Brian Coyle's Cash collection & transmission PDF

By Brian Coyle

ISBN-10: 081440538X

ISBN-13: 9780814405383

Themes contain: * list protecting for funds assortment * options for stronger money assortment * enforcing built-in assortment and transmission courses * case reports and pattern workouts * integrating assortment and transmission actions to the final ledger

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Example text

However, it is worth remembering that if reductions in float time benefit the company, they will create a cost for either the company’s customers or its bank. By obtaining value for funds more quickly customers either lose their money sooner, or the banking system loses the free use of the funds that are in the process of being cleared. Similarly, if a company seeks a longer float time for its payments transactions, it will create a cost for its suppliers, its bank, or its suppliers’ banks. Page 31 Interest Cost of Float Time A company could take action to reduce the float, but such measures could also increase bank transaction charges.

If a different bank is used to pay in notes and coins, value might not be received for three days. Companies that regularly pay in large quantities of notes and coins should check the value dating delay with their bank. Banker’s Draft A banker’s draft is a check drawn on a bank. A payment by banker’s draft is guaranteed (except in the unlikely circumstance of the bank going into liquidation). On request banks will prepare drafts on behalf of a customer. The customer will lose value from his account on the day the draft is written.

Subsidiaries would be unable, without giving proper advance warning, to agree payments for large contracts. By coordinating the banking requirements for the whole group, a centralized cash management team is more likely to negotiate lower charges or a better level of service from its banks. Economies of scale might be possible, with expert cash managers in a central location able to arrange larger volume transactions at a lower cost. A disadvantage of centralized control over cash management is the tension that might be created between remote head-office specialists and operations managers on the ground.

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Cash collection & transmission by Brian Coyle

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