Double entry accounting
A business transaction involves an exchange between two accounts. For example, for every asset there exists a claim on that asset, either by those who own the business or those who loan money to the business. Similarly, the sale of a product affects both the amount of cash (or cash receivable) held by the business and the inventory held.
Two notable characteristics of double-entry systems are that
1) Each transaction is recorded in two accounts
2) Each account has two columns.
In a double-entry system, two entries are made for each transaction - one entry as a debit in one account and the other entry as a credit in another account.
We used the fundamental of double entry accounting in Office Exchange Server. There are two sides in each exchange transaction. In one side you receive money from client and in other side you pay money to your client in a different currency. For example, you receive $100.00 USD and in exchange you pay your client $120.00 CAD. In this transaction the $100.00 USD must be deposited to your Cash USD account and $120.00 CAD must be withdraw from the Cash CAD account. The result of this transaction is the change in the account balances.
Receipts are generated by the system. It handles multiple forms of payments Cash, Cheque, Wire Transfer and Credit.
Transactions more than $3000 CAD or equivalent will restrict the user to fill in all the required field Compliant with FINTRAC. Moreover, a report will be generated to alert user to report to the FINTRAC. Receipts can be regenerated at any time.
Send and receive money to any location in the world
Office Exchange allow administrator (Head Office) to add agencies to the system and start send and receive orders with the agencies. Every agent can work with the system independently.
(Optional) The information entered to the system by an agency are not viewable to other agencies on the system. This means every agent has its own client and the information about it's client is not viewable to other agencies.
Track client transactions
Reporting on client transaction and regenerating invoice.
Search for orders
Search tools allow users to search for orders when they need it. The orders can be searched by Date, ID, Reference client name and account name that transaction was involved.
Multi user capability
There can be more then one user assigned to each agent. Every user is assigned to a specific agent and can login to the system with his or her username and password. Then, the system can track every transaction that was done by user. Like update, delete, issue transactions.
Multi agencies or branches
Add / remove branch (Agent) at any time.
Add remove currency to the system at any time.
Note: If you are buying and selling gold you can use GLD notation for gold
Accounting and book keeping
Add / remove / update accounts in the system. These accounts can be used to keep information about your expenses, tax and etc.
Share account Information between branches
Once you have added agent to the system you will be able to share account information with your agent. This means that all transaction related to the account will be viewable to the agent that you shared the account with.
Keep Track of updated and deleted orders
In the Office Exchange system user can view deleted and updated orders. The report can show who deleted or updated the order and detail information about the order.
Reporting on daily, monthly, yearly and FINTRAC (Customizable)
A daily report will allow user to view daily report on sale.
Total deposit, withdraw and balance based on currency
Total deposit, withdraw and balance based on accounts
FINTRAC report on transaction more than $10,000.00 CAD or equivalent
A date can be selected to view report on the selected date.
Detail tracking on account transactions
A balance sheet will display the balance of each account that was created in the system; moreover, each account can be selected to view detail transaction related to the selected account.
Attach image file to the orders or client information (Like client ID or copy of Receipt)
User can scan client identification and attach the image file to the client file. The same scenario can be used to attach image file to the order. When your agent makes the payment to the bank they can attach the bank receipts to the order so it is available to view at any time.
Client can view their transaction history (Optional)
This module will be installed on the website of administration so their client can login using username and password to view transaction history.
Deposit and process Cheques
User can use Office Exchange to deposit Cheques into the existing accounts in the system. User logs into the client page and uses the deposit Cheques form to enter detail information about the cheque like cheque number, date and beneficiary name. Moreover, user can view all cheques deposited by the client.
There is also a daily cheque report tool that allow user to view all cheques dated for today or selected dates.
Cheques have status.
At this time there are three statuses defined for the cheques but it can be customized with our client's requirements.
1- When a cheque is deposited in the system its status is (Pending)
2- When a cheque is cashed or the found is available in your account user must change the status of the cheque to (Paid). When userr change the status of a cheque to Paid the system will withdraw the same amount of the cheque from the same account that was deposit to.
3- When there is a problem with the cheque you must change the status of checque to (There is Problem)
When statues changes to the Paid the system will automatically make withdraw equivalent to the cheque from same account; therefore, if the deposit_ch USD account balance is 0, it means that all cheques were cached.
When user wants to change the status to Paid the system will ask you to select an account. Select an account that the found was deposited which is usually one of your bank account.
Manage day to day banking
Transfer found between accounts allow you to monitor the balances available in each account
Sum up the balance of selected accounts
This future allow user to select umber of accounts and view the sum of their balance.
Let say the user has 3 USD accounts and he or she wants to view the sum of balances for theses 3 accounts.
View today’s Cheques
User can view Cheques that are due today or for selected date
Send and receive reports
This report shows user the total orders received or send today or for selected day. User can then view order detail by clicking on the View link
Close accounts and view closed account
Some account has to be closed at the end of the year or because they are not needed in the system any more. The user or administration can close an account at any time they want. The closed account can be reviewed at latter time but it can not be used for transaction.
User can add or delete users to the system. This means employees can access the application using their own username an password; therefore, any transaction like add, delete and updating the orders will be assigned to the employee for security check.
Hundred percent compliant with FINTRAC
For transaction more than $3000.00 CAD or equivalent user must fill in all required information by FINTRAC. Transaction more then $10,000.00 CAD will generate a report for FINTRAC. The expiration date of client ID will be validated to ensure the client id is not expired.
Status tracing system
The administration of Office Exchange server can add Status Tracking Module to the corporate website so clients can visit the website and view the status of order. For example, Money was paid to receiver, not paid or there is a problem with the order and client must call our office.
Second layer security application
To increase security in the system, we built a windows based application. This application must be installed on the computer that wants to access the Office Exchange application. Therefore, user can not access the application from the regular Internet Explorer window.
Profit and loose calculation
Office Exchange will provide you with a report based of profit or loose calculation. Table 1.1 is an example of this report for USD.
Total Average Sell – Total Average Buy = Profit / Loss
Backup from database
The backup system in office exchange is very simple. User can take backups from database at any time by going to the backup page and click on the back up button. There is also an automatic back implemented in the SQL Server. Backups will be placed in 3 different places depending on admin choice.
Signature capturing technology
Signature capturing module is designed to capture client signature electronically and save it in the client file along with orders. Client can use special pen to sign on the signature pad then the signature will be converted to an image file and it will be save on the client file.
CGI Design strives for stable and long lasting relationship with their clients by providing them with quality products and best service. We welcome you for further assist and information about Office Exchange.
Thank you for reading Office Exchange specification
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