory
- Handling deficit and surplus
- Special cash transactions for handling petty cash
- Accounting for travel and employee expenses
- Accounting for procurement expenses
- Advance on salary
- Deposits and withdrawal in the middle of the month
- Currency conversion
- Base currency handling
- Buying currency
- Selling currency
- Currency conversion between foreign currencies
- Exchange rate handling
- Bag inventory
- Acceptance of bags
- Handling deposits and withdrawals by bags
- Supplementary functions
- Exchanging denominations
- Handling remaining balances
- Previously announced cash withdrawal
- Handling damaged or counterfeit banknotes and foreign currency coins
- Cancelling items
- Handling Suspense Accounts
The solution handles suspense accounts (when the client is not recorded in the company registry). A technical account can also be used if the transaction is concluded with someone who is not a client yet.
- Handling Orders and Delivery
ALECASH handles requests to external and internal inventory spaces and deliveries. It sends a notification to the cashier if any problem arises during the ordering and delivery process.
- Compliance to Money Laundering Act
Financial institutions would like to comply with laws concerning money laundering in order to avoid operational risks and adhere to regulations. The rule engine ensures transparency and easy management of processes, which facilitation up-to-date adherence to regulation changes.
Important note: no IT support is required to do this; the business side can directly create and modify the rules.
- Organizational Unit with Own Authorizations
Employees are authorized to access storage spaces according to the organization units. The organization unit can be selected after logging in, and storage spaces can be accessed after logging in. These spaces are closed after logging out. The organizational units can be organized into a tree structure.
- Roles with Custom Authorizations
Roles are assigned to the employees, i.e. authorizations that define their possible activities in the system. The roles can be assigned on the basis of rules, thus one user can have more than one rule assigned to him/her. The system can fully or partially block simultaneous assignment of certain roles. For example, a user can not approve a transaction concluded by him/her; he/she can be a treasurer and cashier at the same time, but cannot exercise both roles at the same time. The system facilitates substitution of users.
It is possible to create an authorization procedure for processes. In addition to fixed rules, certain users can be provided with ad hoc authorizations for executing specific operations. The authorization data can be analyzed any time and therefore proper optimization is possible.
- Documentation, Printing of Vouchers
The system uses two types of cash vouchers: 1) cash vouchers involving assignment and accounting (for example: cash deposit and withdrawal assignments), and 2) free format vouchers having a few fixed fields and the remaining data is printed on the voucher depending on the type of transaction. The system provides a function for printing minutes.
- Creating Reports and Lists
The current itemized cash amount can be established by using report, turnover and inventory lists. These lists can be accessed by authorized users. After providing the specific parameters, the reports are displayed as HTML documents that can be updated later and printed in PDF and XLS formats. The system automatically generates text reports when the day is closed.
Users are supported with pre-generated elements. The system loads the file generated by the conversion rate management system, and automatically checks the data and send notifications when discrepancies are encountered. A default but overwritable value will be added in the fields where possible, and it is possible to use template when filling the comment section of the transactions.
Additional modules can be easily integrated into the system, for example cash optimization elements.
The cash inventory system is has a web-based interface, therefore it is accessible on internal intranet networks as well.
- Easy to Integrate and Develop
The solution can be easily integrated to any other system of the bank, for example general ledger, client registry, balance checking, conversion rate management and treasury applications. Clients and client accounts can be identified at each transaction, and cash transaction data is forwarded to the account management system. Further development of the solution is possible for customization purposes, additional modules can be added to it.
ALECASH cash inventory system is a completely standard Java EE application; therefore it is database independent and can be configured to any application server.