Order for central processing of payments in the company. Rules for coordinating payments that save you from budget overruns
Treasury mistakes can cost a company dearly. Even the slightest delay in payment will make creditors doubt her financial stability. To avoid all kinds of risks, it is necessary to regulate the work of the treasury. The necessary minimum is the regulation on the treasury and the regulations for making payments.
Regulations on the Treasury
Before starting to work out in detail the sequence of payments, reporting forms and registers, it is necessary to create a regulation on the work of the treasury. This document is intended to consolidate the goals and objectives of this unit, the functions performed by it, as well as the principles of interaction with other structural units of the company. Despite the seeming formality of the provision on the work of the treasury, it will solve many problems and save the company from internal conflicts (see the sample Regulation on the treasury of the company below).
EXPERIENCE PRACTICE
Irina Kharisova, Vice President and CFO of ABS Holdings:
“Creating a regulation on the treasury for our subsidiary JSC All-Russian Research, Design and Technological Institute of Relay Building with Pilot Production, we were guided by a simple rule: the activities of any unit must be regulated so that it is possible to clearly delineate powers and responsibilities, and tago holding. Despite the traditional active research work of VNIIR in the field, it is still possible to streamline all processes related to money management. This provision is standard for all enterprises of our construction, the company is also quite successful in its production activities. Last year, their revenue amounted to more than $120 million.
There were no serious problems in the work before the introduction of the Regulations on the Treasury, largely due to the fact that this document appeared simultaneously with the creation of the Treasury Service. Otherwise, precedents would not be long in coming, conflicts between departments would become the norm. For example, the Treasury has the right to demand sanctions or offer to reward sales managers. The fact is that one of the motivation criteria for them is the timely receipt of funds from customers so that receivables do not turn into chronic ones, thereby “eating up” all the profit included in the price. So, if after shipment the buyer delays payments, the treasury provides the necessary data to reduce the seller's bonus. The ground for conflict and further clarification of relations on the topic of who has what rights and what, would be provided. The Regulation on the Treasury immediately removes these and many other issues.
Payment Regulations
Another equally important document that should be developed for the Treasury is the regulation on the execution of payments. Ensuring control over all payments is one of the main tasks of any financial director (see below for a sample Regulation on the interaction of departments when making non-cash payments in a company).
EXPERIENCE PRACTICE
Andrey Demidov, Head of Corporate Finance Department, Euroset:
“We have a matrix structure of subordination. All branches are functionally subordinate to the head office. The corporate finance department of the head office, which in principle can be called the treasury department - there will be no mistake in this - includes the following divisions: a group for working with financial institutions (obtaining loans and acquiring), a group for servicing credit organizations (organization and control of collection, opening / account closing), treasury group (distribution of all payments between branches and banks), property insurance group, bank-client group (sending payments, posting statements) and cash desk.
Everything is easier in branches. The financial director of the branch has a financial manager and tellers who send all payments and distribute statements. All payments are subject to mandatory approval at the head office. The payment scheme, in my opinion, is quite simple and understandable. We have a cash flow budget from which all upcoming payments are clear. In addition to it, a weekly cash flow forecast is compiled in the context of the Central Federal District. Each unit is allocated a certain amount per week in accordance with the budget. All branches collect data on revenue, account balances in the morning and send it to the head office before 13.00 (the report is called Daily Cash Flow). We see them upcoming expenses and we know how much money they will transfer to the head office (they send all free funds to the software).
As for authorization of payments, all this happens in the SAP module online. That is, the branches submit applications, ask them to pay, we agree, after which we set the status “for payment”. Then it remains to choose from which current account we can pay (roughly speaking, choose where the money is), and upload the finished payment to the "bank-client" system. We started implementing SAP in 2005, and completed the creation of an electronic payment approval system in all branches at the end of 2007.
Treasury Regulation Sample
DOCUMENT WITH COMMENTS BY IRINA KHARISOVA, VICE PRESIDENT AND CFO OF ABS HOLDINGS
APPROVE
General Director of JSC VNIIR
________________ G.S. Nudelman
"____" ________________2009
REGULATIONS ON THE TREASURY
I. General provisions
The Treasury is a structural subdivision and reports to the financial director of the institute.
In its activities, the Treasury is guided by the Policy of JSC VNIIR in the field of quality at the current moment and in the future, these Regulations, and the requirements of state regulatory documents.
The company is certified for compliance with quality requirements according to ISO standards. A reservation about the compliance of the work of the treasury with quality standards was made, among other things, in order to comply with the certification rules. Moreover, one of our very large clients demanded to demonstrate the Regulations of the Treasury in order to be sure of the quality of payment execution.
II. Tasks
Organization of the financial activities of the institute, aimed at ensuring financial resources tasks of the plan, safety and efficient use of fixed assets and working capital, labor and financial resources of the institute, timeliness of payments for obligations to the state budget, suppliers and banking institutions.
Of course, the Treasury is primarily responsible for the safety and efficiency of the use of working capital, namely money and accounts receivable. The task of ensuring the safety and efficiency of the use of fixed assets, as well as labor resources, no matter how strange it may look, if you think about it, is also understandable. For example, there will be a delay in payment due to the fault of the Treasury wages, and there will be no question of any safety of labor resources, or rather personnel.
III. Structure
The structure and staff of the department is approved CEO as advised by the financial director.
