Guide Book to Factoring

Size: px
Start display at page:

Download "Guide Book to Factoring"

Transcription

1 Guide Book to Factoring 1

2 Contents Welcome 3 Our Aim 4 Introduction 5 New Customers 6 Submitting your invoices and credit 7 notes Calculating your availability 8 Disapprovals for funding 9 Funding 10 Credit control and collection 11 Customer statements and end of month 12 Accessing your on line account ( Client 13 Access ) Reports 14 Analyzing your account 16 Accounting 17 Appendix 1- Details of Customers 18 Appendix 2- Introductory letter Appendix 3 Debt Schedule

3 Welcome We are delighted that you have chosen to work with Bibby Financial Services (Singapore) and would like to take this opportunity to welcome you on board. Our aim is to support your business by providing you a flexible funding facility. Tailored to your individual needs, with the highest level of client service and in doing so, help your business reach its full potential. This guide has been designed to be a simple, easy to use reference which we hope will provide you and your staff with a greater understanding of the nature of our relationship and the administration and processes that underpin it. We look forward to working with you to help you achieve your business goals. 3

4 Our Aim Our aim is to help small and medium sized enterprises realized their full potential by providing flexible funding solutions. 4

5 Introduction Bibby Financial Services (BFS) is a leading global specialist provider of cash flow solutions to small and medium sized enterprises worldwide. We are part of the Bibby Line Group, a dynamic, family owned UK business services provider with origins in shipping dating back over 200 years to Over 25 years, BFS has become the largest global independent specialist provider of invoice finance solutions, helping over 4,000 clients worldwide and gaining a reputation for flexibility and service. BFS operates in 15 countries worldwide, ensuring we are locally responsive whilst enjoying the benefits of global strength and experience. Invoice/Receivable finance is the generic terms given to a range of funding facilities which help SME improve control over cash flow and release working capital by unlocking cash from unpaid invoices. In addition to funding, we can also provide account receivable management services, cash application, undertake collections and provide full and accurate reporting on the sales ledger, saving valuable management time so you can get on with the job of managing and growing your business. 5

6 New Customers Before you can proceed with the facility, you will need to submit a New Customer Data Sheet to provide us information about your new customer. To submit your new customer data you will need to log into your Client Access and select new customer details from the menu. This page will detail how to load your customer data directly to our system. Alternatively you can fill in the customer data form attached in the Appendix 1. Note: When preparing your customer data for upload, you will need to save it in CSV format. It is important that this form contain the correct information to ensure that there are no delays in processing and that correct funding or credit limit is made available to you. Introductory letter When you take on a new customer, we will automatically send a letter to the new customer to introduce ourselves and inform them of the nature of our relationship. We may also require you to send the introductory letter yourself. A copy of the letter is attached in the Appendix 2 for your reference. 6

7 Submitting invoices and credit notes Under the term of the facility, you will need to stamp the assignment legend on the invoices as follows: Stamping legend your invoices. In all your invoices you must stamp the following legends: "The debt arising from this invoice has been assigned to Bibby Financial Services (Singapore) Pte Ltd. Payment should be made to BIBBY FINANCIAL SERVICES (SINGAPORE) PTE LTD. For payment by cheque, please send to 6 Shenton Way #18-08A Tower 2 Singapore For bank transfer, please remit payment to Standard Chartered Bank; Account No (for SGD payment). Quoting as a reference your supplier s name and invoice number. If this invoice is found to be incorrect in any respect, please notify Bibby Financial Services (Singapore) Pte Ltd immediately." We will provide you with the rubber stamp. Submitting invoices and credit notes To submit your invoices, and credit notes you will need to log on in to your Client Access and select submit invoice or to submit schedule. The webpage will detail how to submit your invoices/credit notes or upload your invoices/credit notes directly into our system and outline the supporting documentation to accompany the data. Thereafter, you must submit copy of invoices/credit note and the supporting documents to us together with the signed Debt Schedule as attached in Appendix 3. 7

8 Calculating your availability When you submit invoices and credit notes to us, we will process your schedule. However, we will fund the available for draw down subject to our due diligence and our receipt of the copy of the invoices/ credit note and the supporting documents. The amount available is show in the following example: Total invoices assigned $100,000 Less total disapproved debt* $10,000 Approved sales ledger balance $90,000 Advance available (70%) $63,000 Less existing current account balance $20,000 Funds available for advance $43,000 This example is a simplified calculation of your availability for illustrative purposes. Actual availability differs from client to client based on the conditions of the facility. * see disapproval 8

9 Disapprovals for funding In the course of your facility, some invoices may be disapproved for funding. The followings are some of the reasons for disapproval: Ageing Invoices will be disapproved when they reached the recourse period (financing period). Customer Funding limit/credit limit Funding limit/credit limit is set for each customer. Invoices exceeding the funding/credit limit will be disapproved. Concentration limit A concentration limit will have been agreed with you prior to the commencement of your facility. If the total amount of the invoices submitted to us for any debtor is greater than this limit, the amount above the limit will be disapproved until the total value of invoices to this debtor become lower than this limit. Customer disputes Invoices will be disapproved for funding where your customer has notified us of a dispute. You can view any disputes by viewing the client daily report on the client manager. Invoices will be approved for funding again once the dispute is resolved. Advance notice of disapprovals for funding Advance notice of any disapproval due to ageing can be viewed by logging into your online Client Access. Notice of disapprovals Notice of any disapproval and re- approvals can be viewed in the Client Access. Re approvals Invoices may be re approved for funding. You can view this invoices on the client daily report. 9

10 Funding Automatic or By request draw downs At the commencement of your facility, your account will be set up either as by request or automatic draw down. By request means you will need to manually request for funds from us via Client Access. The automatic funding option means all available funds over $1,000 will be automatically swept into your nominated bank account on the day they are made available. Checking your availability and drawing down available funds To draw down available funds, log in to the Client Access. Click on the availability and click availability refresh. This will draw down the most current available information from our system. You will be notified your availability when the screen when the screen is refreshed. Once refresh is successful, select prepayment option, enter the amount you would like to request, then submit your request. 10

