Financial Accounting and Reporting Solutions Personal Accounting System

The Information Technology, Inc. Personal Accounting System (PAS) is designed to generate service fee income for an institution by allowing it to maintain a series of accounts for clients. The accounts are used to categorize transactions and also are used for generating reports, which an institution sends to clients to provide them with financial status information.

  The PAS system may be offered to customers either as a full general ledger or an income and expense tracking method. With this flexibility, the system appeals to a wide variety of customers. Individuals may use the PAS system for income and expenses to obtain summarized or detailed reports of transactions, while businesses may use the PAS system as a highly efficient general ledger.

To reflect a client's account activity, an institution may send that client a number of comprehensive reports. The reports contain information that may be used for comparing monthly activity, analyzing budget amounts, preparing tax forms and viewing overall financial status.

To be processed on the PAS system, each PAS client must have accounts and a designated report format file, both of which may be set up automatically. The accounts are used for posting transactions and the report files contain instructions that set up a format to report the transactions. The reports are then generated and sent to clients.

After accounts and a report format are set up for each client, transactions may be entered onto the accounts. The PAS system offers a convenient method for posting transactions on accounts, via a single program that extracts transactions posted to demand deposit accounts. When the program is run, it creates transaction blocks for each client with demand deposit activity. Other types of transactions may also be entered into the blocks by using a display terminal.

Transactions may be entered onto PAS accounts once each month, or for high-volume accounts, as often as needed.

Transactions are entered onto accounts until the end of a user-defined billing cycle that determines when clients receive their reports and billing statements. It may be convenient to coordinate PAS billing cycles with demand deposit account cycles because the checks that will be sent with demand deposit statements are also used to enter PAS account information.

At the end of a cycle, a series of update programs is run. The programs update all accounts, generate reports and perform a complete backup of all PAS files, to prevent the loss of transaction records.