The distribution of duties between the employees of the department is carried out by the head of the treasury in accordance with job descriptions and this Regulation.
IV. Functions
1. In the field of financial and credit planning
1.1. Drawing up in due time draft financial plans of the institute with all necessary calculations, taking into account the maximum mobilization of on-farm reserves, the most rational use of fixed and working capital.
1.2. Participation in the drafting and submission within the established deadlines loan applications to banking institutions.
The Treasury participates in the preparation and submission of loan applications to banking institutions on time, but does not negotiate loans. The entire negotiation process with credit institutions is entrusted to the head office of ABS Holdings. Therefore, the task of the Treasury is to prepare all required package documentation, agree on it in time and transfer it to the bank.
1.3. Participation in determining the need for own working capital by elements and calculation of working capital standards.
1.4. Drawing up a plan for financing centralized capital investments and funding plan overhaul fixed assets.
1.5. Making settlements for filing claims with suppliers and contractors and for transferring export premiums.
1.6. Bringing the indicators of the approved financial plan and the tasks arising from it, limits, norms and standards of working capital to the departments, services, workshops of the institute and systematic monitoring of their observance and implementation.
1.7. Drawing up operational financial plans for the coming month and for intra-month periods.
1.8. Ensuring the implementation of financial, credit and cash plans.
2. In the field of financial and operational work
2.1. Ensuring in due time: payments to the state budget; interest payments on short-term and long-term loans; the issuance of wages to employees of the institute and the implementation of other cash transactions; payment of invoices of suppliers and contractors for shipped material values services rendered and works performed in accordance with the concluded contracts.
2.2. Providing financing for the costs provided for by the plan.
2.3. Registration of requested loans in accordance with the current lending rules and ensuring the return of loans received in a timely manner.
2.4. Presentation to bank institutions of duly executed payment requests, other settlement documents for shipped products, services rendered and work performed; ensuring timely receipt of documents for the shipment of products, issuing invoices and taking measures to timely receive funds due from buyers.
The situation with receivables, in addition to sales managers, is controlled by the treasury. Therefore, such functions are provided for this unit. And it is the Treasury that can stop shipments to customers if they do not pay their debts. A similar situation happened not so long ago. The Treasurer contacted the Vice President directly and expressed disagreement with the applicable shipping policy, which was inconsistent crisis conditions. The management of the enterprise was in no hurry to make a decision to change it. Further, the parent company ABS Holdings solved the problem.
2.5. Maintaining daily operational records of the implementation of financial plan indicators.
2.6. Drawing up and submission to the management of the institute of information and certificates on the progress of the implementation of the main indicators of the financial plan and on the financial condition.
2.7. Compilation and timely presentation of the parent organization, financial authorities and institutions of banks established operational financial reporting.
2.8. Implementation of measures that contribute to the acceleration of the turnover of funds in settlements.
ABS Holdings enterprises are located in different regions, which may slightly increase the time from the moment of payment to the transfer of money to the settlement account of the counterparty. To prevent this from happening, the Treasury can transfer money in advance to the accounts of the Moscow branch of the bank, which serves this or that enterprise, in order to speed up settlements, for example, with Moscow suppliers.
2.9. Together with departments and services of the institute: consideration of claims and sanctions brought by buyers and customers, and development of proposals for eliminating the shortcomings that cause these claims; Claims (together with the Legal Department) and enforcement of sanctions against buyers, suppliers and customers; taking measures (together with the legal department and the main accounting department) for the timely and complete collection of receivables from buyers and other debtors.
2.10. Implementation of the most appropriate forms of settlements with buyers and suppliers that contribute to the timeliness of payments, and ensuring compliance with the rules for conducting these settlements.
2.11. Receipt, storage, operational accounting and issuance of cash, valuable papers and forms strict accountability in accordance with the Regulations on the conduct of cash transactions.
2.12. Compliance with the limit of cash balance in the cash desks of the institute established by the relevant bank and ensuring the complete safety of banknotes.
3. In the field of control and analytical work
3.1. Implementation of control: over the implementation of indicators of financial, cash and credit plans; for the state of shipment and sale of products; for the use of intended purpose own and borrowed working capital in general for the enterprise; for receiving cash in banking institutions for the payment of wages and other expenses strictly within the amounts due, determined on the basis of established rules and cash plans approved by the enterprise, and for observing cash discipline. On all issues related to the implementation of these functions, the financial department makes its proposals to the management of the institute.
3.2. Implementation of a systematic analysis of accounting, statistical and operational reporting on issues related to the implementation of financial, cash and credit plans, compliance with financial and payment discipline; forecasting the results of economic and financial activities; improving the use of fixed assets and working capital; identification and mobilization of intra-industrial reserves and additional sources financing.
3.3. Participation in the organization of work on the analysis of the production and economic activities of the institute and the determination of the impact of this activity on financial performance.
3.4. Participation in the conclusion of business contracts and acceptance of financial conditions.
3.5. Participation in the work to improve the organization and planning of working capital and in the implementation of measures aimed at accelerating the turnover of working capital of the Institute.
V. Relationship of the Treasury with other departments and subsidiaries
1. With the leadership of the institute
Receives: plans to adjust the strategy of the institute, agreed and approved budgets. Provides: operational data of management accounting, draft regulations and budgets, results financial analysis and forecasting.