11 Credit control and collection As part of our service, we provide the following services: Collection For notified cases, your credit/operation officer will contact your debtors to collect payments on your behalf. Reminder will be sent on overdue account. Legal matters Some overdue or delinquent accounts may need to be served with legal notices to recover payment. We can send letter of demand and other legal notices to recover payment. Customer disputes We will also note any disputes raised by our customers and provide notices in our system which you can view on line. A dispute notification is available daily in the view report menu of the Client Access. 11

12 Statements of account Customer statement of account Monthly customer statements of accounts are typically sent to your customers by the second day of each month. This statement will outline all outstanding balances owed on your account and will provide all the necessary contact and invoice information. 12

13 Client Access Client Access is our secured, easy to use on line system which provides on line real time access to your account. You can view it via your computer, laptop, ipad, or iphone or other Andriod or Window 8 devices on line real time anywhere in the world. In Client Access, you will be able to access a wide range of information about your account including but not limited to the followings: Availability of funds Latest payments received from your customers Your top 10 customers balance Ageing of outstanding customer accounts Management Reports Advance notice of disapproval Notice of disapprovals and disapprovals Customer Disputes Detailed and summary aged trail balance ( ATBs) Client statement and fee charge by us Accessing your client access On commencement of your facility, you will be issued log in details of your Client Access. If you need to change or rest these details, please contact our operation manager. To access our client access simply visit: To ensure that you are fully aware of the movements in your account and your availability, we recommend you access your account daily. 13

14 Reports The table below outlines the most common reports you can access via the Client Access. Other reports are available on request via the Client Access. Report Frequency Comments Payment advice On transfer of payments to your account This report shows the details of payments made by us to your nominated bank account Aged trail balance Daily This report shows the open item debtors ledger on either detailed or summary view Customer receipts Daily This report lists your customer cash MTD receipts month to date Client daily report Daily This report includes the following information: Daily cash list ( including cash allocations) Daily adjustment report. This shows any movements of cash between accounts and any debit or credit journals which have been processed. Client Daily summary. This shows any changes to your ledger and current account Items disapproved for funding. This provides a list of any invoices which have been disapproved for funding that day Items reapproved for funding. This provides a list of any invoices which have been re approved for funding that day. Advance notice of disapprovals Monthly ( last day of each month) This report will inform you of any invoices funded on which will be disapproved unless payment is received from your customer by the end of the current month Tax invoices Monthly This details the service charges that have been applied to your account during the month Discount Invoice Monthly This report summarizes the discount charges that have been applied to your account during the month and 14

15 indicates how the discount was calculated. Client Statement Monthly This report shows all charges applied to your current account and movement in your sales ledger during the month. There are three statements: 1. Current Account 2. Sales ledger control 3. Client Balance Account Disbursement invoice Monthly This reports details all disbursement charges applied to your account for additional charges 15

16 Analyzing your account As part of our service, we provide you with information to help you to analyze your account over the past 12 months in numbers as well as in graphical form. In addition, you have a choice of using the line or bar graph. You can view the analysis on line real time anywhere in the world via your PC, laptop, iphone, ipad or Andriod or Window 8 devices. The followings are the information which you can analyze: 1. Invoices 2. Credit notes 3. Reassignment 4. Adjustment 5. Cash receipt 6. Ledger balance 7. Client Account 8. Average days outstanding (DSO) 9. No of accounts 10. No of payment The above reports/graph will help you to manage your business effectively. The report can be used to discuss with your clients or with your management staff such as : 1. Sales manager 2. Finance manager 3. Accounts manager 4. Senior management staff 5. Credit control manager 16

17 Accounting Two methods of Accounting for your facility are outlined below. 1. Debtor Control Account Method To ensure your accounting functions run as smoothly as possible and mirrors the services provided by us, it is recommended that two additional general ledger accounts be created. One should be called Bibby Control account and the other Bibby Expense account. The Bibby Control Account will be used to record the assignment of invoices to us and monies due from us. By updating the ledgers from the information that you are provided, you will be able to monitor all transactions that are passed through us and your accounts will reflect the true assignment of debt. Below are some suggestions for general entries onto your accounting system: Transaction Debit Credit Assignment of Invoices Bibby Control account Debtor account Advance from BFS account Bank Bibby Control account Fees charged by BFS Expense account Bibby Control account 2. Loan Account Method It is recommended that two additional general ledgers be created. One should be a liability account named BFS Current Account and the other an expense account named as Bibby Expense account Transaction Debit Credit Advance from BFS Bank BFS Current Account Fees charged by BFS Expense account BFS Current Account Receipt of customer payment by BFS BFS Current Account Debtors 17

18 Appendix 1 Details of Customers Customer Name Address Address Details of Customers Credit Terms Inv Currency Contact Number Contact Person Name 18

19 Appendix 2 Introductory letter (to be printed on seller s letterheand) Buyer Name Buyer Address Attn: xxx Date: Dear xxx We are pleased to advise you that we have entered into an Agreement (the Agreement) with Bibby Financial Services (Singapore) Pte Ltd (BFSS). Bibby Financial Services is the largest independent invoice finance specialist, which is wholly owned by Bibby Line Group with 200 years of trading history. Headquartered in UK, Bibby Financial Services operates in 47 locations spanning 15 countries throughout Europe, the Americas and Asia Pacific region. The Agreement with BFSS provides for the assignment of all our receivables and as part of that Agreement, all amounts due now and in the future, in respect of the invoices, must be paid only to Bibby Financial Services (Singapore) Pte Ltd. Payments by cheques are to be forwarded to the following address: Bibby Financial Services (Singapore) Pte Ltd 6 Shenton Way Tower 2 #18-08A Singapore If you wish to pay by bank transfer, please remit payment to the following bank account: Bank : Standard Chartered Bank Bank Code: 7144 Branch Code: 001 Account No: (for payment in SGD) Swift Address: SCBLSGSG Please fax your remittance advice to BFSS at or to them at We look forward to be of better service to you and if you have any queries, please do not hesitate to contact BFSS at Tel: , and they will be happy to assist you. Yours faithfully Name Designation 19

