1. Corporate Accounts User Guide
  2. Corporate Account Configurations
  3. Account Class

2.2 Account Class

Account classes help classify and categorize bank customer accounts into different groups based on specific attributes and features. You can assign an identification code to each account class. Account classes mitigate the process of account management and reporting in the Corporate Account application.

For example, you can define groups called CORCUR for corporate current accounts, CORMCU for corporate multi-currency current accounts, and INDLSB for local currency savings accounts held by individuals.

Each group is called an Account Class and maintained using the Account Class screen. Account class contains attributes common to all the accounts in the class, such as the General Ledger lines to which the accounts in this class report and facilities given to the account holders (Checkbook, ATM, limits, and similar attributes).

Before you create an Account Class, you must complete the following configurations:
  • Configure the various Status Codes applicable to the accounts in the account class. For more information, see the topic Status Code in the Account Configuration User Guide.
  • Configure Rules and Facts so that the required rules to determine the status of an account are available when the option Automatic Account Status Update is enabled. For more information, see the topic Rules Framework in the Oracle Banking Common Core User Guide.
  • Configure the Customer GLs to account for the debit and credit balances of the accounts based on the Account Status. For more information, see the topic Customer GL in the Account Configuration User Guide.
  • Configure the MIS Group and MIS Class to which the Accounts under the Account Class should belong. For more information, see the topic MIS Code in the Oracle Banking Common Core User Guide.
  • Configure the Interest and Charge Products and related configurations to link to the Account Class and default to the Accounts in the Account Class. For more information, see the Interest and Charges User Guide.
  • Configure the Source Code. For more information, see the topic Source Code in the Account Configuration User Guide.
  • Configure Non-Financial Activity Code for an external source code if non-financial activity determines the dormancy state of accounts in the account class. For more information, see the topic Non-Financial Activity Code in the Account Configuration User Guide.

    Note:

    Non-Financial Activity codes are factory shipped for the Oracle Banking Accounts source code.

The definitions and features of an Account class are captured in the following sub-screens.

  • Basic Details
  • Features
  • Preferences
  • Limits
  • Interest
  • MIS Details
  • GL Reporting Details
  • Statement Preferences
  • Status Rule Definition

This topic contains the following subtopics:

  • Create Account Class
    This topic describes the systematic instructions to create an account class. The maintenance screen allows the user to configure account class parameters.
  • View Account Class
    This topic describes the systematic instructions to view the list of configured account classes.

Parent topic: Corporate Account Configurations