2. With departments
The procedure for receiving invoices and processing applications for payment is detailed in the regulations for making payments.
VI. Rights
1. Require the departments of the institute to submit materials (data from the analysis of economic activity of accounting, statistical and operational accounting, etc.) necessary for the implementation of work that is within the competence of the treasury.
2. To control the financial activities of the departments of the institute and give recommendations to their leaders on the organization and conduct of financial work.
3. Based on the results of economic activity, make proposals to the management of the institute on the application of sanctions and incentives in relation to individual employees and departments of the institute.
The Treasury does not take sole decisions on bonuses or bonus deductions for sales managers who have allowed the occurrence of overdue receivables. Nevertheless, it is this division that can impose its veto on the allocation of bonuses to "negligent salesmen." There are also reverse situations, when the Treasury initiates the payment of additional bonuses to those sales department specialists whose customers pay regularly and on time.
4. By authorization of the Institute's management, manage financial resources and sign (with the first signature) monetary, payment, settlement, credit and other financial documents, subject to current legislation, rules of contracts, instructions, as well as approved plans, estimates and agreed registers for payment.
5. Represent the company in financial, credit and other organizations on financial matters.
6. Approval of all documents related to the financial activities of the institute (plans, estimates, reports, contracts, orders, orders, etc.).
Any significant contract or other document with which the future cash flows of the company will be associated, must be approved by the Treasury Department. Without this, there will be no full control over the spending of funds.
7. Instructions of the financial department, within the limits of the functions provided for by this Regulation, are mandatory for management and execution by the departments of the institute.
VII. A responsibility
1. Full responsibility for the quality and timeliness of the fulfillment of the tasks and functions assigned by this Regulation to the Treasury Department, as well as for the implementation of the Quality Policy of JSC VNIIR, shall be borne by the Head of the Treasury.
2. Responsibility for ensuring the implementation of the documented requirements of the quality management system of JSC VNIIR, the Quality Manual lies with the head of the treasury.
3. The degree of responsibility of other employees is established by job descriptions.
An example of a payment schedule
DOCUMENT WITH COMMENTS BY ANDREI DEMIDOV, HEAD OF THE CORPORATE FINANCE DEPARTMENT, EUROSET COMPANY»
COMPANY EUROSET
Executor: Edition: dated 28.02.08
Total pages: 10 Approved: Order No. O-0261 dated February 28, 2008
Status: current
1. Terms and definitions and abbreviations
1.1. The supplier of the goods is a supplier of phones, accessories and portable equipment.
1.2. Application - an application for a non-cash payment or an application for receiving funds for a business trip.
1.3. GO - Head office.
1.4. SGB is the service of the chief accountant.
2. Appointment
2.1. This Regulation defines the terms, procedures and responsibilities of the Company's employees when making non-cash payments.
3. Application
3.1. The regulation is obligatory for application by all employees of the Company.
4. Making and submitting an application for a cashless payment
To make a non-cash payment, the initiator of the payment in the SC/in the Branch:
4.1. Fills out an application for a non-cash payment (hereinafter the application) (Appendix 1).
4.2. Encloses to the application copies of primary documents confirming the need for payment:
- prepayment - invoice;
- payment upon completion of work, services - act of work performed, services / invoice;
- for the first payment under a new contract, a copy of the contract is additionally required, and for the first payment for construction and repair work - an estimate.
4.3. Submitting an application from primary documents budget controller at the Head Office / responsible person at the Branch in accordance with the Order on approval of the list of responsible persons of the Company.
4.4. The deadlines for the transfer and completion of all applications for non-cash payment, except for applications for payments to suppliers of goods, are indicated in (Appendix 2).
Speaking in the most general terms, on average, a maximum of two days is allotted for the passage of a payment. With regard to suppliers, we try to act more quickly so as not to spoil partnerships. Payment is due on the same day the application is submitted. It should be noted that about 500 applications are paid per day at the head office.
4.5. The deadlines for filing and processing applications for non-cash payment for payment to suppliers of goods are specified in Appendix 3.
5. Stages of approval of an application for a cashless payment
5.1. After receiving the application from the initiator, the budget controller in the SC/responsible person in the Branch:
5.1.1. Checks the correctness of the application.
Quite often there are errors in the details of counterparties - somewhere around 1-3 percent of all submitted applications for payment. Also, at the initial stage, applications that are incorrectly entered under budget items are screened out.
5.1.2. Checks the availability of primary documents for the application.
5.1.3. Checks the correspondence of the details of the counterparty in the primary documents and in the accounting system.
5.1.4. Checks the possibility of paying for the submitted application from the budget.
5.1.5. Returns the application and primary documentation to the initiator of the payment and informs him of the reasons if:
- the application is incorrect;
- not all primary documentation is attached to the application;
– if the details of the counterparty in primary documentation do not correspond to the details of the counterparty specified in the accounting system;
- There are no funds in the budget to pay for the submitted application.
Payment is blocked until next month, but there are exceptions, depending on the importance of the payment. And if the payment is critical, then there are several options for action: the first is to take money from the budget of the next period, and the second is to transfer funds from another budget item in agreement with the vice presidents of the relevant departments.
