VTB Specialized Depository submits daily reports in a new way with the help of Syntegs

2023: Daily reporting under the latest rules using the "XBRL Factory"

Syntegs helps VTB Specialized depository to submit daily reports. Syntegs announced this on February 9, 2023.

Unlike other NFOs, specialized depositories hand Bank of Russia over to daily reporting. And if until 2021 files it was possible to collect manually, then daily forming a package of reports in a format data XBRL without a special software one is an overwhelming task.

Each department, depending on the direction of service, collected and sent reports to the Central Bank independently. However, the application of old approaches and tools for XBRL has proved impossible.

To work with the current format, the company created a separate division, but specialists still needed a suitable IT system. The XBRL Factory from Syntegs and its module - the SD desktop, separately developed to prepare daily reports of specialized depositories, came to the rescue.

Now VTB Specialized Depository specialists automatically fill out the form in the desktop interface of the Board of Directors, and then launch the validation and upload of a single reporting package to the personal account of a Bank of Russia information exchange participant in XBRL format.

Since reporting indicators are collected from several data sources, it is important for us that the program reduces operating time and minimizes the risk of errors, "Oksana Saykina summed up the project.

2018: Completion of the implementation of the "XBRL Factory"

On June 26, 2018, Sintegro Consulting LLC announced the completion of the implementation of the XBRL Factory solution for VTB Specialized Depository CJSC, on the basis of which the mandatory reporting of the Central Bank in XBRL format was submitted.

To translate financial information into XBRL format, VTB Specialized Depository held a tender among IT software suppliers and opted for the development of Syntegro Consulting - XBRL Factory: the solution requires minimal implementation costs, works with large amounts of data, has a convenient and intuitive interface and high system speed. It is also important that the program automatically fills in the XBRL key figures from the external accounting database and allows you to work with XBRL data in the form of report forms.

The project was implemented in two months. In preparing and submitting XBRL reports, Syntegro Consulting provided full methodological and technical support to VTB Specialized Depository employees. As a result of the work, the special department passed the Supervisory and Statistical Reporting (NSO) in February. Accounting Financial Statements (BFO) was set up in March and delivered in April 2018. Supervisory reporting forms 0420409, 0420410, 0420411, 0420412 are automatically filled in. And the BFO forms are automatically filled in: 4 main ones, Chart of Accounts, Symbols of income and expense accounts^[1]

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