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Introduction of KAFIS. 2006. 11. 23. KAFIS: Kain ’ s Financial Solution. 가인정보처리 ( 주 ). Who is Kain …. Establishment:. July, 29 th ,1998. Employees :. 22. References. System Development - Hyosung Capital: Lease/Install/Loan system(in process)
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Introduction of KAFIS 2006. 11. 23 KAFIS: Kain’s Financial Solution
가인정보처리(주) Who is Kain… Establishment: July, 29th,1998 Employees : 22 References • System Development - Hyosung Capital: Lease/Install/Loan system(in process) - Aju auto lease: Development of Lease system - Samsung CARD: Integrated lease system - CITI Lease:Lease and Install system - KDB Capital: Integrated Total system(Lease/Venture) - KORAM capital:Development of lease system • KAFIS Package - ORIX Autolease Korea - RCIFSK(Lease Part) - Woori Capital - Kumho Finance (In process) • Consulting - Hyosung Capital:BPR Consulting - RCIFSK’s Accounting & BMS Data establishment - RCIFSK’s system Promotion Consulting (In process) - Medi capital Finance business consulting
KFTC KIS NICE TAX office KFB Dealer FSS Guarantor Customer Salesman Supplier Agency Buyer Customer’s Bank Hire Purchase Lease Installment Insurance Company Business Scope of VFSK Wireless Transfer request Car deliver Collect amount Direct debit Request Hire Purchase Loan Contribution Subrogation Documentations Security deposit Long term advance Handling fee Stamp Fee Notarial Fee Pledge Fee Contract offer Sign of contract Invoicing Direct debit Failed List (+ 1day) Hire Purchase Repayment Direct debit Collect Request Direct debit Collection amount (+1 day) Sales Commission VOLVO FSK VFSK ’s Bank Acquisition Cost Withdrawal of car Cost Litigation Expense Sales cost Wireless collect Info. Wireless Transfer amount Accounting Info. Of Finance product FSS (Non-account) KFB report info. Car sales amount Direct debit Payment Request FSS (account) Account VFSK Car ownership Customer’s Credit Evaluation Info. VAT Withholding Tax Payroll General affairs Treasury Insurance premium Accounting Info. of Subsidiary Volvo H.Q. KFB: Korean Federation of Bank KFTC: Korea Financial Telecommunications & Clearings institute FSS: Financial Supervisory Service NICE, KIS: Brand of Korean Credit evaluation Companies.
Finance product Customer Management Business Process of Finance Product system Equip. Model Car outline Car Price Car options Car Tax User profile Date Post Code Finance standard Customer Basic inform. Customer Bank A/C Payables/ Receivables 1. Contract Offer (Quotation) 2.Credit Scoring 3. Contract Initiation 4.Contract Execution 5.Invoicing Collection 6.Contract Close Registration Repossession Sales Tax Fine/ Accident Receipt Refund Deduct Transfer Other income Pay Collect Offset Transfer Write off Pay in cash Pay in accrual Deduct/offset Other income Special fee income Repossession /Sales /Litigation After write off Milestone History Due date Car Management Advance receipt Management Advance Payment Management Account Payable Management Other expense /income Legal Process Manage. Deal slip Transaction Ledger Statements Reclassification Provisioning Accrual amount Deferred amount Depreciation amount Accrual amount Deferred amount Depreciation amount Accrual amount Deferred amount Depreciation amount FSS data KFB Data VAT Withholding Tax Mapping Rule Conversion Accounting Report to H.Q. FSS/KFB report Reclassification & Provisioning Local Tax Monthly Closing
Daily Event Acc. Info. Monthly Reconcile Info. Monthly Cut-off Acc. Info. Accounting Interface with H.Q_Renault Case Accounting Info. of Finance product Account VFSK RCI FSK’s Finance System Pay roll General affairs Treasury Installment Lease Accounting Info. of Subsidiary Accounting Info. of Finance product Volvo H.Q. Accounting Interface Application Account RFSK Merits •Consolidated Acc. Sever In H.Q. •Real-Time Acc. Reflection on H.Q. •H.R. save for Acc.report to H.Q. Directly Input of Payroll, General Affairs, Treasury Acc. Info. Translation of Acc . Information from Finance product both under Korean GAAP and IAS Demerits Renault H.Q. SAP Financial Statement. VAT information. FSS Report Info. KFB Report Info. •High Cost, long duration development. •Inconvinience of Local Arrear •Inconsistency between BMS and Acc.