20 cc. Bibby Financial Services (Singapore) Pte Ltd Appendix 3 Debt Schedule To : Bibby Financial Services (Singapore) Pte Ltd Pursuant to the Factoring Agreement, we hereby assign the attached list of invoices as transmitted via Client Access on. Attached are copies of the invoices / credit notes and supporting documents. Authorised Signature & Company Stamp 20

21 Appendix 3a Debt Schedule To : Bibby Financial Services (Singapore) Pte Ltd Pursuant to the Factoring Agreement, we hereby assign the following invoices as transmitted via Client Access on. Attached are copies of the invoices / credit notes and supporting documents. Debtor Number Invoice No Invoice Date Amount Total Authorised Signature & Company Stamp 21

Tools & Resources. A Guide to Managing your Invoice Discounting Account. How to get the most out of your Invoice Finance service

Tools & Resources. A Guide to Managing your Invoice Discounting Account. How to get the most out of your Invoice Finance service Tools & Resources A Guide to Managing your Invoice Discounting Account How to get the most out of your Invoice Finance service 2 Introduction This guide is designed to help you understand the actions you

More information

Tools & Resources. A Guide to the Credit Management Service. How to get the most out of your Invoice Finance service

Tools & Resources. A Guide to the Credit Management Service. How to get the most out of your Invoice Finance service Tools & Resources A Guide to the Credit Management Service How to get the most out of your Invoice Finance service 2 Introduction This guide is designed to help you understand the actions you should take

More information

BIBBY FINANCIAL SERVICES STANDARD CONDITIONS FOR THE PURCHASE OF DEBTS (EDITION A/2004) INCORPORATED INTO THE AGREEMENT MADE WITH XXXX

BIBBY FINANCIAL SERVICES STANDARD CONDITIONS FOR THE PURCHASE OF DEBTS (EDITION A/2004) INCORPORATED INTO THE AGREEMENT MADE WITH XXXX BIBBY FINANCIAL SERVICES STANDARD CONDITIONS FOR THE PURCHASE OF DEBTS (EDITION A/2004) INCORPORATED INTO THE AGREEMENT MADE WITH XXXX 1 CONTENTS 1. Introduction... 3 2. Duration of this Agreement... 3

More information

salesinvoices@leaseinvestment.com www.leaseinvestment.com Tel: +44871 237 4770 Fax: +44701 423 7002

salesinvoices@leaseinvestment.com www.leaseinvestment.com Tel: +44871 237 4770 Fax: +44701 423 7002 INVOICE DISCOUNTING, FACTORING & SALES LEDGER MANAGEMENT Selling your sales Invoices or outsourcing your sales ledger is one of the most complex techniques for business finance. Unfortunately, it is often

More information

Invoice discounting User guide

Invoice discounting User guide Invoice discounting User guide What is IDeal TM? IDeal TM is the ultimate invoice discounting facility. It has been specifically designed to release the cash tied up in your invoices, without the administration

More information

Report 7 Appendix 1d Final Internal Audit Report Sundry Income and Debtors (inc. Fees and Charges) Greater London Authority February 2010

Report 7 Appendix 1d Final Internal Audit Report Sundry Income and Debtors (inc. Fees and Charges) Greater London Authority February 2010 Report 7 Appendix 1d Final Internal Audit Report Sundry Income and Debtors (inc. Fees and Charges) Greater London Authority February 2010 This report has been prepared on the basis of the limitations set

More information

Straight2Bank Receivables Services

Straight2Bank Receivables Services Straight2Bank Receivables Services Client User Guide Document-Level Financing Version April 2015 Overview This guide contains information which will help users navigate and familiarise with the functions

More information

Client Manager User Guide. Version 1.2 Last update: 30 April 2015

Client Manager User Guide. Version 1.2 Last update: 30 April 2015 Version 1.2 Last update: 30 April 2015 TABLE OF CONTENTS 1. Connecting to Client Manager 2 1.1. Logging into the system 2 2. Client Level Features 3 2.1. Group Availability 3 2.2. Client Selection 4 2.3.

More information

Straight2Bank Invoice Finance

Straight2Bank Invoice Finance Straight2Bank Invoice Finance Client User Guide Import & Export Invoice Finance Version April 2015 Overview This guide contains information which will help users navigate and familiarise with the functions

More information

ONLINE CREDIT ACCOUNT APPLICATION FORM

ONLINE CREDIT ACCOUNT APPLICATION FORM ONLINE CREDIT ACCOUNT APPLICATION FORM Woolworths Limited respects your privacy. We will only use your personal information to manage your Account. If this information is not provided, we might not be

More information

Your guide to the Internet Service for Receivable Finance (ereceivable Finance)

Your guide to the Internet Service for Receivable Finance (ereceivable Finance) Issued by HSBC Bank Middle East Limited, PO Box 66, Dubai, UAE. Regulated by the Jersey Financial Services Commission. Visit our website at https://www.hsbc.ae Enter the User ID which begins with AEIF.

More information

THE BASICS OF FACTORING. A Guide to Understanding Accounts Receivable Financing

THE BASICS OF FACTORING. A Guide to Understanding Accounts Receivable Financing THE BASICS OF FACTORING A Guide to Understanding Accounts Receivable Financing The Basics of Factoring Table of Contents What is Factoring?.. 1 Benefits of Factoring 4 What Types of Businesses Utilize

More information

Bill Discounting. Exporter. Importer BANKING AND TRADE FINANCE TUTORIAL. Importer s Bank. Exporters Bank INDIA FOREX ADVISORS.

