See the NOVUS Walkthrough Guide for further information.
Cash matching is carried out on an IBA account and currency basis. Items can be contra'd, part matched and overmatched.
If the nominal ledger (NL) module has been installed, balances can be written off either to the nominal ledger write-off account or to Exchange gains and losses if applicable to the transaction concerned.
There are no particular checks carried out on the amounts written off. It is assumed that the user of this program has the appropriate authorisation (defined in the WHO program) to use it.
There are no particular checks carried that matching a line will create a positive funding situation (although this could be added if required). (*) This is because there are other tools in the system to provide the user with knowledge on the funding situation vis-a-vis a given account. Moreover, it is mathematically unsound to provide a funding constraint on a given transaction, as the situation could be quite different when other transactions involving the account in question are considered.
(*) If the reader’s concern is avoiding positive funding then the correct time to check on this is when making a settlement – not on subsequently matching the cash.
If transactions are grouped by BDX, select the relevant O/BDX ID using F9 and then match all the transactions in one go using the 'Y' field at the top area of the screen. If this exceeds the available cash then part match or doesn't match transactions accordingly until the final balance is matched at zero.
Items on one premium paid outward BDX run in the OUTBORD program that is still outstanding by the time the next identical selection criteria is used (for example for the following month) will still appear, in the same way as a statement, until they are fully paid to/from U/W.
Matching items of the first of two BDX that have this will affect the second in terms of no longer showing fully matched items even if the OUTBORD program report showed when they were run. Payments will only be paid for what has yet to be paid.
Transactions are checked for direct settlement records and where they are found preventing a match unless all insurers have been directly settled.
Inward Bdx ID will be returned in MATCH where the division and currency of the bordereau match the account entered and the currency of the bank selected. The Inward bordereau field allows the selection of multiple Inward bordereau ID values and transactions on both ID's to be returned to the transactions and journals section of the MATCH program.
MATCH cash past zero
The default setting for the match program is that cash cannot be matched past zero or to a value greater than the original amount. A system setting can be changed by Morning Data to allow matching of cash past zero which is sometimes useful for bordereau cash matching. A field match cash past zero will be visible on the screen, if Y is entered the user will be able to match cash past zero, but they will still be a warning advising them of what they are doing.
To move from the cash section to the transaction section in the MATCH program, enter 'T' into the match field and press ENTER. To move from the transaction section back to the cash section, enter C and press ENTER.
Funding is updated on cash matching – not on cashbook entry. To monitor the funding situation, cash matching should be carried out as soon after cashbook entry as possible. Funding is always double the amount outstanding. Transactions for direct settlement records are checked, and where they are found MATCH will be prevented unless all insurers have been directly settled.
It is not possible to navigate back within the MATCH program. You can only click the exit button to exit and start over from the first field.
|Account:||Enter the IBA account code for the match. The record must exist in the PARTNER program|
|Suffix:||Enter '*' to match client cash and transactions else '.' for the insurer|
|Div:||Enter the division for the match. (It is not possible to match cash across divisions so the correct division must be assigned to the cash entry (or split between divisions)|
|Fund:||(Default ‘N’). Set this to ‘Y’ to fund items|
|O/Match:||(Default ‘N’). Set this to ‘Y’ to overmatch cash|
|All:||Enter to ‘Y’ to select all transactions and cash for matching all items on this account, 'T' to select all transactions, 'C' to select all cash. Y can only be selected if the funding permitted flag has been set in the WHO program|
|Bank:||Bank account for cash. The three characters entered must correspond with a record int he BANK program.|
|Cur:||Enter the matching currency. This must be a banking currency|
|Policy No.:||Optionally specify a policy number. Only transactions on this policy will be retrieved. The policy number specified here does not impact the cash records.|
|Bord:||You may optionally specify an inward and outward bordereau ID. Only records on that existing bordereau will be retrieved.|
|Opp.Side / Ref:||(Default ‘ALL’). If items are to be funded, the opposite side may be specified here (the account which is to be funded – not the matching account). If the account specified here does not apply to the transaction(s) selected in the match then the funding is applied to ‘ALL’ opposite side accounts. The second field is the proposer’s reference field (optional). This applies in a direct environment where all records in the IBA ledger have been entered against a pseudo client account code.|
|Trans Range:||Specify up to two sets of transaction number ranges (optional). If a range is specified, only transactions falling in this range will be retrieved.|
|Item Range|| Specify up to two ranges of item number to be displayed. The system supports three sets of itemisation numbers for the months specified on the right. The last three months itemised are displayed, select the month which applies to the selected item range(s). |
When required ranges have been specified the program queries the database, first for transactions and then for cash. All records matching the criteria are shown in the transaction and cash areas of the screen respectively. If no transactions are found it is possible to continue with contra-ing cash and matching transactions against other transactions.