Accounting Interface with H.Q_ORIX Korea Case Accounting Info. of Finance product Account VFSK ORIX Korea’s Finance System Private Loan Pay roll General affairs Treasury Treasury Lease Install. Manually Input of Payroll, General affairs. Accounting Info. of Subsidiary Accounting Info. of Finance product Volvo H.Q. Local Accounting System Merits Daily Transaction (Korean GAAP) Daily General Ledger (Korean GAAP) Account ORIX Kor. Manual Conversion to IAS •Low cost, short duration development •Consistency between BMS and Acc. •Convenience in Local operation Site. Demerits Monthly Report of Subsidiary’s Converted Acc. Results ORIX H.Q. SAP •Dual Acc. Sever in Local and H.Q •Batch Time Acc. Reflection on H.Q. •Inconsistency between Local and H.Q. •H.R. necessary for Acc. Report to H.Q.
Accounting Interface with H.Q_CITI Finance Case Accounting Info. of Finance product Business Part. CITI FSK Account CITI FSK Account VFSK Remote Input of Financial Business Events Remote Input of Payroll, General Affairs, Treasury Acc. Info. Pay roll General affairs Treasury Accounting Info. of Subsidiary CITI FSK System in Singapore Volvo H.Q. Install. Lease Merits CITI’s accouting Module •Consolidated Acc. Sever In H.Q. •BMS and Acc. Consistency. •Strict Control on BMS modification. Accounting Treatment of Finance product (Both for Local GAAP and USA GAAP at the same time) Demerits •Inconvenience of local site. •Limited BMS info from remote server. •The rack of flexibility of BMS. •Only specialist in remote know technical relationship between BMS and Acc.. CITI Group ACC. System
Daily Event Acc. Info. Monthly Reconcile Info. Monthly Cut-off Acc. Info. Accounting Interface with H.Q_Recommend 2nd Stage VFSK’s Finance System Hire Purchase Install. Lease Accounting Interface Application AutomaticAccounting Info. of Finance product Local Accounting System 1st Stage Daily General Ledger (Korean GAAP) Daily Transaction (Korean GAAP) Manual Conversion to IAS Translation of Acc . Information from Finance product both under Korean GAAP and IAS Accounting Info. of Finance product Account VFSK Monthly Report of Subsidiary’s Converted Acc. Results Directly Input of Payroll, General Affairs, Treasury Acc. Info. VOLVO H.Q.
