Reclassification
We added a new feature - reclassification.
Reclassification is an accounting process where, due to regulatory compliance requirements and financial reporting accuracy, certain accounts require balance transfers, e.g. due to initial missclassification. It adjusts where an amount is reported, i.e. how it is classified in the system, not the amount itself or the underlying transaction.
In Fynapse, the Reclassification functionality supports regulatory compliance and financial reporting accuracy by enabling systematic movement of balances between account classifications without manual intervention based on a set of specified filter criteria.
The Reclassification capability provides:
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Reclassification Configurations that specify the Journal Type for the Journal that will be posted as a result and a set of rules specifying source accounts, adjustment filters on balances, offset accounts.
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Assignment of one or more movement configurations to Accounting Base and Subledger Node combinations
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On-demand execution of the balance movement process, self-correcting against balances already moved
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