Introduction

Financial Module (FM) is a key module that coexistence with DIGIT software that enables municipalities to create and manage Financial Transactions like Budget, Revenue Demand, Receipt, Advances, Deposits, Bills, Payments, Asset Creation (Capitalization), Fund Transfer and also Reconciliations and Reporting.

FM enables municipalities maintain financial records of ULBs following established procedures and practices. Financial Module is a Fund Based Double Entry Accrual Accounting System designed in line with National and Punjab municipal accounting manual.

Module Features

Financial module enables users to -

1. Posting of General Ledger

2. Bill Processing: Generation of bills for varied items such as purchases, works, and salaries

3. Payment Processing: Payments are processed based on type of expense types

4. Receipts Processing - from other DIGIT modules or from 3rd party apps

5. Service Wise, Bank Mapping - Configurable

6. Remittances - Configurable individual wise

7. Budgeting: Upload Budgets, Budgetary Controls, Budget Enforcement & Budget Re-appropriations

8. Asset Management: Asset Categorizations,Depreciation, Capitalization & Improvement,Revaluation, sale and disposal

9. Contra Entry, Bank-reconciliation, Deduction Management & period End Activities.

Module Ontology

State Level

1. Chart of Accounts

2. Funds

3. Functions

4. Bank

5. Deduction

6. SubLedger Category

ULB Level

1. Contractors

2. Suppliers

3. Schemes

4. Sub Schemes

5. Bank Branch

6. Bank Account

7. Opening Balances

8. SubLedger Master

Module Reports

1. Financial Management

2. Budget Reports

3. Accounting Reports

4. Deduction Reports

5. Revenue Reports

6. MIS Reports