NICE KFB Group Contract Management Invoicing &Collections Cont./Exce. Order/Credit Receivables Management Customer Insurance company Financial. Standard Condition CustomerCredit Product Standard Condition Mortgage Guarantor Order Contract Execution InsuranceM/T,Tax Fine Default Invoicing Rcvl Transfer Condition Change Litigation Subro _gation Direct Debit Request Write Off Collection Contract Transfer What is KAFIS…. System Configuration External System Bank Book account Customer Channel Desk Customer Simulation Credit Limit Post ARS Enterprise Private Internet M/T Factory Agents Unsettled Acc. Security Deposit Lease Equip. PDA CTI Equipment Payment Schedule Purchase order Insu. M/T Tax.fine Fee Contri. M/T : maintenance Rcvl: Receivables Cont: Contract Exec: Executions Insu :Insurance
Finance Standard • Product code • Standard Financial Conditions • Fee Calculation Guide Cash Flow Equipment Standard • Maker • Model • Price • Tax Calculation Guide • Transportation Fee (Car deliver..) What is KAFIS…. STANDARD CONTROL Finance Product • Product Code • Product type • Product name QuotationOffer Repayment Schedule Channel • Only selection of Finance product & Equipment =>1st outstanding amount and repayment schedule created • Minimize user’s input. • Easy quotation by non-specialist. Marketing staff Agent Car Sales man
Simulation Modules Applied Interest Rate -> IRR IRR -> Applied Interest Rate What is KAFIS… Simulation Input Applied Interest Rate Equipment Standard Basic terms • 1st outstanding • Period • S.D./R.V. amount • Maker • Model • Price • Tax Calculation Guide • Transportation Fee (Car deliver..) Cash Flow Fee/Commission Amortization Schedule • Handling Fee • Sales Commission • Insurance Premium Finance Standard • Simulation is possible both by the applied interest rate and I.R.R • The various types of amortization as like equivalent repayment/ Top heavy repayment/ Bottom heavy repayment/Grace period • IRR is calculated based on the actual cash flow including amortization,fee,insurance and tax. • Product code • Standard Financial Conditions • Fee Calculation Guide Amortization • Equivalent Repay. • Step by Step Repayment • Grace period Input Target IRR Rate
Execution Execution Execution Execution 2 Execution1 Equipment Same type N Equipment B type three Equipment 1 Equipment C type ten Equipment A type one What is KAFIS…. Multi Equipment Contract Contract/Purchase order Equip. #1 One Contract -One equipment Contract/Purchase order Equip. #1~#10 One Contract -Multi equipments with same type. Equip. A #1 Contract/Purchase order One contract -Multi equipments with different types. Equip. B #1~#3 Equip. C C#1~#10 • One contract can have multi equipments with different types. • One contract can have been executed partially. • The Partial repayment of one contract is possible. …. Execution 3 …. Equip. A #1 Equip. B #1~#3 Equip. C C#1~#10
General ledger Income statements Daily transactions Balance sheets Acc. Voucher Accounting Event What is KAFIS… Automatic accounting Acc. Scheme by Event Predefined Accounting scheme one by one accounting event Security receipt Collection Automatic accounting Create accounting scheme by system. (not by user) Advance payment /Receipt Default /Early repayment • Accounting events in business management system create the accounting scheme automatically. • Accounting scheme is defined not in Program logic but in DATA. (flexibility). • The inconsistency between BMS and Accounting is prohibited.. …. Execution Monthly cut-off
Advance Payment Advance Payment Security Deposit Security Deposit Unsettled Acc. Unsettled Acc. Outstanding Outstanding Lease asset Receivables Receivables Lease asset Daily Reconcile Business B/S and Account B/S Business Balance Account balance What is KAFIS…. Daily Consistency Check Daily Business Closing Daily Account Closing • the BMS and Account should be closed every day. • The Business balance is reconciled with Account balance daily. • If there is inconsistency, it can be modified afterwards except year end closing.
AP Server(WAS) Intranet (X.25,TCP/IP) What is KAFIS… H/W Architecture DB Server Backup 장비 Storage Legacy System Home page Server WEB Server VPN Fire wall L4 Switch Router Internet Router Branches Customer’s PC Head office MKT network ※External Institution
What is KAFIS… Application Architecture Web Server & WAS Client Back-end Windows 98/2000/XP UNIX/Windows System Web Application Server Web Server WebToB IE Browser (HTML) http xml JEUS(J2EE) Java Util Class Legacy System GAUCE JAVA Engine GAUSE Control Grid, Menu, Chart등 GAUSE DataSet Component Java SQL Class Java Beans GAUSE Client Connection JSP RDBMS Oracle Java Common Class Java Session Beans Windows Framework UNIX/Windows Framework