Patent ID: 8001020

Claim:
A computerized funds management system, comprising a budgetary ledger unit and a processor: the budgetary ledger unit including a core and a plurality of extension sets, the core including an instruction for creating an account line pair in a ledger, each extension set including a set of accounts and accounting reporting policies, wherein the extension sets are interchangeable to apply different accounting reporting policies to a financial transaction responsive to a change in a reporting requirement, the different accounting reporting policies specifying different account groups and accounts within an account group associated with the financial transaction; and the processor operative to: apply a first set of the accounting reporting policies from a selected extension set to financial transaction data to identify an account group associated with the financial transaction data, the financial transaction data extracted from a record of the financial transaction as specified in the applied accounting reporting policies; apply a second set of the accounting reporting policies pertaining to the identified account group to the financial transaction data to identify at least one account associated with the financial transaction; create an account line pair for the financial transaction in the ledger; and responsive to the change in the reporting requirement, apply the first and the second sets of accounting reporting policies from an interchanged extension set to the financial transaction data to identify at least one account associated with the changed reporting requirement and create an account line pair based on the changed reporting requirement.