T24 ACCOUNT

SEPTEMBER 2011
Session Objective

At the end of the session you will be able to understand

 Product features of Accounts in T24

 How Accounts are linked to other T24 applications

 Different types of Accounts available in T24

Account – product overview

Fixed
Interest
Customer Floating
Accounts Charges

Account
Group level level

Account
Account
closure
Statements

Passbook
Internal
Accounts

Slide 3
Product Features of Accounts

► Account module is a core module in T24 and it is linked to all T24

applications
► Multi types of account for customers can be opened like savings A/c,
current A/c, in local as well as in foreign currencies
► Joint account refers to opening of a single account with more than one
customer, can be opened
► Internal Accounts called as “Non customer” accounts can be opened in
T24
Product Features of Accounts

Internal accounts are those owned by banks for managing its own
assets and liabilities such as
• Cash Accounts

• Accrued Profits

• Suspense Accounts

• No counterparty

• No interest or charges are applied on internal accounts.

Account – Static tables

CATEGORY CODE

DEPT.ACCT.OFFICER

ACCOUNT CURRENCY

RELATION TABLE
FOR JOINT ACCOUNT

CUSTOMER
Savings account – Local currency - USD

Customer ID

Category
Category code
code Currency
Currency Dept Account Officer
Savings Account – Foreign currency with Joint account holder

Currency-
Currency- GBP
GBP

Joint
Joint account
account Relationship
Relationship of
of joint
joint
Holder’s
Holder’s account
account holder with the
holder with the
customer
customer ID
ID account
account
Current Account
Internal account

Internal
Internal account
account is
is created
created by
by bank
bank toto
manage its own assets and liabilities
manage its own assets and liabilities
Account opening – Mandatory details

► Account ID
• Unique and can be auto generated or manually created.

• 2 to 16 numeric characters

► Customer ID

► Currency
• Valid currency ISO code

• Cannot be amended after authorisation

► Product code – Category code

• Savings, Current account etc.

• Can be amended after authorisation

Account opening – Optional details

► Account Mnemonic
• Alternate method of referencing the account number.

► Account Name
• Customer, currency and product name can be indicated

► Short Name

► Account officer
• Defaulted from underlying customer record

► Joint Account Holder

• It is possible to indicate more than one joint account holder
Product Features of Accounts

Possible to create groups as per the requirement of the bank

• Example – Students residing in US

• Doctors residing in India

Possible to apply interest rates and charges for those groups

• Capability of the Accounts Module is enhanced by the wide range of
Interest and Charges
Nostro Account

► Nostro account refers to our bank's account with another bank.

► It is the mirror account of our nostro account with another bank.

► Only a bank can open “Nostro account”

► Product code will be 5001 – bank, 5002 – central banks

► Currency – Nostro account currency

After opening a nostro account, the account details can be added to the
agency record. If agency record doesn't exists, then t24 automatically
creates a agency record for the nostro account created.
Nostro Account

Our bank has opened a

nostro account(AIF235689)
with Credit suisse bank. To
reflect the same, we are
opening the nostro account
41262

To reconcile the difference

between the mirror account
and the actual account
number, If yes, then the
tolerance amount can be
specified.

This is the actual account

number opened in Credit
suisses
bank(Correspondent bank).
There is no validation
against this and held for
information purpose only.
PARAMETER TABLES
Account - Parameter Tables

Interest and Charges related tables to be set-up :

 CONDITION.PRIORITY

 ACCT.GEN.CONDITION

 GENERAL.CHARGE
• DEBIT.INT.ADD.ON BALANCE.REQUIREMENT
• HIGHEST.DEBIT NUMBER.OF.DEBIT
• GOVERNMENT.MARGIN TURNOVER.DEBIT
• INTEREST.STATEMENT TRANSACTION.CHARGE
• NUMBER.OF.CREDIT
• TURNOVER.CREDIT
• ACCT.STATEMENT.CHARGE