5.1.6. Approves the received application.
5.1.7. Reflects in the budget the data specified in the application.
5.1.8. Submits the application with primary documents to the employee of the Treasury of the Civil Defense Group / budget controller of the Branch.
5.1.9. For Russian suppliers of goods - organizes the storage of applications with attached copies of primary documents.
5.2. Upon receipt of an application from the budget controller in the GO/responsible person in the Branch, an employee of the Group Treasury of the GO/budget controller of the Branch:
5.2.1. Checks the correctness of entering the data of the application into the budget.
5.2.2. If errors are found, informs the budget controller in the Civil Defense/responsible person in the Branch about this.
5.2.3. In case of a lack of funds in the budget, blocks the payment and informs the initiator of the payment and the budget controller in the SC/responsible person in the Branch about the reason for blocking.
5.2.4. Submits applications, except for applications for payments, to suppliers of goods, according to the register for signature by the chief accountant legal entity in the GO / in the Branch.
5.2.5. Picks up an approved or blocked application with primary documents from the chief accountant of a legal entity in the civil defense / branch of the registry. The fact of blocking the application is indicated in the register.
5.2.6. In case of rejection of the application by the chief accountant of the legal entity in the SC/in the Branch, informs the initiator and the budget controller in the SC/responsible person in the Branch about the reason for the rejection.
Cases of rejection of the application by the chief accountant in recent times very rare, and yet they do exist. As a rule, this happens due to the fact that the required primary documentation, such as the original contract, is not attached to the application.
5.2.7. Organizes the storage of blocked applications until payment can be made, but no longer than 1 business day. After specified period returns the blocked application to the budget controller in the SC/responsible person in the Branch.
5.2.8. Submits applications, including for foreign suppliers of goods for which it is possible to make payment, with primary documents to the head of the Group Treasury of the Civil Defense / Financial Director of the Branch.
5.3. Head of the Group Treasury Department/Financial Director of the Branch:
5.3.1. Checks the application for compliance with the requirements of the Regulations on the contract policy of the Company.
5.3.2. Informs the budget controller in the SC/responsible person in the Branch and returns the application with the primary documentation to the initiator if the application does not comply with the requirements of the Regulations on the contract policy of the Company.
5.3.3. Ranks orders received during the day by payment priority.
The priority of payment depends on the importance and urgency. There is no rigidly formalized procedure for determining priority.
5.3.4. Specifies the requests that are due for payment on the next business day. The rest of the applications are paid on the next business day if funds are available.
5.3.5. Submits applications subject to payment, with primary documentation, to an employee of the Group Treasury of the Civil Defense/Financial Department of the Branch.
5.4. After receiving requests for payment, an employee of the Group’s Treasury Civil Defense/Financial Department of the Branch:
5.4.1. For each application determines the bank of payment.
The bank from which the payment will be made is determined quite simply. In the morning, the head office already has information about the balances on all accounts. Accordingly, the payment is withdrawn from the current account, which has enough funds.
5.4.2. Submits applications with primary documentation to the Group Bank of the GO/Branch.
6. Payment of the application for a non-cash payment
Employee of the Bank Group of the GO/Branch:
6.1.1. Processes payments for payment on applications received from the Group Treasury of the GO/Financial Department of the Branch.
6.1.2. Organizes the storage of paid applications and primary documentation for them in accordance with the Procedure of the Archive.
7. Peculiarities of making non-cash payments in the SC and in the Branches operating in the SAP R/3 system
7.1. Budget controller in the Civil Defense/responsible person in the Branch in addition to clause 2.1. enters the application received from the initiator into the SAP R / 3 system according to the Instruction "Application for payment".
7.2. All stages of the application approval are recorded in the SAP R/3 system according to the Instruction "Working with the ZZLSPR report".
7.3. The final stage of the passage of paper applications are:
7.3.1. All applications, except for applications for payments to suppliers of goods - approval of the application by the chief accountant of the legal entity. The chief accountant of a legal entity organizes the storage of applications and primary documentation for them in accordance with the Procedure of the Archive.
7.3.2. Applications for payments to Russian suppliers of goods - approval of the application by the budget controller of the civil defense / Responsible person Branch. The budget controller in the Civil Defense / Responsible person in the Branch organizes the storage of applications for Russian suppliers of goods with copies of primary documentation for them in accordance with the Procedure for the Archive.
7.3.3. Applications for payments to foreign suppliers of goods - go through all stages of approval: from the budget controller in the civil defense / responsible person in the Branch to the Bank Group of the civil defense / Branch, except for clauses 5.2.4., 5.2.5. All branches collect data on revenue, account balances in the morning and send it to the head office before 13.00 (the report is called Daily Cash Flow).
This regulation was developed in 1998 and may be subject to inaccuracies due to changes in legislation.
1. Purpose
The introduction of the Procedure for payment of invoices is intended to ensure control over the execution of the budget (purchase and transit plans), the movement of advances paid for goods and services.
2. Documents used
The following types of documents are used in this Procedure:
- administrative budget,
- Procurement plan,
- transit plan,
- Financial plan,
- cash plan,
- Application for additional security,
- Invoice (invoice) for payment,
- Act for the provision of services (invoice, bill of lading for goods),
- Report on budget execution (purchase plans, transit plans),
- Advance report.