Bill Discounting. Exporter. Importer BANKING AND TRADE FINANCE TUTORIAL. Importer s Bank. Exporters Bank INDIA FOREX ADVISORS. Bill Discounting While discounting a bill, the Bank purchases the bill receivable to the Exporter (i.e. Bill of Exchange or Promissory Note) before its due date and credits the value of the bill to the

More information

BUSINESS CARD APPLICATION FORM COMPANY SECTION BUSINESS CARD APPLICATION FORM EMPLOYEE SECTION. Company Name (legal): Company Name:

BUSINESS CARD APPLICATION FORM COMPANY SECTION BUSINESS CARD APPLICATION FORM EMPLOYEE SECTION. Company Name (legal): Company Name: BUSINESS CARD APPLICATION FORM EMPLOYEE SECTION Company Name: Employee Name: Title (Mr, Ms, Mrs): ID/PP/DP# Country/Date of Birth: Nationality: Sex: Male Female Name on Card: Mailing Address: Telephone

More information

Online Payment Service User Guide

Online Payment Service User Guide Online Payment Service User Guide OTIS Online Payment Service User Guide 0 Contents Page 1. Introduction....2 What the OTIS Online Payment Service means to you 2. Accessing the OTIS Online Payment Service......

More information

Chartered Institute of Credit Management

Chartered Institute of Credit Management Chartered Institute of Credit Management Guide to a Credit Policy CICMQ Criteria White Paper The Quality Accreditation from the Chartered Institute of Credit Management Date: 28 th December 2012 Revised:

More information

Introduction to Client Online. Factoring Guide

Introduction to Client Online. Factoring Guide Introduction to Client Online Factoring Guide Contents Introduction 3 Preparing for Go live 3 If you have any questions 4 Logging In 5 Welcome Screen 6 Navigation 7 Navigation continued 8 Viewing Your

More information

Invoice finance made simple

Invoice finance made simple Invoice finance made simple All you need to keep the cash flowing Your Invoice Finance Experts Your Invoice Finance Experts Contents This informative, easy-to-use guide has been put together to explain

More information

Sundry Debt Management and Recovery Policy

Sundry Debt Management and Recovery Policy 1. Introduction Sundry Debt Management and Recovery Policy 1.1 Forest Heath and St Edmundsbury Councils (referred to in this document as West Suffolk or the councils ) provide a wide range of services

More information

Cumbria County Council Environment Directorate BUDGET MANAGERS

Cumbria County Council Environment Directorate BUDGET MANAGERS Cumbria County Council Environment Directorate BUDGET MANAGERS Debt Collection Responsibilities Refer to Financial Regulations Budget holders have been delegated with the responsibility for: ensuring amounts

More information

Factoring Services WHAT IS FACTORING? MECHANICS OF FACTORING

Factoring Services WHAT IS FACTORING? MECHANICS OF FACTORING Factoring Services S Balasubramanian, Vice President (Finance) & Company Secretary, Canbank Factors Ltd., Bangalore. Realisation of outstanding dues is increasingly becoming a complicated and tedious exercise.

More information

Standard terms and conditions

Standard terms and conditions Standard terms and conditions For small and medium enterprises (SMEs) including micro businesses. Effective from 31 March 2014 Helping our customers. We re on it. 1 Contents Section 1 Taking over premises

More information

Chapter A5: Creating client files and attaching bank accounts

Chapter A5: Creating client files and attaching bank accounts Chapter A5: Creating client files and attaching bank accounts This chapter is aimed at BankLink Administrators It covers the set up of your BankLink Practice clients. A BankLink Practice user needs BankLink

More information

Frequently Asked Questions Trade Services

Frequently Asked Questions Trade Services Frequently Asked Questions Trade Services IMPORT LETTER OF CREDIT What are the various forms of Import Services? (Payment instruments) in International Trade? There are two main options: Letter of Credit

More information

Trading with other businesses on credit terms?

Trading with other businesses on credit terms? Invoice Finance Trading with other businesses on credit terms? Our services can help to speed up your cash flow, collect payment on your invoices and protect you from the risk of bad debts. Achieving and

More information

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used.

First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. First column=preferred terms. Bold and italics signifies other defined terms. Bold signifies alternate terms used. 1= Governance; 2=Facilities and Products; 3 Charges; 4 Legal terms and security arrangements;

More information

PRINCIPLES OF ACCOUNTS CHAPTER 5: JOURNALS

PRINCIPLES OF ACCOUNTS CHAPTER 5: JOURNALS Page 1 Name: Index No.: Class: Sec 3 Recapitulation: A source document is a specially designed form, which provides details of a business transaction. It contains information like the date, the nature,

More information

Your Guide to setting up Sage One Accounting from your Accountant. Setting Up Sage One Accounting

Your Guide to setting up Sage One Accounting from your Accountant. Setting Up Sage One Accounting Your Guide to setting up Sage One Accounting from your Accountant Setting Up Sage One Accounting 1 Contents Introduction Introduction...3 Quick Start Guide entering key business information...4 Set Up

More information

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010)

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010) FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed June 2010) TABLE OF CONTENTS SECTION I Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 10 Article

More information

Automating the Order to Cash Process

Automating the Order to Cash Process Automating the Order to Cash Process How to deliver a stronger financial performance at lower cost in sales order processing, invoicing, credit management and cash allocation Contents 1 Introduction and

More information

Credit Control and Debt Management Policy

Credit Control and Debt Management Policy Credit Control and Debt Management Policy Issue Date: August 2011 Author: Head of Finance Approval Body: Senior Leadership Team CONTENTS Page(s) 1. Policy Statement 3 2. Background 3 4 3. Debt Management

More information

An introduction to CashFlows and the provision of on-line card acceptance services we provide to Young Enterprise companies