|Match:|| There is a match field for both cash/journals and the transactions sections. If there are no cash or journal items found it is possible to select transactions to match. Otherwise, a selection of cash items will be presented for matching. In the cash area, enter ‘T’ in this field at any time to access the transaction area and in the transaction area, enter ‘C’ at any time to access the cash area.
The options in the ‘match’ column are: select the item in full ('Y'), Not to match ('N'), Transaction match (T), or part match ('P'). In the transactions section enter W to write off the balance - either to write off the account and/or exchange gains and losses.
In the W option a total match is implied. The amount matched, plus the amount written off, plus the amount allocated to gains and losses must be equal to the current outstanding amount on that line. If 'S' is selected then the whole sections must be matched in full.
In the case of ‘Y’, the amount to (fully) match is shown in the match column. It is not possible to change this amount. In the case of 'P' or 'W' specify the amount to part match in the match column. In the case of the ‘W’ option enter the amount to part match (which can be zero) followed by the amount to write off. If the line has been converted from an original soft, specify an amount to write off to exchange gains and losses. In all cases, the 'W' option requires that the part match amount plus the write-offs balance to the outstanding amount on the line.
Continue selecting the items to match. The running balance is shown at the bottom. It is not possible to complete the match unless this balance is zero or below the permitted write-off amount set up for the user (defined in the WHO program. If the balance is less than the permitted write-off amount, when pressing [COMMIT] to activate the match, the program will take the cursor into the Write-off box to enter ‘Y’ if the balance is to be written off (to the IBA write-off account).
Select Y in the print report? box if a record of the match is to be printed.
Press [COMMIT] to proceed to the bottom commit box.
| Press [COMMIT]..
|| Press [COMMIT] or click the save match button to complete the match. Click the exit button to abort the match. Enter ‘T’ or ‘C’ to revisit the transaction or cash selections.|
On pressing [COMMIT] the computer completes the match and assigns the next available folio number to the items matched. Click the exit button to exit or start over with another match.
The system's funding algorithm is automatically invoked to adjust the funding on all transactions involved in the match.
See the cash unmatching program for more information.
v 7.0.0 – Updated to the latest version
v 6.0.0 – Updated to the latest version
v 5.0.0 – Updated to latest version
V10.2s - Section Matching
v104M - Added a 'Match Cash Past Zero' field to the header FMX-2077
v100M - funding problem corrected as per URM 3718
v99K - fmx-34. booked bordereau include for all but OYS
V98M - Get inward bdr from iba_ttl. Inward bdr with a new intelligent LOV No URM
V97M - Made sure XBK funding was only adjusted if an FX record exists for that section.
V89M - Gain/Loss now written to the "FX" account code and brought into TRAN_TTL in its own category.
V83M - PAID on brokerage set to same date as own side. BDR set to bank account on WROFFS record.
V80M - Error checking improved. Rollback forced if match fails in any regard. NL Gains/loss record narrative changed.
V72M - Allow (part) matched cash to be annotated
V68M - Funding algorithm modified to accommodate same acount but different suffixes on the market
v67J - First version of this form to use the new style. No other updates except the restyle.