By Brian Coyle
Themes contain: * checklist maintaining for funds assortment * options for better funds assortment * enforcing built-in assortment and transmission courses * case stories and pattern routines * integrating assortment and transmission actions to the final ledger
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Extra info for Cash collection & transmission
Example text
A part of the analysis should be to look at the value dating of collections/payments, and the duration and the size of float. Bank fees and charges also should be considered, together with the cost of overdraft funds (or the income obtainable from short-term deposits). The nature of any agreements about payment methods between the company and its suppliers and customers should be reviewed. Domestic Payments Alternative cash collection payment methods could be considered. A bank will probably be willing to give advice, especially if it has a good working relationship with the company.
In practice, a company might opt for relationship banking for some banking services and transaction banking for others. However, for efficient cash management some form of relationship banking makes the most sense. As a general rule, for cash handling and cash transmission, a company should try to keep the number of counterparty commercial banks and bank accounts to a minimum. Even very large companies stick to just one or two banks, although with many accounts at various branches, perhaps. The simplest banking arrangement is to have a single account for the company, but this is not always administratively convenient.
Amounts owed, but in dispute, can be held over until the next payment date. Page 53 Example 1 Alpha Group has two subsidiaries, Beta and Gamma. Beta and Gamma trade regularly between themselves, and each has its own bank account. A bilateral netting scheme is operated with net payments settled on the last working day of each month. At the end of March the amounts owed by and to each subsidiary were as follows: Beta Its sales ledger shows $820,000 owed by Gamma, and its purchase ledger shows $500,000 owing to Gamma.