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Now that you have had an overview of T24, we will learn how to Navigate in T24.
Throughout this course, we will be using the T24 Standard Model Bank as the basis of learning.
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
In T24, Accounts are classified into Customer Accounts and Internal Accounts.
Customer accounts are accounts opened for customers i.e. courter party is mandatory.
Interest and charges can be accrued. Examples are current account, savings account and
vostro account. Arrangement Accounts is a new product line to service Customer
accounts using the AA Architecture.
Internal Accounts are accounts for the bank for its own purposes. Counter party and accrual of
interest and charges are not allowed. Examples are Cash Accounts, Building Account, Capital
Account, etc. of the bank.
Interest Types can be Fixed or Floating. It can be a single rate for any amount or can be tiered
into different rates for different tier amounts. The tiered rates can be either Level or Band.
Account Statements can be generated for both type of accounts.
Accounts can be closed using ACCOUNT.CLOSURE Application.
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T24 Induction Business - Retail Accounts
ACCOUNT application is used to open , maintain and control accounts. Deposits and
Withdrawals in account are done through FT, TT and DC Applications.
For Customer Type accounts, such as Current Account, Savings Account, and Vostro
Accounts, linkage to Customer Record is mandatory. Interest and charges are allowed for
Customer Accounts. The Counterparty can be an individual, a bank or a corporate.
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T24 Induction Business - Retail Accounts
Arrangement accounts supports savings and current account products with eligibility checks
based on customer profiles.
It supports Fixed, Floating and Periodic Interest with our without compounding, supports
transaction based, event based and periodic charges. Overdraft facilities can be provided to the
accounts and monitored. Tax conditions can be defined for credit interest paid on accounts.
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T24 Induction Business - Retail Accounts
AR Accounts supports customer based accounts like savings, current accounts and can handle
multi-currency transactions. It can support accrual and capitalisation of debit and credit
interest.
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T24 Induction Business - Retail Accounts
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T24 Induction Business - AA Loans
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T24 Induction Business - Retail Accounts
Currency of the Arrangement is mandatory for new arrangements and cannot be amended
after commitment. When an existing Arrangement is required to be amended, this field is
automatically updated by the system.
Effective date is the date of the Activity to be processed. This is always required for processing
any activity like principal disbursement, interest capitalisation, etc. System date is defaulted.
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T24 Induction Business - Retail Accounts
In this example, we can view the Three IDs Auto generated for an arrangement.
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
Repayment frequencies can be set in Days, Business Days, Weeks, Months and years.
For Arrangement Accounts, payment of Interest / Charge / Tax only is applicable, for which
payment type currently defined is ACTUAL.
Settlement allows specifying a drawdown account to receive funds from or specifying a
liquidation account to pay funds to.
PAYIN.ACCOUNT & PAYOUT.ACCOUNT can either be a T24 account or an arrangement account
(either LENDING or DEPOSITS or SAVINGS arrangement).
The Receive Settlement Instructions are meant for funds coming into the arrangement. Payout
Settlement Instructions meant for payouts from Arrangement
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T24 Induction Business - Retail Accounts
Create an arrangement under Current Account Group and select the Current Account product.
Set the following:
Under the Limit tab give limit reference as 100, limit serial as NEW and limit amount
as 50,000.
Commit the Arrangement and get it authorised.
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T24 Induction Business - Retail Accounts
In this workshop, we are going to create a current account in CAD currency for our customer
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
Create an arrangement under Savings Account Group and select the Savings Account product.
Set the following:
View the Defaulted values in Customer, Account schedule, credit interest and Account
View the defaulted Margin rate in Credit interest and change the Margin rate to 0.75
Commit the Arrangement and get it authorised.
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T24 Induction Business - Retail Accounts
In this workshop, we are going to create a Savings Account Arrangement for your customer.
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T24 Induction Business - Retail Accounts
View the defaulted values for Account, Account schedule and Interest and change the margin
rate to 0.75 and accept the overrides.
