Types of Account

The following types of account can be entered in T24:

l Client Account
l Internal Account
l Nostro Account

Client Account
A client ACCOUNT can be one of many different types, a simple current account, overdraft or savings accounts and many more.
T24’s strength
lies in the flexibility within which, new account types can be added to it in order to meet the bank’s ongoing requirements.
T24 is a customer-orientated system. An account is connected to a CUSTOMER record and thus the owner and address details
are not entered
on the individual ACCOUNT. This eliminates the need for extensive maintenance of customer information such as when
customers change their
address.
When T24 is installed, part of the implementation process is to configure the types of accounts the bank wishes to offer and their
characteristics. Typically, this would include the debit/credit interest rates, interest and charges capitalisation frequencies,
statement production
cycle, other account group conditions and so on. Once these key files are set up, the addition of a new client account is very
simple.
The processing options available on client accounts include:
l Posting Restrictions
l Referral Conditions
l Alternate Account ids
l Mnemonic codes
l Joint account holders

Liquidation of interest to another account

l Pre-Notification of debit interest due
l Charges capitalised to another account
l Pre-Notification of charges due
l Interest and Charges settled in currencies other than the account currency
l Combining balances across accounts before interest calculations
l System information fields such as balances and so on
An example of a simple current account is shown:
When a transaction is entered for the account, all of the posting restrictions that have been set on the account will be displayed
to the user.
Including those set at the CUSTOMER level).
In the above transaction, all the relevant POSTING.RESTRICT applicable to both the debit and credit Accounts involved in the
transaction are
displayed.