Fineract Accounting Import
Fineract Native Support For Importing Accounting records
This section includes analysis on the migration of Accounting management data with respect to Financial Institution's existing Accounting workflow(SoPs) including but not limited to its book, regulatory accounting standard requirements in terms of real time JL entry ledgers, external service integrations and Accounting reports.
Following key aspects to be considered prior to importing accounting records from legacy suite of CBS/LMS/ transaction processors
Accounting manual configuration is required before you setup on any loan/savings account and transaction data.
This includes detailed Charts of Accounts, Accounting Rules for Frequent Postings, Financial Account Activity Management, Teller Management, Accounting Period closures.
2. Once the loan/savings product settings are in place, loan account configurations will automatically post journal entries when needed. In other words, Transaction import will create coresponding JL entries if the Step 1 is followed dilligently.
3. Importing transction data in terms for fineract model:
Payment Data
Amount Adjustments
Waivers
Charges
Additional transactions details etc.
To avoid cascading effects to DB migration exercise, the accounting import should take place by ingesting data in chronological order. Remember to keep the Accounting periods closed and backdate Accounting entries either enabled or disabled for this purpose.
Last updated