Slide 17
Account - Parameter Tables

Interest and Charges related tables

 GROUP.CAPITALISATION
 GROUP.CREDIT.INT
 GROUP.DEBIT.INT
 GROUP.CONDITION
 ACCOUNT.ACCRUAL

Optional table for operating conditions

 ACCT.GROUP.CONDITION

Slide 18
Account - Parameter Tables

Statement related tables

 AC.STMT.PARAMETER
 CONDITION.PRIORITY
 STMT.GEN.CONDITION

Account related parameter tables

 ACCOUNT.PARAMETER
 ALT.ACCT.PARAMETER
 ACCOUNT.CLASS

Account control tables

 REFERAL
 POSTING.RESTRICT

Slide 19
Cheques, Sweep and Image Management - Parameter Tables

Account sweep related parameter table

 AC.SWEEP.TYPE

Cheques related tables

 STOCK.PARAMETER
 CHEQUE.TYPE
 CHEQUE.CHARGE
 CHEQUE.STATUS
 PAYMENT.STOP.TYPE

Image management related table

 IM.IMAGE.TYPE

Slide 20
Account Maintenance
Account Maintenance

► Preferential Service Conditions

• Interest

• Charges

• Statements

► Group Specific

► Account Specific
Account Maintenance

► Interest Types and Rates

• Interest application or capitalization

• Debit and credit interest

• Fixed/Floating rates

• Balance on which it is applicable such as Average, daily, minimum etc

► Service conditions may be set at either a group level or at a specific

account level with respect to interest, charges, capitalization or issuing
statements. Individual account level conditions takes precedence over
group level conditions.
► For eg, statement generation charge can be set at $3 for the group
account opened by all students residing in US. It can be set at $2 for all
individual accounts.
Account Maintenance

Types of Charges
► Calculation of charges relating to the maintenance and servicing of
accounts
► There are two types of account related charges in T24
• Interest Related Charges
 Charges imposed with debit interest during capitalization
► Ledger Fee Charges
• Charges collected for maintenance of Accounts
► Statement Frequency can also be set up for a group of accounts or an
indivdual account.
Account Maintenance

► Group specific conditions

► Rules for interest and charges can be set up for all group accounts

► When a new account is opened T24 locates the group in to which the account
falls. For e.g., A group of employees salary account is a group account, when a
new employee joins, T24 locates the salary group account and will place him in
the existing group account.
► Conditions set for the group will be applied to the account.
Account Maintenance

► Possible to set account level conditions

► Account maintenance is used for changing account statement frequency

► Setting debit and credit interest conditions for an account

► Setting frequency for account capitalization

Account Maintenance

► Capitalization refers to the process of adding interest to the principal.

► Possible to set rules for Capitalization of interest and interest related charges

• Example – For Current accounts of Private individuals residing in UK, to debit

interest every month on the last date while for credit balances in those accounts,
pay interest every quarter
► Special capitalization at any interval on request of Customer

► On request from the Customer, interim capitalization is possible

Account Maintenance

► Possible to apply flat percentage charge on the highest Debit balance recorded
in an Account during the capitalization period
► Allows levying a fee for production of a Debit Interest Statement

► Allows the bank to collect charges on overdraft balances on behalf of the

Government
Account Maintenance

Maintenance of Accounts is done using the sub-menu

 Account > Account Maintenance

Use this sub-menu, to make an entry of Account maintenance and

authorize the Account maintenance record
Maintenance of Account

► Click on sub-menu,

• Account Maintenance > Account Maintenance

► List of Accounts ready for maintenance appears

► Maintenance of Account involves:

• Credit & Debit Interest

• Capitalization & Statement Frequency

• Interim Capitalization

• Posting Restrict

• Reset Inactive Flag

• Block Funds
List of Accounts ready for maintenance
Input details of Account maintenance

On clicking “Edit icon”, record gets opened for editing and make the
necessary changes & save the record
Input details of Account maintenance

On clicking “Maintenance icon”, list of Accounts ready for maintenance is

displayed. Maintenance of Account can be done by selecting respective
value from drop-down
Input details of Account maintenance

Interest can be credited to a particular Account by

• Clicking on “Credit Interest” from the drop-down near the respective Account

• Add the required interest rates & save the record

Authorization details of Account Maintenance

► Data input in “Account Maintenance” sub-menu has to be authorized or

deleted
► To authorize or delete the record use the sub-menu,
• Account Maintenance > Authorize/Delete Account Maintenance

