FESA CONSOL

FlexSystem

Comprehensive Related Party Disclosures

Issues

Existing modular designed accounting systems struggle in respect of related party transactions when prevailing accounting standards demand for disclosure of a related-party transaction of a balance sheet type account as well as including a profit and loss type account.

  

Expectations

Users expects the voucher preparation process to support the posting of all relevant associated dimensional codes that cover both balance sheet type accounts, and profit and loss type account.

  

Solutions

FESA Financial can be implemented on a modular design basis to support the operation of multiple modules including payable and receivable ledgers without losing any dimensional codes whilst recording related party transactions. In addition, FESA Financial is integrated with an impressive query engine that can support both fast and comprehensive aggregation of financial information across different modules for a group of companies.

  

Benefits

The lead time for completion of statutory audits is greatly reduced as well as supporting for more frequent monitoring of related party exposures.