Navicon Accounting of transactions in the Unified plan of accounts based on Microsoft Dynamics AX2012

In 2015 reform of financial accounting for non-credit financial institutions of Russia is announced. The new regulator of the market which became the Central Bank of the Russian Federation instead of the Ministry of Finance of the Russian Federation changed accounting procedures and reportings of most of participants of the industry. Insurance companies, brokers, non-state pension funds, subjects of collective financing and others should adapt completely financial accounting and the reporting to requirements of the new regulator since 2017.

The project of changes is submitted in the provision "About the Chart of Accounts of Accounting in Non-credit Financial Institutions and an Order of Its Application" and provides a duty to keep account by the Unified Plan of Accounts (UPA) developed on the principles of IFRS and close to applied in banks. Failure to follow this requirement of the Central Bank of the Russian Federation can lead to loss of the license of financial institution for primary activity.

To help non-credit financial institutions to be prepared most quickly for new requirements of the Central Bank of the Russian Federation, Navicon developed the standard solution on accounting of transactions in the Unified plan of accounts based on Microsoft Dynamics AX 2012.

The solution covers specific requirements of accounting procedures for non-credit financial institutions:

• Maintaining Unified plan of accounts
• The organization of analytical accounting on personal accounts
• Automatic generation of personal accounts
• Control and transfer of balance on pair accounts
• Reporting

"With what to begin and how to implement requirements of the Central Bank of the Russian Federation? First of all, it is necessary to plan corresponding organizational and IT of change in the organization. Similar actions require the thought-over methodological work and technical reorganization of the existing IT landscape. In enough short time to implement a similar task by own forces, without the aid of the company integrator, it is rather difficult. For this reason we developed the standard solution for the market, - Zamyslov Andrey, the managing partner of Navicon comments. - Reduction of an implementation time and decrease in organizational risks thanks to the standard solution "from a box" will become its key advantage. In addition, also the help of specialists of Navicon who not only know specifics of processes in financial institutions and requirements of the regulator of the market is important, but also have in general extensive experience in the solution of similar tasks of primary application and automation of accounting on the IFRS standards".