Collection of funds. What does this banking operation include - full description

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Collection of funds - what is it? Probably many people ask this question. This article will help you understand everything. To begin with, a definition of the presented term should be given. So, this is a procedure for collecting and subsequent transportation of cash currency both between different organizations and between departments of one. In addition, the collection of funds involves the movement of any valuables. For example, important documents, precious metals, bank cards and more.

Proceedings

Since the collection of cash, bills, payment and settlement documents, as well as other banking procedures, is a cash transaction, it is first necessary to draw up some papers. To begin with, an agreement is concluded between the organization providing cash collectionservices and the company that needs them. However, you should not be limited to legal entities, as there are situations in which the collection of funds for individuals is also in demand.

It is important to remember that organizations providing such services work closely with banks, which, in turn, issue numbered security cards on a monthly basis. They indicate in detail: the name, contact details, address and working hours of the organization, the numbers of the bags assigned to them, as well as the time and frequency of arrival of collectors. Of course, the last of the listed data are determined in accordance with the volume of banknotes transported. Each empty bag involved in the described process is assigned its own number. Then the head of the cash collection service will coordinate with the serviced organization the time of arrival of specialized vehicles.

Essentials

Of course, the process called "collection of funds" requires compliance with many rules, one of which is not only receiving an empty bag, but also the execution of related documents. So, the list of everything necessary, issued to the employee before leaving, is as follows: a specialized container marked with an individual number, keys, a stamp, security cards, as well as powers of attorney for the transportation of foreign currency or other valuables.

Actions upon arrival

Regulatory acts spell out the sequence of actions that the authorized person is obliged to performan employee delivered to the place of provision of the required services. To begin with, the cashier must check the documents proving the identity of the person who arrived, the power of attorney for transportation, the security card, and also accept a new empty bag assigned to this company. And, in turn, provide a sample of the seal and a bag filled with banknotes, do not forget to attach the appropriate invoice and receipt. In addition, the duties of the cashier include drawing up a document that indicates all the operations performed. Then the statement and the completed register are checked for compliance with the declared amounts, and the papers are put into the cash bag. The next item, which includes a process called "collection of funds", can be considered the sealing procedure. In the presence of the cashier, it is necessary to check the integrity of both the supplied seal and the bag, as well as the inaccessibility to the contents inside. An employee of the serviced organization fills out the security card, after which the authorized person checks the numbers on it, in the receipt and in the invoice. In the event that a mistake was made by the cashier when filling out the security card, then it must be immediately corrected for the correct entry. This action must be performed by the same employee. The correctness of the new mark is certified by the signature of the cashier.

Important conditions

In the process of accepting a bag with cash and all related documents, the collector signs the receipt, certifies it with the stamp of the organization and prescribes the date afterwhich returns it to the cashier. However, there may be cases when an employee of a service institution finds various violations. It is important to note that a deviation from the prescribed rules is not only defects in the bag and sealing, but also the incorrect preparation of the accompanying statement to it. The question immediately arises: what to do in such a situation? The collection of funds will be successfully completed if the defects found can be eliminated in the presence of an authorized person, without violating his work schedule. In the event that it is not possible to take actions to eliminate violations as soon as possible, then the bag will not be accepted. Consequently, cash collection (in a store, for example) is carried out during a subsequent visit to the service organization. Of course, you must not forget to put the appropriate mark in the "repeated races" column of the attendance sheet.

Accepting the bag at the bank

This procedure has some characteristic differences and is considered more complicated than the receipt of banknotes and other material assets by the collection service. To begin with, it is necessary to note the procedure for actions performed by an employee of a banking structure. He is obliged to check the compliance of the entries made in all attached documents: an invoice, a security card or a receipt, and also carefully inspect the bag for damage (such as patches, fabric tears, external seams, lace ruptures or the appearance of knots), identify defective seals and locks. After that, you should check the numbers indicated on the bag and onrelated documents.

Violations at this stage

If a bank officer detects inconsistencies in the accompanying papers, then a note is made in the notes column of the check log, which is subsequently endorsed by both the receiving and delivering parties. In the event that any traces of damage are found on the bag, then it is subject to opening with the subsequent recalculation of the contents (piece or sheet). Identification of shortage or surplus is recorded in the act of opening. The name and details of the organization, the date and reason for the autopsy, as well as the positions, surnames and initials of the employees who performed the autopsy and were present at it, information about the room where this procedure was carried out.

Cash collection: postings

Since the above procedure falls under the category of accounting, it is necessary to issue a cash disbursement order, where account 57 “Transfers in transit” will be used. This is considered convenient both for organizations and for the collectors themselves. Consider the following example. The organization needs to transfer the amount of 700 thousand USD. e. to the bank for subsequent crediting to some current account. The commission is 0.2% of the amount received.

Accounting for the transfer of cash to the bank

Operation	Wiring	Amount (c.u.)	Base document
Transfer from the cash desk to the collection service	Kt 50 D-t 57	700 000	Cash issue note, receipt
Crediting funds to the current account	Kt 57 D-t 51	700 000	Bank statement of current account
Bank fee (0, 2%)	Set 51 D-t 91.2	1400	Bank statement of current account

Thus, the collection of funds is clearly presented in the above table.