An introduction to CashFlows and the provision of on-line card acceptance services we provide to Young Enterprise companies An introduction to CashFlows and the provision of on-line card acceptance services we provide to Young Enterprise companies Q. What is CashFlows? A. CashFlows is a Financial Services company that provides

More information

Trade Application Form (UK)

Trade Application Form (UK) Trade Application Form (UK) Section 1 General information Name of Company / Firm / Partnership: ( You / The Applicant ) Trading Address: Fax No: VAT No: Address of Head Office: (If not as above) Website

More information

Switching your Business Current Accounts

Switching your Business Current Accounts Switching your Business Current Accounts Summary of the Key Features of the Account Switching Code for Business customers Bank of Ireland ("New Bank") can facilitate all the steps required in order to

More information

VELOCITY@OCBC 2.0 BUSINESS INTERNET BANKING USER GUIDE

VELOCITY@OCBC 2.0 BUSINESS INTERNET BANKING USER GUIDE VELOCITY@OCBC 2.0 BUSINESS INTERNET BANKING USER GUIDE 1 of 131 1 Contents 1. Log in to Velocity@ocbc 2.0 4 2. View Trade Finance portfolio 12 3. View and download a bank statement 15 4. Create a Letter

More information

Trading during difficult times for SMEs. November, 2009

Trading during difficult times for SMEs. November, 2009 November, 2009 Introduction In an effort to support small and medium sized enterprises (SMEs), which constitute the main fabric of the upstream oil and gas supply chain, the Supply Chain Forum of Oil

More information

ProStix Smartstore Training Manual - Accounts Payable. 2014 Sterland Computing

ProStix Smartstore Training Manual - Accounts Payable. 2014 Sterland Computing ProStix Smartstore Training Manual - Accounts Payable Contents 3 Table of Contents Accounts Payable 4 1 Introduction to... Accounts Payable 4 2 Accounts Payable... Terminology 6 3 PreRequisites... 9 4

More information

Terms and Conditions for Payment of Fees 2015-2016

Terms and Conditions for Payment of Fees 2015-2016 Terms and Conditions for Payment of Fees 2015-2016 All Terms and conditions shown below are secondary to the rules and regulations of the University as defined in the Student Handbook. By agreeing to the

More information

INFORMATION SHEET ON FACTORING (PURCHASE and MANAGEMENT OF ENTERPRISE S ACCOUNT RECEIVABLES) (update in force as from 01 07 2015)

INFORMATION SHEET ON FACTORING (PURCHASE and MANAGEMENT OF ENTERPRISE S ACCOUNT RECEIVABLES) (update in force as from 01 07 2015) INFORMATION SHEET ON FACTORING (PURCHASE and MANAGEMENT OF ENTERPRISE S ACCOUNT RECEIVABLES) (update in force as from 01 07 2015) INFORMATION ON THE BANK Banca IFIS S.p.A. Registered office: Via Terraglio

More information

User Manual. CitiDirect \ CitiDirect EB - Citi Trade Portal. InfoTrade Phone No. 0 801 258 369 infotrade@citi.com

User Manual. CitiDirect \ CitiDirect EB - Citi Trade Portal. InfoTrade Phone No. 0 801 258 369 infotrade@citi.com CitiDirect \ CitiDirect EB - Citi Trade Portal User Manual InfoTrade Phone No. 0 801 258 369 infotrade@citi.com CitiDirect HelpDesk Phone No. 0 801 343 978, +48 (22) 690 15 21 Monday Friday 8.00 17.00

More information

Factoring Agreement. Parties (the "Seller") First Commercial Bank Co., Ltd.

Factoring Agreement. Parties (the Seller) First Commercial Bank Co., Ltd. Factoring Agreement Parties (the "Seller") First Commercial Bank Co., Ltd. (the "Bank") The Seller applies to the Bank to enter into the transaction for the purchase of accounts receivable and the Bank

More information

Income and Debt Collection Protocol Adult Social Services

Income and Debt Collection Protocol Adult Social Services Income and Debt Collection Protocol Adult Social Services February 2012 CONTENTS Introduction... Error! Bookmark not defined. Background... Error! Bookmark not defined. Brent Council s financial framework...

More information

Policy On Collection of Student Fees and Related Charges

Policy On Collection of Student Fees and Related Charges Policy On Collection of Student Fees and Related Charges Scope 1. This policy relates to all fees and charges payable to the University by current and former students for the use of its facilities and

More information

THE WORKING CAPITAL CYCLE IN INTERNATIONAL TRADE

THE WORKING CAPITAL CYCLE IN INTERNATIONAL TRADE THE WORKING CAPITAL CYCLE IN INTERNATIONAL TRADE Introduction The working capital cycle is the period of time which elapses between the points at which cash is used in the supply/production process, to

More information

GENERAL RULES FOR INTERNATIONAL FACTORING

GENERAL RULES FOR INTERNATIONAL FACTORING GRIF GENERAL RULES FOR INTERNATIONAL FACTORING 03/10/2011 GRIF General Rules for International Factoring Page 2 of 20 TABLE OF CONTENTS SECTION I General provisions... 4 Article 1 Factoring contracts and

More information

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed July 2013)

FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed July 2013) FCI GENERAL RULES FOR INTERNATIONAL FACTORING (Printed July 2013) TABLE OF CONTENTS SECTION I Article 1 Article 2 Article 3 Article 4 Article 5 Article 6 Article 7 Article 8 Article 9 Article 10 Article

More information

Simply put, factoring is a transaction where a company sells its invoices at a discount in exchange for quick funds.

