Financial Accounting and Reporting Solutions Safe Deposit Box Module

The Information Technology, Inc. Safe Deposit Box Module (SDB) is a comprehensive system for managing and controlling a safe deposit box inventory and associated customer accounts. In addition to being a complete system for billing and collecting rent, the transaction-based SDB Module offers rent accrual and refunds, late charging, rent discounts and sales tax, miscellaneous fees and key deposits.

Features

SDB is integrated with the ITI Premier II System (PRM) for general ledger accounting - including accounting for rent on a cash or accrual basis. The module is run daily to post payments, generate billing, produce transaction and exception reports, box inventory and account reports, and up-to-date past due payment information.

Safe Deposit Box Inventory

• Box numbers can be numeric, alphabetic or a combination (e.g. "B2345")
• The box inventory can be searched on-line to inquire into single or multiple boxes
• The on-line search feature finds boxes for a specific branch number, size, status (rented, vacant, unusable) or rent to identify an ideal box for a new customer
• Inventory reporting includes a complete reference journal, reports of vacant boxes, unusable boxes, and client-defined reporting

Customer Information

• When boxes are rented, accounts are established for billing and recordkeeping
• Default information is automatically assigned by Class Code for simple and reliable new account maintenance
• Billing schedules are flexible - monthly, quarterly, etc., or based on client-defined dates and amounts
• On-line account inquiries and transcript statements make account review fast and easy
• Account reporting includes a complete reference journal, new, closed, past due, controlled accounts, four types of customer notification and client-defined reporting

Transaction, Accrual and Accounting Functions

• Rent accrual and refunds are calculated and accounted for automatically
• Discounts provide automatic rent reduction on a customer-by-customer basis
• Late payment charges are calculated and applied based on specifications
• Miscellaneous fees can be assessed with specific transaction codes
• Key deposits are tracked, refunded and reported
• Transactions can be restricted at the account level
• Integration with the ITI Premier System eliminates the manual process of creating general ledger transactions to summarize safe deposit box activity
• Application balancing automates reconciliation with the general ledger
• Using the ITI Paperless Item Module, payments can be deducted from accounts outside the institution