Saturday, 20 December 2014

Finacle Commands for concurrent auditors Page 4 How to check if a CC account has been renewed or not

                With the help of finacle dealing with complex banking transactions has become much easier but as a concurrent auditor if you don’t know how to use it, its utility is nil to you and it will make your head to ache. In my first experience with finacle during the initial days of conducting ConcurrentAaudit of a bank I also faced the same scenario. I was on the first interaction page wondering what to do with this software, but with the help of my Principal I developed a smooth hand on its use and learnt a lot about it. It is much easier to use than it seems to you when you first visit a bank for audit purposes. Here I’m going to share its use and help those who are at the same stage this time as I was before a couple of years.

Some of the aspects Concurrent Auditors have to take care of:
  • Overdrafts:
  • Cash:
  • Documentation and KYC:
  • Pending Installments of Term loans:
  • Cash Credit accounts operating conditions:
  • Observation on information system(maintenance, operating, internal control etc):
  •  Verification of high value and unusual transactions:
  • Insurance Business:
And more based on the type of bank and type of branch in the bank.

Most Used Finacle Commands which are a must to learn for beginners.
  • Acs – Account selection
  • Acli – Account ledger inquiry
  • Ato – Account turnover
  • FTI -  Financial Transaction inquiry
  • Laopi – Loans and advances outstanding position inquiry
  • Lrp    -   Limit liability report
  • CUMI  -  Customer Master Inquiry
How To Check Overdraft in CC, CD and SOD accounts

How to check if a CC account has been renewed or not:
Concurrent auditors have to check following things in case of renewed accounts:
                Deduction of renewal charges (LPC)
But in the first place one needs to know if an account has been renewed or not, following steps will help you to know that.
               Step 1.   On the first interaction page enter acs in the menu options’ option box and press ENTER
               Step 2.   Write GL subhead code of Cash Credit accounts in Gl Subhead option box.          Step 3. Press f4, and here are all the CC accounts.
              “We already know the accounts which were due for renewal in the month and by using that information we can track the accounts which are not in the pending renewal report, those account might have been renewed” another way to get the list of accounts which might have been renewed is to interact directly with bank employees and ask them for the list.
                Step 4. Using arrow keys or Ctrl+D keys find the account which you have to check (you can check all the CC accounts for renewal but that is a long route to go through), once you find that account and Press  “Ctrl+E” to explore.
                Step 5: In the options option box enter h and press F4.
                Step 6: Sanction Limit Details menu will open up, Press Tab to go to Operation” option box.
                Step 7: Enter S (which stands for sanction limit) and press F4.

                Now check if the account Expiry date has been extended for one year, if so, the account has been renewed, if not the it is simply the case of self extension of renewal date by branch, which too needs to be reported by the concurrent auditor.

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