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T24 Induction Business - Retail Accounts
Select the unauthorise tab to authorise the arrangement created for your customer
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
Once the arrangement account is committed, it has to be authorised. This is done through the
arrangement overview, which can be viewed here.
Arrangement number in the overview is a contract reference and account number is the T24
Account number. Both are interchangeable when doing settlement transactions. Status
indicates the status of the arrangement. Description of Posting Restrict, if any, will be shown in
Red against Restriction.
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T24 Induction Business - Retail Accounts
Under Account details the arrangement balances are shown. Let us see what these indicate.
Ledger balance is a combination of cleared balance and uncleared funds if any.
Cleared balance includes all authorised credits and debits. Authorised credits are cleared funds
alone and do not include future exposure dated credits.
Working balance is cleared balance plus unauthorised debits, this is useful for checking limit
availability.
Available limit indicates the current limit overdraft amount available for withdrawal.
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T24 Induction Business - Retail Accounts
Under Account Details there are some tabs pertaining to availability of funds.
Locked amount tab, on drill down, provides an enquiry on AC.LOCKED.EVENTS. It is also
possible to block funds in the account by clicking on the New icon and feeding in the data for
blocking. Enquiry provides the amount locked, from and to dates and the reason for locking.
Available ladder tab indicates available balance in a multi-value set, date-wise, from the
underlying account record. This is maintained as a ladder to show date wise cash flow in an
account, includes Forward dated entries.
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
Various enquiries are available in the arrangement overview to ascertain transactions for the
day, change in interest rates, status of cheques, forward movements etc. Apart from the above
enquiry, it is also possible to view the last 10 transactions from the arrangement overview.
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T24 Induction Business - Retail Accounts
In this workshop, we can view the Enquiries available in the Arrangement Overview for AR
Accounts.
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T24 Induction Business - Retail Accounts
Under New Activity tab, various facilities under Accounts are available. Further drill down
enables changes / amendments to existing activities.
Existing rules, defined under Rules engine is available.
Periodic attributes navigation is also through this tab.
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
Activities are operations that can be applied to Arrangements. Examples are Disburse, Apply
Payment, Accrue Interest, charge accruals ,Make due etc., Activities are business functions
which can be invoked directly by a user or through close of business processing or through
another application like Funds Transfer or Teller. Arrangements can be updated only through
Activity.
Disburse activity is used when a loan is disbursed. Loans are disbursed from AA accounts to
customer through accounts or in cash.
Activities such as disburse, apply payment, charge billing, are updated online. Interest
accruals, notices are updated during COB.
Additional functionalities such as associated charges, notices , override messages, etc can be
generated.
The Activity Log shows all Activities relating to an arrangement. The most recent activity is
shown at the top as it is likely to be the most relevant. We can see various bills being issued,
made due, and paid in the Activity Log
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T24 Induction Business - Retail Accounts
Depending on the product conditions updating activities are possible at arrangement level.
Updating the activities can be specified to be effective from a specified date.
Primary owner can be changed with any valid T24 Customer. Addition and deletion of joint
owners could be done.
Category codes could be amended, if allowed.
Update of charges, terms of charges, addition of a new charge and deletion of existing charge
can be done. Charges calculation methods, amount of charge could also be amended.
Change of interest types, calculation methods and reset terms for periodic interest could be
updated.
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T24 Induction Business - Retail Accounts
In this workshop, we are trying to do a update activities by selecting New activity and changing
the primary owner of the arrangement.
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T24 Induction Business - Retail Accounts
In this workshop, we are changing the primary owner of the arrangement from Suncor Energy
Centre to ABC private wealth Inc.,
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
Account Servicing
Cheque management includes issuing cheque books, stop payment of cheques, revoke stop
payments and check clearing
Passbook issuance can be issued to the selective account types with printing of entries
with/without consolidation of debit/credit entries
Periodic and adhoc statements can be generated.
Debit and credit entry postings can be restricted on accounts.
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
Various Account facilities are available in the Arrangement Overview, through New Activity
tab. These provide a link to perform actions such as Cheque issue, printing a passbook, issuing
a card etc
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
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T24 Induction Business - Retail Accounts
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