Unified General Ledger Processing via Hadoop Distributed Architecture
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Existing general ledger software faces challenges in scalability and flexibility, particularly for global financial service providers managing diverse funds, as it requires multiple instances and lacks real-time data availability, making it costly and inflexible for large-scale and complex financial reporting needs.
Innovation Solution
A computer-implemented system using a Hadoop-based architecture for distributed processing, allowing for scalable and customizable general ledger processing by receiving and structuring source information, generating debit and credit postings, and providing real-time or near-real-time views across multiple charts of accounts, accommodating various GAAP views and client-specific data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Quantity of substance
If existing general ledger systems are used to handle large volumes, then multiple separate instances must be maintained, but this results in high costs of licensing, infrastructure and related labor
Solution Approach 1:
The patent merges multiple separate general ledger instances into a single unified system capable of handling large volumes. The system consolidates data from multiple sources and clients into one infrastructure, eliminating the need for separate instances while maintaining the ability to process high transaction volumes through distributed computing architecture.
Solution Approach 2:
The general ledger system is designed with universal capabilities to serve multiple clients, fund types, and reporting requirements simultaneously. A single instance provides multi-functional support for different GAAP views, client-specific customizations, and various fund accounting needs, replacing the need for multiple specialized instances.
2Adaptability or versatility
If existing general ledger systems are used for diverse fund types, then the system must support multiple GAAP views and client views, but this limits flexibility in representing multiple views and creating balances at different levels
Solution Approach 1:
The system implements dynamic configurability where the general ledger structure can be adapted on-the-fly to different GAAP requirements and client views. The architecture allows dynamic creation of multiple ledger views, customizable chart of accounts, and flexible balance rollup configurations without requiring system changes or additional instances.
Solution Approach 2:
The system segments the general ledger into multiple independent views and layers, allowing simultaneous representation of different GAAP standards, client perspectives, and organizational levels. Each view can be customized and configured independently while sharing the same underlying data infrastructure.
3Loss of information
If standard views of the general ledger are used for financial reporting, then backward-looking reporting is enabled, but real-time or near real-time views are not available
Solution Approach 1:
The system implements continuous data processing and updating mechanisms that maintain real-time general ledger views. Instead of batch processing at period-end, the system continuously ingests transactions, updates balances, and maintains multiple views in real-time, enabling both historical reporting and current status monitoring without interruption.
Data Source
AI summary
The invention relates to a computer-implemented system and method for scalable, customized general ledger processing. The method may include the step of receiving a client request for customized charts of accounts (COAs) according to a specified time frame. The customized COAs may include client-specific data and third party reference data. The method may involve automatically receiving source information, including position data and transaction data, from a number of sources. The system may include a distributed computer architecture such as Hadoop for parallel storage and processing of the source information across a plurality of nodes. The system can generate debit and credit postings from the source information, roll up the postings into the plurality of customized COAs, and deliver them to the client according to the client's preferred schedule, including in real time or near real time.