A comprehensive system fully integrated to the Midas General Ledger. This system will enable you to process all operating expenses – payments to external suppliers, staff expenses, etc. in a controlled and efficient way.
Invoices are logged on receipt and released for payment when authorized.
The system is interfaced to SWIFT, CHAPS or TELEPATH for GBP payments and can be easily extended to cover other payment systems. The benefit is that the entries will be reflected in both the MIDAS GL and the incoming bank statements, making reconciliation much easier. This feature also offers the additional benefit of eliminating cheque processing and posting – saving on resources, time and money.
Cheque / Payment Orders
Cheques or Payment orders are also printed on request. The ability to reprint is available and name and address information can be printed on envelopes or cheques as desired.
Entries are generated upon settlement of an invoice. Optionally, the user can generate transaction date entries to reflect outstanding expenses in the general ledger. Up to 300 entries can be specified per invoice or expense item.
Security can be controlled within the normal Midas security system. Files are secured via the normal daily backup procedures on your AS/400.
An advanced feature of the system facilitates amortization/depreciation of fee income, prepayments and capital expenditure items.
All records retained for pre-defined period for statistical analysis.
Due Date Processing
Allows invoices to be paid on their due date thereby providing cash flow benefit to the bank.
Several invoices for the same supplier can be merged into a single cheque or payment leading to direct saving in transaction charges.