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Accounting - Coggle Diagram
Accounting
Accounting area
Accounting fundamentals: Concepts and customization for position keeping and financial accounting in Avaloq Core, including the Book Engine and Balance Engine
Position keeping in Avaloq Core is a crucial process that ensures all financial transactions and modifications are accurately tracked and recorded.
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Enhanced accounting: Documentation about cost accounting, in-house nostro accounting and specific provisions
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Accounting standards: Avaloq's solutions to comply with country-specific and international accounting standards, including IFRS 9 and FINMA
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Client & Trust Accounting: Customer accounting (CUA) and trust accounting in the Client & Trust Accounting module
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Cost & Fees
Cost:
In Avaloq Core, any charge that is charged per transaction is called a cost. Costs are debited to the client and credited to the bank at the moment when they occur. Costs are stored as a part of the order.
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Fee
Any type of charge that is not caused by a single transaction is treated as a fee. Normally, fees are debited for the use of a product during a certain period of time. Fees need to be triggered periodically by a special task.
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Deferred cost
Deferred cost is also transaction-based. However, it is accumulated over a period of time and charged either with delay or periodically by running the specific task to effect the bookings. So a deferred cost is a combination of cost and fee in Avaloq Core.
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Definition
Accounting in Avaloq Core is made of several modules, including Financial Accounting, Accounts Payable, Cost Accounting, Client & Trust Accounting and Fixed Asset Accounting.
