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DeepERP for

Community bank / credit union

The back office around the core banking system: general ledger fed by the core's daily summary, close with core-to-GL reconciliation, supplier bills with dual control, vendor due diligence, branches, ATMs and IT assets, prepaid and accruals, budgets and the board pack.

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Workflows for your business

  • Month-end close with core-to-GL reconciliation
  • Supplier bill approval with dual control
  • Vendor onboarding and due diligence
  • Fixed asset capitalization
  • Budget against actual
  • Board reporting pack

Your starting setup

  • Member and facility services
  • Branch supplies

Work organized around your team

  • CFO / finance director
  • Controller
  • Core GL accountant
  • Accounts payable specialist
  • Branch manager
  • Facilities and IT asset manager
  • Internal auditor
  • Compliance / BSA officer
  • Board viewer

Your industry setup is reviewed before it is applied. Available tools depend on your package and each person's access. Your team retains approval of sensitive actions.

Workflows for your business

Month-end close with core-to-GL reconciliation

The core's daily GL summaries imported, suspense and clearing accounts cleared, the core's loan and share subledgers agreed to the GL, accruals, prepaid amortization and depreciation posted, and the close signed off and locked.

  1. Core GL summary imported each business day
  2. Suspense and clearing accounts reviewed; unmapped core codes mapped
  3. Core loan and share subledgers agreed to the GL control accounts
  4. Accruals, prepaid amortization and depreciation posted
  5. Close checklist reviewed and signed off
  6. Period locked

Supplier bill approval with dual control

Supplier bills matched to the contract or order; from the dual-control amount two different people approve; payment runs always need the step-up code.

  1. Supplier bill captured and matched to the contract or order
  2. First approval
  3. Second, independent approval
  4. Payment run approved with the step-up code

Vendor onboarding and due diligence

A new vendor requested, checked (ownership, sanctions screening, financial condition, information security for critical vendors), contracted, and added to the master with bank details verified by call-back; critical vendors reviewed every year.

  1. New vendor requested by the business owner
  2. Due diligence completed and risk rated
  3. Contract on file with service levels, right to audit and exit terms
  4. Vendor added to the master; bank details verified by call-back
  5. Critical vendors reviewed every year

Fixed asset capitalization

Branch, ATM and IT purchases approved, received and tagged, capitalized from the board's capitalization amount (expensed below it), and depreciated monthly.

  1. Purchase approved
  2. Asset received and tagged at the branch
  3. Capitalized or expensed by the capitalization policy
  4. Monthly depreciation run approved

Budget against actual

The annual budget loaded by branch and cost center, approved by the board, and each month's variances explained by the branch managers.

  1. Annual budget loaded by branch and cost center
  2. Budget approved by the board
  3. Monthly variances explained by branch managers

Board reporting pack

Financial statements, budget against actual, branch results and key figures prepared each month, reviewed by the CFO and presented to the board and supervisory committee.

  1. Board pack prepared from the closed month
  2. Reviewed by the CFO
  3. Presented to the board and supervisory committee

Scope to review with your team

  • DeepERP is the back-office ERP around the core banking system: loans, shares and deposits, interest and member accounts stay in the core, which sends its daily GL summary to DeepERP.
  • Core codes nobody mapped yet post to the suspense account and are listed on the batch; the suspense balance is cleared every month end.
  • From the dual-control amount a supplier bill needs two approvals; payment runs are always approved with the step-up code.

See this industry in DeepERP

Tell us how your business works. We will walk through the relevant workflow and confirm what is included before you choose your setup.

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