Simply put, factoring is a transaction where a company sells its invoices at a discount in exchange for quick funds. Imagine your growing business just made a six-figure sale to a company across the country. The problem? The buyer has 60 days to pay, but your cash flow is limited, meaning you can t afford the immediate

More information

Chapter 8. Describe an effective accounting information system. Learning Objectives. Objective 1. Accounting Information Systems

Chapter 8. Describe an effective accounting information system. Learning Objectives. Objective 1. Accounting Information Systems PowerPoint to accompany Chapter 8 Accounting Information Systems Learning Objectives 1. Describe an effective accounting information system 2. Understand both computerised and manual accounting systems

More information

GENERAL RULES FOR INTERNATIONAL FACTORING

GENERAL RULES FOR INTERNATIONAL FACTORING GRIF GENERAL RULES FOR INTERNATIONAL FACTORING 08/10/2013 GRIF General Rules for International Factoring Page 2 of 21 GRIF General Rules for International Factoring Page 3 of 21 TABLE OF CONTENTS SECTION

More information

PERSONAL DEBT RECOVERY

PERSONAL DEBT RECOVERY PERSONAL DEBT RECOVERY Welcome to our Debt Recovery Service What is Debt Recovery? It s the recovery or payment of a sum of money owed. Recovering monies owed to you from either companies or individuals

More information

How to: Account for Settlement Discount VAT Rule Changes from 1 st of April 2015

How to: Account for Settlement Discount VAT Rule Changes from 1 st of April 2015 How to: Account for Settlement Discount VAT Rule Changes from 1 st of April 2015 Users of Merlin who offer Settlement Discount to their Customers, or are given Settlement Discount by their Suppliers, will

More information

NZD 1.0000 GBP 0.3842. Telegraphic Transfers (New Zealand)

NZD 1.0000 GBP 0.3842. Telegraphic Transfers (New Zealand) NZD 1.0000 GBP 0.3842 Telegraphic Transfers (New Zealand) Product Disclosure Statement Issued 1 July 2009 1 VND 11107.55 USD 1.00 NZD 1.0000 EUR 0.4550 Contents. Product Disclosure Statement. Introduction

More information

Bangor University Invoicing and Credit Control Procedures

Bangor University Invoicing and Credit Control Procedures Bangor University Invoicing and Credit Control Procedures 1 Purpose 1.1 To ensure that invoices are appropriately issued and settled on a timely basis, thereby maximising the cashflow to the University.

More information

Propelling factoring businesses enterprise wide. Your factoring solution ready to go KAPPS. KAPPS Consulting Pte. Ltd.

Propelling factoring businesses enterprise wide. Your factoring solution ready to go KAPPS. KAPPS Consulting Pte. Ltd. Propelling factoring businesses enterprise wide Your factoring solution ready to go KAPPS KAPPS Consulting Pte. Ltd. KAPPS Consulting Pte. Ltd. KAPPS Consulting is the center for translating business and

More information

Current Account Conditions and AccounT Information.

Current Account Conditions and AccounT Information. Current Account Conditions and AccounT Information. If you open an account with us it will be with Yorkshire Building Society (trading as Norwich & Peterborough Building Society, Norwich & Peterborough

More information

Pegasus CIS (03.00.50) Guide to Prompt Payment Discount

Pegasus CIS (03.00.50) Guide to Prompt Payment Discount Pegasus CIS (03.00.50) Guide to Prompt Payment Discount Guide to Prompt Payment Discount Version 1.0 Pegasus CIS (3.00.50) Copyright Pegasus Software, 2015 Manual published by: Pegasus Software Orion House

More information

Management of Accounts Receivable

Management of Accounts Receivable Management of Accounts Receivable December 1997 Contents Preface Introduction The Accounts Receivable Process Re-Engineering Accounts Receivable Risk Management Use of Advanced Technology Debt Collection

More information

PRESENTATION ON FACTORING BY GLOBAL TRADE FINANCE LIMITED 19.06.2007. Global Trade Finance Ltd

PRESENTATION ON FACTORING BY GLOBAL TRADE FINANCE LIMITED 19.06.2007. Global Trade Finance Ltd PRESENTATION ON FACTORING BY GLOBAL TRADE FINANCE LIMITED 19.06.2007 o Incorporated in March 2001 o o o o ABOUT GTF India s first International Factoring Company RBI has accorded registration and Authorised

More information

Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered

Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered Correct opening balances are the key to bookkeeping activities. If you do not enter them

More information

Credit Card Contract

Credit Card Contract Credit Card Contract Credit Card Booklet Cardholder enquiries & Lost and stolen cards Telephone : (679) 321 4300 Facsimile : (679) 330 3738 BSP/SecDocTemp006 Page 1 of 21 Template Issue No.3 reviewed 19032012

More information

SAT Worldwide Online User Guide

SAT Worldwide Online User Guide SAT Worldwide Online User Guide Introduction SAT Worldwide has launched its own online trading platform which enables customers to buy and sell currency online 24-hours a day five days a week and manage

More information

INVOICE SCHEDULE. Compulsory. ABC Borrower Assigned by Borrower. stated on Invoice YY format (on three separate cells in Excel)

INVOICE SCHEDULE. Compulsory. ABC Borrower Assigned by Borrower. stated on Invoice YY format (on three separate cells in Excel) Compulsory Date of THIS ASSIGNMENT is made the day of 20 Assignment BY : - ( the Supplier ); and IN FAVOUR OF :- DBS BANK (HONG KONG) LIMITED whose registered office is at 11th Floor, The Center, 99 Queen

More information

Short-term investments (also known as marketable securities) are easily convertible to cash that a company plans to hold for a year or less.

Short-term investments (also known as marketable securities) are easily convertible to cash that a company plans to hold for a year or less. Accounting Fundamentals Lesson 5 5.0 Receivables & Investments Short-term investments (also known as marketable securities) are easily convertible to cash that a company plans to hold for a year or less.