3. Participants of the document flow
The following participants participate in this Procedure:
- Vice Presidents (VP),
- department heads,
- Vice President for Corporate Finance (VPKF),
- Financial Manager,
- Economist,
- Bank accountant,
- Lead Accountant.
4. Procedures
The invoice payment procedure goes through the following stages (see Diagram 1):
- Checking the compliance of the Invoice for payment with planning documents (Budget, Procurement Plan, Transit Fee, Financial Plan),
- Checking pending advances,
- Checking payment for availability in the Cash Plan,
- Payment execution,
- Special cases.
4.1. Checking the compliance of the account with the plans
- The invoice for payment comes to the Economist of the Corporate Finance Department (EG) from the relevant Departments (Vice-Presidents, heads of departments), The invoices contain an indication of the Budget item, Procurement Plan, Transit Plan, Financial Plan,
- daily the Economist receives a Report on the execution of the Budget, Procurement Plan, Transit Plan, Financial Plan,
- The Economist checks: the possibility of overspending on this Budget (Plan) item after payment of this Invoice,
- in the event of a Budget (Plan) overrun, the Economist requires the relevant Vice-President to apply for additional collateral,
- if there is no overspending according to the Budget (Plan), there is a check of unclosed advances,
4.2. Checking pending advances
- daily the Economist receives a report on the status of advance payments under the Budget, Procurement Plan, Transit Plan, Financial Plan,
- The economist checks: the status of unclosed advances for this article of the Budget (Plan),
- in the event that there are outstanding advances under this Budget (Plan) item in excess of the permitted limits, the Economist requires the relevant Vice President to provide Acts for the provision of services to close advances,
- if there are no outstanding advances under this Budget (Plan) item, the existence of a payment on this account in the Cash Plan is checked,
4.3. Checking payment for availability in the cash plan
- daily the Vice-President for Corporate Finance receives the Statement of the Cash Plan on the budget items, Procurement Plan, Transit Plan, Financial Plan,
- The Vice President for Corporate Finance checks: the existence of a payment on this Account in the Cash Plan,
- in the absence of a payment in the Cash Plan, the Vice President for Corporate Finance requires the Financial Manager to correct the Cash Plan taking into account the payment on this Account,
- if there is a payment in the Cash Plan, the Vice President for Corporate Finance submits the Invoice for payment to the Financial Manager with the resolution “Payable”.
4.4. Payment execution
- The financial manager, who has received the Invoice for payment, puts it under control and sends it to the Accounting Department for making the payment,
- The accounting department pays
- after confirming the debiting of funds from the bank account in favor of the recipient through the "Bank - Client" system, the Accountant makes scheduled entries indicating the Budget items (Categories of Costs), to control the receipt of Acts, the Accountant keeps Accounts for payment until the receipt of Acts separately,
- after receiving documentary confirmation of the debiting of funds from the bank account in favor of the recipient, the Accountant changes the planned entries to real ones,
- until execution by the Accounting Department, the payment is controlled by the Financial Manager,
- in case of execution of the payment, the execution of the Cash Plan, the status of advance payments, the execution of the Budget (Purchase, transit, Financial plan) are corrected.
4.5. Special cases
- In case of failure to provide Required documents(Advance Receipt Certificates) The Vice President interested in the payment applies to the Vice President, Corporate Finance, for permission to make the payment in excess of the outstanding advance limits. The Vice President for Corporate Finance submits the Invoice for payment to the Financial Manager with the resolution “Payable. Repayment of the advance before ______ (date of submission of documents)”. This permission is one-time, only for this payment.
- In the absence of the Vice President for Corporate Finance, the President may authorize payment in excess of the outstanding advance limit.
5. Limits of outstanding advances
To determine the size of the limits of unclosed advances, the table of advance payment limits is entered.
The structure of the table of limits corresponds to the structure of the Budget, Procurement Plan, Transit Plan.
The limits depend on the amounts in the Plans (Budget). It is assumed that, on average, the closing of the advance occurs within a week. The amount of the limit is determined as one-fourth of the value of the corresponding item of the Budget (Plan).
CENTRAL BANK OF THE RUSSIAN FEDERATION
POSITION
ABOUT THE PROCEDURE FOR CALCULATION OF THE FEE
AND ABOUT PAYMENT FOR THE SERVICES OF THE BANK OF RUSSIA
WHEN MAKING PAYMENTS AND SETTLEMENTS
IN THE SYSTEM OF GROSS SETTLEMENTS IN THE MODE
REAL TIME BANK OF RUSSIA
This Regulation has been developed on the basis of the Federal Law "On central bank Russian Federation(Bank of Russia)" (Sobraniye zakonodatelstva Rossiyskoy Federatsii, 2002, N 28, art. 2790; 2003, N 2, art. 157; N 52, art. 5032; 2004, N 27, art. 2711; N 31, art. 3233; 2005, N 25, item 2426; N 30, item 3101; 2006, N 19, item 2061; N 25, item 2648; 2007, N 1, item 9, item 10, N 10, 1151, N 18, art. 2117), in accordance with the Regulation of the Bank of Russia dated April 25, 2007 N 303-P "On the real-time gross settlement system of the Bank of Russia", registered by the Ministry of Justice of the Russian Federation on May 17, 2007 N 9490 ("Bulletin of the Bank of Russia" dated May 25, 2007 No. 31) (hereinafter referred to as Regulations of the Bank of Russia No. 303-P), and in accordance with the decision of the Board of Directors of the Bank of Russia (minutes of the meeting of the Board of Directors of the Bank of Russia dated June 18, 2007 No. 13 ) establishes the procedure for calculating the fee and the procedure for paying by Bank of Russia clients who are participants in the Bank of Russia real-time gross settlement system, referred to as the system of banking electronic prompt payments (hereinafter referred to as the BESP system), for services of Ba NC of Russia when making payments and making settlements in the BESP system.
