The JSE Equity Market Clearing and Settlement Process kicks off at broker level via the JSE’s Broker Deal Accounting (BDA) System. The system facilitates trade confirmation, clearing and settlement of trades between member firms and their clients as well as back-office accounting.

It is compulsory for brokers to record all their expenses, journals, accruals, cash transactions into the BDA system for regulatory requirements. However, the BDA system is not a full-blown accounting system and does not conform to GAAP requirements.

By implementing the Sage ERP 300 software, the brokers have a fully integrated ERP system.  To avoid duplication of entry, MCi has developed an interface between the JSE’s BDA system and the Sage 300 ERP software, which allows the Johannesburg Stockbrokers to automatically upload and download daily transactions between the Sage ERP modules and the JSE’s BDA system.   

By implementing the Sage ERP 300 software, the following processes can be automated:

• Production of Management Reports including Balance Sheet and Income Statement
• Capital Adequacy Reporting
• Monthly Brokerage Reports
• Bank Reconciliations
• Electronic Payments
• Fiscal Period Accounting