List of unauthorized records are displayed as shown in the next slide

Click on the respective tab & select the record to be authorized

Account Maintenance – Authorization

Account credit Interest record can be authorized

Account Statement
Statement of Account

► In Account application, we have an option either to choose Passbook or

► Account Statement

► Production of Account statement as per the frequency required by

► customer/Bank
A Customer cannot hold both Passbook and Account Statement

► Frequencies available are - Daily, Monthly, Quarterly, Six-monthly and

► Yearly

► Applying charges for additional Account Statement

Statement of Account

The statement of Accounts can be generated and viewed using the sub-
menu
 Account > Account Statement
Account Statement

► The generation of Account report is done either for Current period or Past period
or during COB

► Use sub-menu Account > Account statement >

• Acct. Stmt for Current Period – To generate/view report for current period

• Acct. Stmt for Past Period – To generate/view report for past period

• Acct. Stmt during COB – To generate/view report during COB

Generate – Acct. Stmt for Current Period

Click on the sub-menu

• Account Statement > Acct. Stmt for Current Period > Generate Account
Statement

ENQUIRY.REPORT screen appears

Generate – Acct. Stmt for Current Period

Enter
• Description

• Enquiry name

• Report Control ID

Save the record

View – Acct. Stmt for Current Period

Click on the sub-menu

• Account Statement > Acct. Stmt for Current Period > View/Print Account
Statement

The existing statements are displayed

View – Acct. Stmt for Current Period

The account statement details appears as shown

Click on the view icon to view the report

View – Acct. Stmt for Current Period

Report appears as shown

Generate – Acct. Stmt for Past Period

Click on the sub-menu

• Account Statement > Acct. Stmt for Past Period > Generate Account Statement

ENQUIRY.REPORT screen appears

Generate – Acct. Stmt for Past Period

Input details in the following mandatory fields

• Description

• Selection Criteria comprising

 Fields

 Operand

 Selection

Save the record

View/Print – Acct. Stmt for Past Period

Click on the sub-menu

• Account Statement > Acct. Stmt for Past Period > View/Print Account Statement

The existing statements are displayed

View/Print – Acct. Stmt for Past Period

Report appears as shown

Acct. Stmt during COB

Account Statement generated during COB can be viewed using Sub-menu

• Account Statement > Acct. stmt during COB > View/Print Account Statement
Acct. Stmt during COB

List of existing statements appears as shown

Acct. Stmt during COB

Account statement appears as shown

Amend Account

► Accounts in authorized status can be amended

► To amend an Account, click on the sub-menu

Account>Amend Account

► A selection criteria box titled “Amend Account” appears as shown in next slide
Amend Account

► Enter Account no. of the Account that is to be amended in selection criteria box

(or)
► Click “Find” to list the Accounts that can be amended
Amend Account

Account record is opened for amendment as shown

Authorize/Delete Account

Newly opened Accounts can be authorized/deleted

Click Account>Authorize/Delete Account

Authorize details of Account
Delete details of Account
Account closure

► Account closure could be done online or during COB

► Closure date if not specified defaults to system date

► If not closed online, future date can be specified and the account gets closed
during COB
► Settlement account to be specified mandatorily to credit the proceeds, if the
account that is to be closed has credit balance.
► Charges can be collected for account closure

► Interest will be capitalised till the closure date

Account Closure-Options available in T24

► Accounts can be closed on a future date automatically or online using

ACCOUNT.CLOSURE application
• Id is the Account number that is proposed to be closed

► Balance amount existing in the account

• Can be transferred to another Account – Funds Transfer

• Can be withdrawn - Teller

Account Closure

Through FT Through Teller

Account Closure

Once the Account is closed,

the record moves to History
file
Account Closure
Quiz

What is an Internal account?

What is a Nostro account?

What is interest capitalization?

What is a joint account?

Summary

At the end of this session the participants have learnt about

• The features of Account application

• Different types of Accounts

• Opening of Accounts
Thank you

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