Chapter 1. General Provisions
1.1. In this Regulation, the terms are used in the meaning established in Bank of Russia Regulation N 303-P and Bank of Russia Ordinance N 1822-U dated April 25, 2007 "On the procedure for making payments and making settlements in the real-time gross settlement system of the Bank of Russia", registered by the Ministry of Justice of the Russian Federation on May 17, 2007 N 9493 ("Bulletin of the Bank of Russia" dated May 25, 2007 N 31).
1.2. The services of the Bank of Russia in the BESP system include: services for making payments made by Bank of Russia customers who are participants in the BESP system (hereinafter referred to as the BESP system participant) on a gross basis in real time (hereinafter referred to as the settlement service); information services of the Bank of Russia in the BESP system provided to participants in the BESP system (hereinafter referred to as the information service); services for the preparation and issuance of a paper copy of the EPS conducted through the BESP system to a participant in the BESP system.
1.3. Settlement service includes: receipt of EPS and its processing; reflecting the amount of the payment made through the BESP system on the bank (correspondent) accounts (sub-accounts) of the participants; compilation and transfer of the EPS and the corresponding ESIS on debiting and crediting the amounts of payments to the paying participant and the receiving participant.
1.4. Information services include the provision to participants of the BESP system upon their request:
Information - to the DSP (head office of the credit institution) - on liquidity for settlements in the BESP system of its branches that are DSPs, and on the balances of funds on correspondent sub-accounts of its branches that are DSPs;
Information from the archive of electronic messages on the corresponding dates of completed business days of the BESP system;
Duplicate ESIS sent by the Bank of Russia to the DSP in accordance with the established regulations.
1.5. The Bank of Russia has the right to set a fee for the services of the Bank of Russia in the BESP system, with the exception of transactions, the free conduct of which is established by the legislation of the Russian Federation.
1.6. The Bank of Russia has the right to reduce the fee for the settlement service within a month in accordance with the amount of discounts applied (hereinafter referred to as the "discount") depending on the number of EPS conducted by the BESP system participant through the BESP system.
1.7. Tariffs for settlement and information services, services for preparing and issuing to a BESP system participant a paper copy of the EPS conducted through the BESP system, as well as the amount of the discount, are set by the Bank of Russia and published in the Bulletin of the Bank of Russia.
1.8. Payment for settlement services is charged from the participant of the BESP system, whose bank (correspondent) account (sub-account) is used for debiting funds on the basis of EPS.
Payment for information services is charged from the BESP system participant who sent a request for information.
The fee for the production of a paper copy of the EPS is charged from the BESP system participant, at whose request a paper copy of the EPS was made through the BESP system.
Chapter 2. Procedure for calculating the fee for services
of the Bank of Russia in the BESP system, compiling and submitting
statements of services rendered
2.1. The calculation of the fee for the services of the Bank of Russia in the BESP system is carried out for each participant in the BESP system in accordance with the established tariffs and the amount of the discount, based on the number of payments made through the BESP system, the number of executed requests for information services, as well as printed hard copies of the participants' EPS made through BESP system.
2.2. Based on the calculation of the fee for the services of the Bank of Russia for each participant in the BESP system, the servicing institution of the Bank of Russia forms the List of services provided by the Bank of Russia in the BESP system in accordance with the Appendix to this Regulation (hereinafter referred to as the sheet).
2.3. The statement shall indicate the number and amount of transactions carried out per day (month) to write off funds from bank (correspondent) accounts (sub-accounts) of BESP system participants opened in servicing institutions of the Bank of Russia, in the context of second-order balance accounts, paid and free transactions, as well as the number provided by the Bank of Russia information services, the number of printed hard copies of the EPS conducted through the BESP system, and the amount of the fee for the services rendered by the Bank of Russia in the BESP system.
2.4. The statement for the day is intended to inform the participant of the BESP system about the amount of the accrued fee for the services of the Bank of Russia in the BESP system for that day.
2.5. The statement for the day is submitted to the participant of the BESP system by the institution of the Bank of Russia serving him in electronic form after the completion of the final session of the BESP system and the daily reconciliation between the payment system of the Bank of Russia at the level of the territorial institution and the BESP system.
The term for submitting a daily statement to a BESP system participant is determined by the bank (correspondent) account (sub-account) agreement.
The statement for the day is not presented to the participant of the BESP system if the services of the Bank of Russia were provided to him on a free basis.
2.6. A participant in the BESP system, upon receipt of the statement for the day, has the right to verify it with the data of his account and, if there are disagreements, apply to the servicing institution of the Bank of Russia with a written application drawn up in any form, indicating the reasons for the disagreements for their settlement.
The deadline for filing the said application for disagreements on the statement for the day, as well as the deadline and procedure for their settlement are established by the bank (correspondent) account (sub-account) agreement.
The statement for the day is stored in the archive of the servicing institution of the Bank of Russia.
