By Brian Coyle
Issues comprise: * list holding for money assortment * thoughts for better money assortment * enforcing built-in assortment and transmission courses * case stories and pattern workouts * integrating assortment and transmission actions to the overall ledger
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Extra info for Cash collection & transmission
Alternatively, a bank could provide the centralized control function over the netting payments.
The bank will then send on the check by post to its correspondent bank that will obtain payment through the US clearing process. The dollar payment from the US Page 20 importer’s bank will be credited to the Japanese bank’s dollar account that it maintains in the US with its correspondent bank. The Japanese bank will then notify its customer that the payment has been received. Correspondent Banks: Payment in Dollars Page 21 If payment by the US importer to the Japanese supplier is by a check in yen, the money transfer will take place in Japan, with the correspondent of the US bank making the payment to the Japanese supplier’s bank.
The receipt is processed before the end of the day and in the accounting records of Sierra, the cash book balance is increased by $5,000. 30pm the following day, Tuesday. It is processed by the local branch that credits Sierra’s account on Wednesday with the $5,000. Sierra receives value for the $5,000 three days after banking it, on the Friday. Receipt Example 2 Tango Limited sends a check payment of $6,000 to a supplier by post. The payment is sent out on Monday, when Tango’s accounting records are updated, and the cash-book balance is decreased by $6,000.
Cash collection & transmission by Brian Coyle