More information

Third Party Payments Creditor Handbook

Third Party Payments Creditor Handbook The Financial Services Division (FSD) of the Department for Work and Pensions (DWP) at Norcross Blackpool, has produced this handbook. The Contact Details are on Page 6 Third Party Payments Creditor Handbook

More information

www.clearbooks.co.uk 1

www.clearbooks.co.uk 1 www.clearbooks.co.uk 1 Content Clear Books Demo 1. Customising your Dashboard 2. Setting up for the first time A) Details B) Toggle Features C) Reporting Periods D) Adding a new user E) Invoice Themes

More information

London Borough of Sutton. Corporate Debt Recovery Policy

London Borough of Sutton. Corporate Debt Recovery Policy London Borough of Sutton Corporate Debt Recovery Policy Corporate Debt Recovery Policy Reviewed August 2011 Contents Objective... 3 Framework... 3 Purpose... 3 Roles and Responsibilities... 3 Raising Invoices...

More information

Personal Loan Agreement

Personal Loan Agreement March 2014 HSBC Bank Middle East Limited - PERSONAL LOAN AGREEMENT HSBC Bank Middle East Limited Personal Loan Agreement Copyright. HSBC Bank Middle East Limited 2014 ALL RIGHTS RESERVED. No part of this

More information

Your Guide to Supplier Finance A Guide for Users of Westpac s Supplier Finance Portal

Your Guide to Supplier Finance A Guide for Users of Westpac s Supplier Finance Portal Your Guide to Supplier Finance A Guide for Users of Westpac s Supplier Finance Portal Westpac Banking Corporation ABN 33 007 457 141 CONTENTS INTRODUCTION... 4 WHAT IS SUPPLIER FINANCE?... 4 SERVICES PROVIDED

More information

Corporate and Investment Banking. Open Account Trade Finance Solutions

Corporate and Investment Banking. Open Account Trade Finance Solutions Corporate and Investment Banking Open Account Trade Finance Solutions Open Account Trade Finance Solutions Standard Bank your trade partner in, for and across Africa Open Account Trade Finance Solutions

More information

Accounts Receivable - Guidance to staff responsible for the collection of income following the supply of goods or services V4.0

Accounts Receivable - Guidance to staff responsible for the collection of income following the supply of goods or services V4.0 Accounts Receivable - Guidance to staff responsible for the collection of income following the supply of goods or services V4.0 June 2015 Table of Contents Accounts Receivable - Guidance to staff responsible

More information

a Prepayment for all Unpaid Approved Debts, on the Working Day after We receive Your Debt Schedule for such Debts;

a Prepayment for all Unpaid Approved Debts, on the Working Day after We receive Your Debt Schedule for such Debts; IRISH NON-RECOURSE GENERAL CONDITIONS 1 PAYMENTS TO YOU 1.1 We will pay You the Price of each Debt as described in this Agreement. We will do this by making payments accessible in Your Available Funds

More information

Newcastle University. Credit Policy

Newcastle University. Credit Policy Newcastle University Credit Policy Document owner: Karen Carvell Finance and Planning, Level 4, King s Gate, Newcastle upon Tyne Tel 0191 208 6516 E Mail Karen.Carvell@ncl.ac.uk Approved by: Richard Dale,

More information

Business Introducer Copy. Funding Solutions

Business Introducer Copy. Funding Solutions Business Introducer Copy Funding Solutions Benefits Why wait 30 days or more to get paid? We pay out up to 80% of the value of invoices raised within 24 hours Cash management is made easy with the ability

More information

MYOB Professional Partner Certified Consultant

MYOB Professional Partner Certified Consultant MYOB Professional Partner Smart. Simple Sorted. MYOB Professional Partner - Do you want to be able to offer your clients a choice of accounting, payroll and retail software? Would you like to generate

More information

Debt Management and Hardship Procedures

Debt Management and Hardship Procedures Debt Management and Hardship Procedures July 2014 Contents Debt Managment Procedure Overview Rights and responsibilities Billing and payment Payment difficulties Non payment Actions relating to non-payment

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

Invoice Factoring, Debtors Discounting and Trade Finance are bridging facilities using your debtors, stock or movable assets to raise cash.

Invoice Factoring, Debtors Discounting and Trade Finance are bridging facilities using your debtors, stock or movable assets to raise cash. Dear Sir / Madam, Re Bridging Facilities Invoice Factoring, Debtors Discounting and Trade Finance are bridging facilities using your debtors, stock or movable assets to raise cash. A key element is that

More information

Oracle R12 Advanced Collections Overview. www.namossolutions.com

Oracle R12 Advanced Collections Overview. www.namossolutions.com Oracle R12 Advanced Collections Overview www.namossolutions.com Introduction Namos Solutions Ltd Chris Mason is an Oracle E-Business Suite R12 Financials Certified Expert Consultant with proven 11i and

More information

Terms of Business. Murray & Spelman Ltd. Name: T/A Murray # Spelman Insurance & Finance. Name & Contact Details:

Terms of Business. Murray & Spelman Ltd. Name: T/A Murray # Spelman Insurance & Finance. Name & Contact Details: Terms of Business Murray & Spelman Ltd T/A Murray # Spelman Insurance & Finance Name & Contact Details: Name: Mr. Michael Culhane (Managing Director) Telephone Number: 091759500 Company Murray & Spelman

More information

Living, Breathing Asia

Living, Breathing Asia Living, Breathing Asia Terms and conditions apply. Information is correct as at the time of printing. DBS Bank (Hong Kong) Limited DBS Bank Ltd., Hong Kong Branch I am in need of an Internet banking system

More information

APPLICATION FOR FUNDING

APPLICATION FOR FUNDING APPLICATION FOR FUNDING Applicant Details Applicant(s): ABN ACN Business Address: Postal: Business Phone : Business Fax: Email Address: Type of Business / Employment: Yrs Est.: No of Staff: Date Incorp:

More information

ANZ Commercial Card TERMS AND CONDITIONS 11.2015. ANZ Corporate Card ANZ Visa Purchasing Card ANZ Business One

ANZ Commercial Card TERMS AND CONDITIONS 11.2015. ANZ Corporate Card ANZ Visa Purchasing Card ANZ Business One ANZ Commercial Card TERMS AND CONDITIONS 11.2015 ANZ Corporate Card ANZ Visa Purchasing Card ANZ Business One Containing Terms and Conditions for: Facility Terms and Conditions Electronic Banking Conditions

More information

AR Part 1: An Introduction to Accounts Receivable

AR Part 1: An Introduction to Accounts Receivable AR Part 1: An Introduction to Accounts Receivable Table of Contents 1. Overview... 3 2. Searching for a Customer... 4 3. Transactions... 6 4. Raising a sales invoice... 7 5. Completing a Transaction...

