The MIMICS General Ledger is a fully functioning general ledger system with budgeting, analysis and other features. A journal entry feature allows the user to post entries that are always balanced. Entries from other accounting modules are created according to flexible accounting rules defined by the user. Standard accounting reports can be selected at any time, and an optional report writer allows for the creation of your own reports.
Multiple Entities
The system will account for multiple companies, departments and other entities. The system can report on the individual entities or consolidate reporting based upon the user-defined hierarchy. Each entity in the corporate hierarchy can have different Chart of Accounts structures. The various Charts of Accounts can be mapped to each other in order to produce consolidated reports on the higher levels.
Business Hierarchy
The user can set up any structure for their business hierarchy from holding company all the way down to small branches or warehouses. The scope of the hierarchy is unlimited, i.e., it can consist of any number of levels. If multiple institutions are being used, each can have its own hierarchy with differing numbers of levels.
Multi-Currency
Entries can be made in any number of currencies and the system can report on these transactions in any other currency using an exchange rate table. Unrealized gains and losses can be reported in the base currency.
Chart of Accounts
A flexible Chart of Accounts allows for user-defined account numbers. These numbers can be identical to other business units, with the system maintaining the units separately in the database. Accounts can be set up for one unit and can be copied to any other to save setup time. The account numbers can be grouped to enable summary reporting and to allow for financial ratio calculations.
Accounting Periods
The system handles any kind of accounting period and any fiscal year. These accounting periods can be closed by individual unit or they can be closed out as a group at one time for those with the same period end date.
Real Time
The database is updated in real time, so up-to-the-minute reports can be created at any time.
Balanced Entries
All entries entered through the system are required to be balanced due to internal system rules. There is an option, however, for banks who require entering unbalanced entries to be transferred to another system that creates the contra-accounting entries.
Journal Entries
This feature allows manual dual entry bookkeeping with an automatic balancing feature. This feature is used for posting entries if other MIMICS Accounting modules, such as Accounts Payable, are not licensed by the user. It can also be used for entering correcting entries if required.
Reversals
Entries can be reversed easily through a simple user interface. The reason, date and time of the reversal is recorded.
Cash Flow Analysis
Define the format of your Cash Flow report and the source of the data. View your cash flow in real time.
Budgeting
Create budgets for any business unit and track the variance from actual on screen or by report. The system provides several methods for assisting with defining budget figures, such as historical averages and percentage increases/decreases.
Ratio Analysis
Quickly view the standard ratios for your accounts on a screen view that allows you to drill down to specific accounts. The accounts to be used in calculating ratios are defined by the user, i.e., the accounts are not pre-defined by MIMICS.
Drill Down through Data
Several screens are available for viewing the transactions and history. Drill down through the data to explore the details.
Period End
Closing at period end closes out revenues and expenses for the next period. Period End Closing can be re-run at any time, if required. If there is a problem with a previous period, it can be re-closed, resulting in all following periods to be re-closed.
Interfaces
Accounting transactions from other systems such as billing, security trading operations and portfolio management can be directly posted to the General Ledger without the need for an import or manual entry.
This will result in very few entries needing to be entered directly into the General Ledger through journal entries.
Exports
Reports can be exported in spreadsheet, pdf, word processing document and many other formats.
Report Printing
Sort reports and select specific transactions quickly for quick customization of reports. The system creates all financial reports but they can be customized by the user with the Report Writer.
Report Writer
An optional embedded report writer is available for full report customization by the user, as well as the ability to create new reports.
Other MIMICS Module Entries
The various MIMICS modules create accounting entries based upon accounting rules that are set up by the module. The entries can be posted in real time to the General Ledger.
Entries from the Accounts Payable, Accounts Receivable, or other accounting modules can automatically be posted in real time from other MIMICS accounting modules based upon accounting rules set up by the user for the module. Alternatively, these entries can be processed in a batch mode.
To learn more, or to schedule a demo, contact us at sales@mimics.com