Business date & Close of business day concept in Fineract
Channel: The ASF
Date: 2024-01-22

One of the recent significant enhancements of Fineract: Logical Date Handling, also known as "Business Date," and the Close of Business Day concept. These advancements -in accordance with the Fineract roadmap – bring Fineract closer to becoming an enterprise software solution that meets the specific needs of banks and financial institutions.

1. Logical Date Handling (Business Date): We have integrated logical date handling into Fineract, enabling the software to support logical dates. The business date feature allows users to handle date-related operations in aligning with business rules and requirements. This functionality enables to:
a. Accurately track and manage transactional activities based on business-specific calendar.
b. Generate reports, statements, and financial data with the business date perspective.
c. Maintain consistency and reliability in date-related calculations, avoiding errors and discrepancies.

2. Close of Business Day Concept: We have introduced the Close of Business Day concept to facilitate streamlined end-of-day operations for banks and financial institutions. This concept allows users to define and execute specific actions at the close of business each day like
a. Systematic execution of end-of-day processes, ensuring data integrity and reliability.
b. Enhanced efficiency in the overall day-end workflow, resulting in time savings and improved productivity.
This presentation will provide some insight about the functionalities and some use cases. 

Speaker: Adam Saghy
Seasoned Java developer with 10+ years of experience from Budapest, Hungary and an active Fineract contributor in the last couple years.