This also creates an accounting through my bank allowing me to keep checks and balance from the time of the pay deposit to each purchase made through the exchange. Store of Value. In my opinion, when I go through the reading, I think of a retirement account, such as an IRA or 401k. These accounts make it possible to set aside funds in order to be used after an individual completes years of employment and contributions of these account. This starts the process over with these monies becoming a unit of account, then as a medium of exchange.
GCR’s responsibilities included the following: • Formulating high level credit policies with which all HSBC’s operating companies were required to comply while formulating their own detailed credit policies and procedures. • Establishing and maintaining HSBC’s large credit exposure policy. This policy imposed controls on all operating companies, over the maximum level of HSBC’s exposure to customers and customer groups and other risk concentrations. • Issuing lending guidelines to HSBC’s operating companies on the Group’s attitude towards and appetite for lending to, inter alia, specified market sectors, industries and products. • Undertaking an independent review and objective assessment of risk.
These personnel deal with all accounting affairs of the organization. STRUCTURE OF ACCOUNTS DEPARTMENT: Accounts department is very important department for any kinds of production-oriented company. It can easily say the financial solution of the company. Finance director is the person of this department. DIRECTOR (FINANCE) S.MANAGER (Tax) S.MANAGER (Accounts) MANAGER ASSISTANT MANAGER ASSISTANT MANAGER ASSISTANT MANAGER ASSISTANT MANAGER SENIOR EXECUTIVE SENIOR EXECUTIVE SENIOR EXECUTIVE SENIOR EXECUTIVE OFFICER OFFICER OFFICER OFFICER Structure of Accounts department: - * FUNCTIONS: Accounts department performs the following tasks: OVERALL FUNCTIONS: 1.
It mainly involves preparation of the financial statements and starts from journal ends with making of income statement and balance sheet. These statements are statutory compulsory to prepare for the organization. It serves as a base for the management accounting reports. These statements have to be periodically prepared as per the statutory prescription. Therefore, a financial accountant’s job is primarily to record the business transactions, prepare financial statements, which show the working results of the organization for a given period and its financial condition at a given point of time.
Each department head has to prepare a statement of the budget, sign it, commit to it, and send it to the general manager. “The purchase order in the CP3 system is the source document for all of the company’s expenses recorded in its accounting system, in other words it is the document that the hotel controller uses to charge expenses on the hotel’s books” (DeFranco and Lattin 2007). In other words as long as it falls within the monthly budget it can be approved right away without waiting for an invoice. The payroll part of the system is set up to help see not only who shows up for work and who does not but also if any overtime has to be paid out which might put the monthly budget over what it is set at. That of course would not be good for the hotel because they would be losing money instead of making it.
The financial side of accounting is used to represent the company’s current standing based on the past profits, net income, bad debts, and current ratio of assets to liabilities. The financial accounting represents a specific period of time, called the fiscal year, for the public to analyze the operating performance of the company. Financial accounting uses more concrete methods of operating by using the Generally Accepted Accounting Principles (GAAP). This set of principles is an international standard that all financial
Andrea Tracey National Diploma Health and Social Care Level 3 Bii-On your pay slip, it should always include: Company name Date Employee name and number Tax code Hourly rate of pay Hours worked National Insurance number Total cost of Tax and National Insurance paid Biii – If you need to change and personal information, for example any bank details, you would need to inform your employer to ensure your wages get paid into the correct account. If you were to change your name or address, this would also be required to let your employer know so that they have the most up to date and correct information about you. Biv – If you have a grievance,that is relating to any aspects of your employment,and hasn't been solved in any informal discussions, it should be put into writing. In writing, the employee should explain in full the nature of the grievance, and the extent. It is expected that the manager should attempt to resolve the matter and inform the employee, if the grievance is aimed towards the manager than the employee should write to the appropriate manager or director above.
MCB BANK LTD KNOW YOUR CUSTOMER (KYC) & ANTI-MONEY LAUNDERING (AML) PROCEDURES HANDBOOK FOR MANAGEMENT AND STAFF Revised January 01, 2008 MCB BANK LTD KNOW YOUR CUSTOMER (KYC) & ANTI-MONEY LAUNDERING (AML) PROCEDURE HANDBOOK POLICY GUIDELINES FOR KNOW YOUR CUSTOMER (KYC) AND ANTI MONEY LAUNDERING (AML) PROCEDURES Foreword A Hand book containing detailed guidelines on KYC Policy and AML Policies was required in order to help management and staff to fully understand their obligations. This would in particular help our front-end staff and managers having direct inter-action with the customers. KYC & AML Laws are in the evolutionary process, new regulations and subsequent amendments will require a regular update of our procedures and skills to remain in line with best practices followed internationally. Money Laundering is the process by which proceeds derived from a criminal activity are disguised in an effort to conceal their illicit origins and to legitimize their future use. Money Laundering is a global problem.
Internal controls are not only used for risk management but are also used to control accounting, such as budgets as well as qualitative and quantitative controls. The controls include all processes used by managers to guarantee the organizational goals are accomplished and procedures are followed. Internal controls are established to help identify risks the company may face and also reduce the possibility or impact of risk. Portfolio Approach The portfolio approach is used by a company to share or manage risk, sometimes the risks are transferred to third parties. The portfolio approach focuses on risk characteristics for each obligation, an asset or liability manager will evaluate and combine the risks by type to achieve a balance between