The Accounting module within Misys Summit accommodates the full range of lifecycle events for all covered asset classes and is compliant with the latest requirements of the FAS133 and IAS39 accounting regulations.

The system is completely flexible allowing users to specify which accounting events should be active for various trade types, for example: principal pay or receive, interest income and expense and fee income and expense for Money Markets.

Entries are automatically reclassified (reversed/reapplied) when necessary for cases such as trade characteristic changes, cancellations, and token changes. Unrealized entries (for example, accruals and mark-to-market) are reversed in full and reapplied when the event becomes active.

Misys Summit interfaces seamlessly with many external general ledger systems and includes many flexible options.

Key features include:

• Accommodates all accounting events, including contingent and accruals
• Follows generally accepted accounting guidelines including the timing of recognition of profit and loss
• Runs the accounting process at any frequency and does not impose restrictions of usage in the front office area e.g. no preset frequency, and full back-valuation capability controlled by the user
• Provides for accruals and MtM processing at a user-defined frequency. Reclassifies entries automatically whenever accounting schema or trade characteristics change
• Users can define date rules for events like rate resets and interest payments
• Handles multi-currency books
• Easily accommodates accounting for multiple entities e.g. where one is on a cash basis and another is on an accrual basis
• Handles netting within a single currency
• Complies with Japanese Bond and stock accounting requirements

More than 150 pre-defined reports covering a wide range of front, middle and back office needs are available within Misys Summit. These core reports are completely flexible and can be used as a starting point to create more company specific reports.

Alternatively, Misys Summit interfaces seamlessly with third party report writing tools such as Crystal Reports and other productivity tools such as Microsoft Excel. These external packages can be called from within the solution and appear as an application within the users desktop.

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