Chart of Accounts
Set up assets, liabilities, equity, income, and expense accounts with branch, product, and currency dimensions where required.
Advanced Features
Financial Accounting
General ledger, journal posting, reconciliation, period close, and financial reporting tied to daily banking activity.
Chart of Accounts
Automated Journal Entries
Financial Statements
General Ledger Management
Accrual Accounting
Branch Accounting
Integrated Accounting
Accounting That Follows the Transaction
SelamNow posts banking activity into the general ledger as deposits, withdrawals, repayments, disbursements, fees, reversals, and accruals are processed. Finance teams can review journals, reconcile accounts, close periods, and produce statements from the same records used by operations.
Automated Journal Entries
Every banking transaction automatically generates corresponding journal entries. Loan disbursements, repayments, deposits, withdrawals, fees, and interest calculations all post to the general ledger in real-time without manual intervention.
Financial Statements
Generate balance sheets, income statements, cash flow statements, and trial balance reports instantly. Support for consolidated reporting across multiple branches, comparative statements, and trend analysis with NBE-required formats.
General Ledger Management
Review postings by account, date range, branch, product, or transaction type with reversal tracking and audit history.
Accrual Accounting
Automated accrual calculations for interest income, interest expense, fees, and provisions. Period-end closing processes with automated accrual postings, reversals, and carry-forward of balances to new periods.
Branch Accounting
Multi-branch accounting with inter-branch transaction recording, branch-level P&L statements, and consolidated reporting. Branch performance analysis and cost center accounting for profitability tracking.
Automation
Automated Transaction Posting
Loan Transactions
Loan disbursements automatically debit cash accounts and credit loan receivables. Repayments split between principal, interest, fees, and penalties with proper account posting and amortization tracking.
Deposit Accounts
Deposits credit customer liability accounts and debit cash/bank accounts. Withdrawals, transfers, and interest accruals post automatically with proper account classification and regulatory reporting.
Fee & Charges
Transaction fees, account maintenance charges, and penalties automatically post to income accounts. Support for fee waivers, refunds, and reversals with complete journal entry tracking.
Interest Calculations
Interest income and expense automatically accrue daily with month-end posting to P&L. Support for multiple interest calculation methods, grace periods, and compounding with accurate accounting entries.
Reporting
Financial Reporting
Balance Sheet
Real-time balance sheet showing assets, liabilities, and equity with comparative analysis. Drill-down to account details, support for multiple reporting dates, and NBE-compliant formats. Automatically balanced with zero variance.
Income Statement (P&L)
Profit and loss statements with revenue, expenses, and net income by period. Support for product-line reporting, branch profitability, and departmental P&L. Comparative period analysis and trend reporting included.
Cash Flow Statement
Operating, investing, and financing activities with indirect and direct method support. Analyze cash generation, liquidity trends, and cash position forecasting. Essential for NBE reporting and liquidity management.
Trial Balance
Trial balance with debit and credit totals, opening balances, period activity, closing balances, and reconciliation checks.
Period Management
Month-End & Year-End Closing
Month-End Processes
- Automated interest accrual posting
- Fee and charge accruals
- Provision for loan losses
- Depreciation calculations
- Inter-branch reconciliation
- Suspense account clearance
- Balance verification checks
- Financial statement generation
- Period lock to prevent changes
- Audit trail generation
Year-End Processes
- Annual financial statements
- Closing P&L to retained earnings
- Opening balance carry-forward
- Tax provision calculations
- Regulatory reporting (NBE)
- Dividend accrual postings
- Audit preparation reports
- Comparative year analysis
- Historical data archiving
- New year initialization
Compliance
Audit Trail & Regulatory Compliance
Complete Audit Trail
Every journal entry includes timestamp, user ID, transaction reference, and original document. Immutable audit logs track all postings, corrections, and reversals for complete traceability.
NBE Reporting
Pre-configured NBE financial statement formats with automated data mapping. Generate required regulatory reports with one click including balance sheets, P&L, and statistical returns.
Internal Controls
Maker-checker workflows for manual journal entries, reversal approvals, and period-end close. Segregation of duties, authorization limits, and approval hierarchies for financial controls.
Data Integrity
Automated balance checks ensure debits always equal credits. Real-time validation prevents unbalanced entries with error alerts and exception reporting for immediate correction.
Advanced Capabilities
Enterprise Accounting Features
Multi-Currency Accounting
Support for foreign currency accounts with automatic exchange rate application. Revaluation of foreign currency balances at period-end with realized and unrealized gain/loss posting to P&L.
Cost Center Accounting
Track expenses and revenue by department, branch, or product line. Allocate shared costs using predefined allocation rules with detailed profitability analysis by cost center.
Budget Management
Set budgets by account, department, or branch with variance analysis. Monitor actual vs. budget performance with alerts for over-budget situations and detailed variance reporting.
Consolidation
Consolidate financial statements across multiple branches or legal entities. Eliminate inter-company transactions and provide consolidated views for group-level reporting and analysis.
Integration
Connected System Integration
LedgerPosting controls
ReviewApproval workflows
ReportsFinance assessment
AuditReviewable records
Next step
Ready to Learn More?
Contact our team to discover how SelamNow can transform your financial institution.