Finance
Closing the month in a day: what a balanced core banking system makes possible
Zenus Team ·
If the trial balance does not agree, month-end becomes a hunt. If every customer posting has a general ledger counter-leg by construction, it cannot disagree.
Why month-end takes weeks
In most institutions the customer ledger and the general ledger are two systems, or one system and a spreadsheet. Interest and charges are computed by hand. The trial balance is assembled, does not agree, and someone spends a week finding out why.
Balanced by construction
In Zenus Banking Pro every customer debit is matched by a general ledger credit and vice versa, inside the same database transaction. Month-end interest posts per account type with the matching expense leg. Bulk charges post one aggregate income leg. The trial balance cannot go out of balance because nothing can post one-sided.
The month-end routine
- Run month-end interest and charges.
- Reconcile the bank accounts from the imported statements.
- Review and approve outstanding journals and vouchers.
- Close the period. Nobody can post into it afterwards.
- Print the trial balance, balance sheet and profit and loss.
The figures your monthly returns to the regulator require come from the same statements.
Related solution
General Ledger (Financial Accounting)
