Archive for December, 2008
Wednesday, December 31st, 2008
The purchasing-accounts payable cycle involves extensive paperwork, including requisitions, purchase orders, receiving reports, and payment approvals. This process has been estimated to cost in excess of $100 per transaction. To avoid this cost (except for sophisticated and technical purchases), several banks and credit card issuers now ...
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Tuesday, December 30th, 2008
For employees not wishing to receive a check (because of problems of encashment or security), several banks offer payroll ATM cards. The employee need not have an account at the payroll bank; instead, an ATM card is issued along with a PIN number, allowing access through any ...
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Monday, December 29th, 2008
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Monday, December 29th, 2008
The payment of wages and salary has gradually migrated to direct deposit by ACH electronic transfers, although many payrolls support both direct deposit and checks. The usage of electronic transfers is probably one-half of all payroll transactions, but exceeds 80 percent in California and certain other ...
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Monday, December 29th, 2008
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Sunday, December 28th, 2008
Policies and procedures:
Work with local banks to prevent check fraud. Insist that checks presented for payment are supported by multiple identifications, including a driver's license, a credit card, and, if the check is for payroll, an employee photo ID.
Tags: Taken From : Essentials of Managing Corporate Cash
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Saturday, December 27th, 2008
While positive pay has significantly reduced the incidence of check fraud, disbursement systems have numerous other potential areas for criminal attack. Other actions to reduce fraud include the following (in sequence order):
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Friday, December 26th, 2008
Full recon is typically provided in a positive pay environment because the bank already has the issued file and needs no further input.
In the Real World: Manual Reconciliation and Fraud Detection
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Thursday, December 25th, 2008
Services that support controlled disbursing include reconciliation, stop payments, and safekeeping.
Reconciliation
Monthly reconciliation is necessary to determine that the bank's records and company ledgers are in agreement, and that neither party has made an error that goes uncorrected. In
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Wednesday, December 24th, 2008
The most common reasons legitimate checks are not included in the issued file are emergencies that occur after the regular check run or as disbursements from branch locations. In those situations, the data from those checks should be entered into the next daily positive pay file transmission. ...
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