2.7. The statement for the month is a confirmation of the obligation of the participant of the BESP system to pay for the services of the Bank of Russia in the BESP system.
2.8. The statement for the month is submitted to the participant of the BESP system by the servicing institution of the Bank of Russia on the last business day of the reporting month after the final session of the BESP system and the daily reconciliation between the payment system of the Bank of Russia at the level of the territorial branch and the BESP system.
The method of presenting a monthly statement to a BESP system participant is determined by the bank (correspondent) account (sub-account) agreement.
2.9. A participant in the BESP system, upon receipt of a statement for the month, has the right to verify it with the data of his account and, if there are disagreements, apply no later than the deadline established for paying for the services of the Bank of Russia in the BESP system in accordance with clause 3.1 of this Regulation, to the servicing institution of the Bank of Russia with a written application, drawn up in any form, indicating the reasons for the disagreements for their settlement.
The statement for the month is stored in the archive of the servicing institution of the Bank of Russia.
2.10. The statement for the month is not presented to the participant of the BESP system if the services of the Bank of Russia were provided to him free of charge.
2.11. Settlement of disagreements on the statement for the month is carried out in the following order.
To resolve disagreements, a Conciliation Commission is created from authorized representatives of the servicing institution of the Bank of Russia and a participant in the BESP system. The representative of the BESP system participant is indicated in the application of the BESP system participant, the representative of the servicing institution of the Bank of Russia is appointed by the head of the servicing institution of the Bank of Russia on the day of receipt of the application from the BESP system participant.
Dispute settlement must be completed no later than the 10th business day of the month following the month in which services were provided in the BESP system.
The conclusions of the Conciliation Commission are formalized in an act drawn up in any form, which is signed by authorized representatives of the BESP system participant and the servicing institution of the Bank of Russia.
If the Conciliation Commission confirms the disagreements declared by the BESP system participant, the servicing institution of the Bank of Russia, no later than the business day following the day the act is issued, adjusts the statement for the month.
If it is impossible to resolve disagreements, they are subject to resolution in the manner prescribed by the legislation of the Russian Federation.
2.12. The statement for the month, adjusted according to the results of the settlement of disagreements, is transferred to the representative of the BESP system participant no later than the business day following the day the statement was adjusted.
2.13. If a participant in the BESP system is excluded from the membership of the BESP system, the servicing institution of the Bank of Russia sends him a statement containing data on the payment for the actual period of provision of services by the Bank of Russia in the BESP system during the reporting month.
Submission of the statement to the participant excluded from the membership of the BESP system is carried out no later than the working day following the day of exclusion.
Chapter 3. Procedure for payment for the services of the Bank of Russia in the BESP system
3.1. A participant in the BESP system pays for the services of the Bank of Russia in the BESP system in accordance with the monthly statement in accordance with the procedure established by Chapter 4 of the Regulation of the Bank of Russia dated October 7, 2002 N 198-P "On the Procedure for Calculating and Collecting Payments for Settlement Services of the Bank of Russia", registered by the Ministry of of Justice of the Russian Federation on December 23, 2002 N 4069; 51).
3.2. If a participant is excluded from the membership of the BESP system and there are no disagreements on the statement, the specified participant is obliged to pay for the services of the Bank of Russia in the BESP system for the actual period of making payments through the BESP system within a month by a payment order no later than the 5th business day after the day of receipt statements.
Chapter. 4. Final provisions
4.1. This Regulation is subject to official publication in the Bulletin of the Bank of Russia and comes into force on July 1, 2007.
Chairman
Central Bank
Russian Federation
S.M. IGNATIEV
Application
to the Regulations of the Bank of Russia
"On the procedure for calculating the fee
and how to pay for services
Bank of Russia during
payments and implementation
settlements in the system of gross
real-time calculations
time of the Bank of Russia"
Document form code according to OKUD 0401360 per day/month _______________________________________ (name of the servicing institution of the Bank of Russia) BIC ______________________ List of services provided by the Bank of Russia in the BESP system for "__" __________ ____<1>/ for __________ ____<2>N ___ dated "__" __________ ____ _______________________________________________________________ (name of BESP system participant) BIC __________________<3>, check _______________<4>quantity - in units amount - in rubles with two decimal places N │ Indicator name │ Paid │ Free │ Total ├──────┬────┼───────┬─────┼───────┬─────┼───────┼───────┼ ──────┤ │ │ │if- │sum-│if- │sum-│if- │sum-│sum │sum│sum │ │ │ │quality│ma │quality│ma │quality│ma │ │ │ │ ┼────┼──────┼────┼───────┼─────┼─────────┤ │ 1 │ 2 │ 3 │ 4 │ 5 │ 6 │ 7 │ 8 │ 9 │ 10 │ 11 │ ├───┼─────────────────────────────────┴── ──┴──────┴────┴───────┴─────┴───────┴──────┴────────┤ │ │BS 2nd order
Optimization of business management processes cash flows
When building a cash flow management system, it is important to optimize the relevant business processes, for which it is necessary to determine:
- the composition of the CFD, according to which the budgets of funds are formed and controlled;
- participants in the process, that is, company employees acting as initiators of payments, controllers for the implementation of internal regulations, acceptors;
– duties and powers of each participant in the business process, in particular, to determine payment limits, and those responsible for making decisions on certain payments;
- a time schedule for the passage of payments, in particular, to establish the timing and sequence of the passage of applications for payment.