More information

b) The actions outlined below will be suspended if, at any time during these procedures, an account is disputed.

b) The actions outlined below will be suspended if, at any time during these procedures, an account is disputed. GENERAL REGULATIONS Appendix 12: University Credit Control Policy 2015/16 1. Introduction This policy describes the actions which Staffordshire University will take and the timeframe within which these

More information

Leathes Prior Solicitors Terms of Business

Leathes Prior Solicitors Terms of Business Leathes Prior Solicitors Terms of Business 1. Contacting us Our reception is open from 8.30am to 5.30pm Monday to Friday, excluding Bank Holidays. Arrangements can be made to see clients outside these

More information

Managing Cashflow Guide

Managing Cashflow Guide Managing Cashflow Guide 1. Knowing your customer 2. Payment Terms 3. Invoicing 4. Chasing payment 5. Treating suppliers fairly 6. Credit Insurance 7. Financing options 8. When all else fails 9. When your

More information

Business On Line. The complete online package for your business

Business On Line. The complete online package for your business Business On Line The complete online package for your business Manage your cash flow wherever you are Controlling your cash flow is crucial to the success of your business. At Bank of Ireland we understand

More information

Conditions of Use THE USE OF CARIBBEAN CREDIT CARD CORPORATION LTD CARD IS GOVERNED AT ALL TIMES BY THE TERMS AND CONDITIONS SET FORTH

Conditions of Use THE USE OF CARIBBEAN CREDIT CARD CORPORATION LTD CARD IS GOVERNED AT ALL TIMES BY THE TERMS AND CONDITIONS SET FORTH Conditions of Use THE USE OF CARIBBEAN CREDIT CARD CORPORATION LTD CARD IS GOVERNED AT ALL TIMES BY THE TERMS AND CONDITIONS SET FORTH 1. In this Agreement: (a) "Authorized User" means a Cardholder to

More information

Purchasing Card CARDHOLDER MANUAL

Purchasing Card CARDHOLDER MANUAL Purchasing Card CARDHOLDER MANUAL Finance Office Procurement Division Revised November 2015 G:\FINANCE\Procurement\PurchCards - RBS MasterCard - July 2014 Revised\July 2014 Versions\Purchasing Cards -

More information

FP Marine Risks Limited

FP Marine Risks Limited FP Marine Risks Limited Terms of Business CONTENTS Introduction and Scope... 3 Management and Service Standards... 3 Placing Services... 4 Duty of Disclosure... 6 Solvency of Underwriters... 6 Confidentiality

More information

Smart Support Services (Sheffield) Ltd.

Smart Support Services (Sheffield) Ltd. Payroll & Managed Accounts Specialists in Health & Social Care MANAGED ACCOUNTS APPLICATION FORM / SERVICE AGREEMENT & Ts & Cs Valid from 01/04/2014 (MA: V12, 11/07/2014) This form can be made available

More information

Handbook of Student Regulations (Taught programmes) 2015 146

Handbook of Student Regulations (Taught programmes) 2015 146 Section 13 Credit Control and Debt Management Policy If you require this section in a different format, contact the Student Appeals and Complaints Ombudsman (studentappealsandcomplaints@northumbria.ac.uk).

More information

IPS INVOICE PAYMENT SYSTEM

IPS INVOICE PAYMENT SYSTEM Business Financial Services IPS INVOICE PAYMENT SYSTEM ONLINE ACCOUNT MANAGER USER MANUAL WELCOME TO INVOICEPAYMENT.CA IPS Invoice Payment System is committed to providing you with the latest in electronic

More information

Getting started with Sage Accounts The online retailers guide

Getting started with Sage Accounts The online retailers guide Getting started with Sage Accounts The online retailers guide Contents Overview... 3 Which Sage Accounts package to use?... 3 Configuring Sage Accounts... 5 Nominal Codes... 5 Departments... 7 Bank Accounts...

More information

Participation in International Fairs SMEs Refund Scheme. Online System SME USER MANUAL

Participation in International Fairs SMEs Refund Scheme. Online System SME USER MANUAL Participation in International Fairs SMEs Refund Scheme Online System SME USER MANUAL 1 Preface Enterprise Mauritius has been operating Participation in International Fair SMEs Refund Scheme to support

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 APRIL 2015. Debt Arrangement Scheme (DAS) Business DAS Debt Arrangement Scheme (DAS) Business DAS Guidance for Payments Distributors Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS) by passing the Debt Arrangement and

More information

Table of contents. Introduction to Small Business Cash Flow. Calculating your Company s Cash Flow. Timing your Cash Flow. Monitoring your Cash Flow

Table of contents. Introduction to Small Business Cash Flow. Calculating your Company s Cash Flow. Timing your Cash Flow. Monitoring your Cash Flow INTRODUCTION TO Table of contents Introduction to Small Business Cash Flow Calculating your Company s Cash Flow Timing your Cash Flow Monitoring your Cash Flow Meeting Cash Flow Challenges When and How

More information

PPI Claim Form. Easy steps to claim back your money. 1. Fill in all the required details and questionnaire.

PPI Claim Form. Easy steps to claim back your money. 1. Fill in all the required details and questionnaire. PPI Claim Form Easy steps to claim back your money. 1. Fill in all the required details and questionnaire. 2. Sign and date the Terms of Service and Letter of Authority where you see the Joint policies

More information