In the future, this will reduce the labor costs of the company's top managers (general and financial directors) to control the spending of funds. If previously they had to review and sign each application for payment, now that the costs are approved in the budgets, and the procedure for coordinating payments is formalized, control over cash flows can be entrusted to the financial manager. Accordingly, the financial (general) director will coordinate only a limited number of payments, usually over-limit, large or irregular. For example, it is enough to agree on the amount of payment for renting an office once when approving the budget, leaving control of the payment procedure itself and the compliance of the amounts with the budget with the financial manager.
Personal experience
In my opinion, a clear regulation of cash management processes will allow the CFO not to be distracted by less important tasks. For example, even a simple requirement to indicate when initiating invoices the name of the responsible manager, who will have to report on the amounts paid, makes it possible to reduce the labor costs of the financial director, as well as unnecessary spending of funds. It should be noted that the cash management regulations make it possible to avoid disputes with line managers about supposedly late payments: it is clear to everyone on what basis the money is allocated for this. In addition, situations are excluded when the manager, two minutes before the end of the payment day, brings a request for payment with the requirement to pay today.
Properly built business processes help to solve another urgent problem - to minimize the risk of abuse by employees of the enterprise by separating the functions of monitoring payments and their initiation. For example, the head of the business area accepts all applications for payment according to his CFD and is responsible for budget implementation, and a financial officer (this may be a financial director, financial manager) controls the compliance of applications with budget limits and the implementation of regulatory procedures payment system.
Personal experience
Currently, on the basis of the branches of Russian Railways, subsidiaries and affiliates are being created, which do not yet have experience of independent economic activity in market conditions. In order to minimize the risk of loss of assets during their transfer to subsidiaries as a temporary measure for the period of their formation, it is planned to transfer strategically important subsidiaries and affiliates to the treasury principle of making payments in the near future. As for the system of treasury control directly in the parent company Russian Railways, thanks to the direct subordination of the treasury to the top management of the company, we excluded unscheduled payments, suspended the financing of expenditure items in case of non-fulfillment of income items, and also ensured that the cash flow exactly complied with the established plan and the possibility of building a reliable direct cash flow statement.A properly built payment system, of course, allows you to solve many problems facing financial director. However, it must be remembered that no payment system will fully protect the enterprise from:
- Abuses associated with the use of shell companies or "artificial" overpricing. Accordingly, other measures should be carried out, in particular, verification of counterparties by the company's security service at the conclusion of the contract;
- mistakes made during the conclusion of the contract. The process of signing the contract should be adequate in terms of the degree of protection from the "human factor" to the process of applying for payment;
- Expenses, the occurrence of which is not related to the moment of payment. In this case, the request for payment indicates an accomplished fact of the expense (for example, an act of acceptance of work signed by an authorized person), so the employee who makes the decision on payment can no longer prevent the expense.
Payment Regulations
Optimized business processes for managing cash flows are fixed in regulatory documents, for example, in the “Procedure for passing payments in the company”. These documents are approved by an internal order and are binding on all divisions of the company. An internal document that defines the rules for the functioning of the company's payment system will necessarily contain information on the procedure for passing applications for payment, the timing of those responsible for coordination, the duties and powers of employees, and the sequence of actions.
For clarity, it is convenient to systematize this information in a tabular or graphical form (see Table 1).
Personal experienceAndrey Klenin, financial director of the Paterson supermarket chain (Moscow)
The application goes through three levels of control. The head of the Central Federal District checks the feasibility and validity of this expense, an employee of the planning and budgeting department checks the availability of limits in the budget of the Central Federal District for this type of expenditure in given period, and the accounting officer - the correct execution of documents for payment and the absence of debts for settlements and submission of documents for this counterparty and employee. For all checks on extraordinary applications, two hours are allotted, for regular - up to two working days. After that, the application, depending on the amount and budget coding, goes to the head of the treasury, financial or general director who decide on payment. Then the application is sent to the Treasury, which, depending on the time of receipt and priority, pays for it on the same day or the next.Fedor Bashkirov, Head of the Treasury of the Agricultural investment company AGRICO (Moscow)
Our company has developed the following payment schedule. All invoices for payment and business contracts go to the accounting department, where preparatory “rough” work is carried out to check payment details, payment terms, etc. After that, the data is entered into the payment register, which is sent to the treasury, where payments are checked for compliance with the approved budget. In the absence of funds sufficient to satisfy all received applications, the Treasury prepares proposals for the redistribution of money or cancels a particular payment. The final version of the register, together with the treasury proposals and payment documents, is submitted to the financial director, who makes the final decision on the payment of invoices.
Operation | Comment | Working (banking) days | ||||
1 | 2 | 3 | 4 | 5 | ||
Formation by the initiator of the payment of the application in the electronic payment system. Acceptance of the application by the head of the CFD | The application accepted by the head of the CFD is automatically sent to the financial manager | Up to 16 hours | ||||
Acceptance of the application by the financial manager | Up to 18 hours | |||||
Acceptance of the application by the CFO (for applications requiring acceptance by the CFO) | Until 10 o'clock | |||||
Acceptance of the application by the General Director (for applications requiring acceptance by the General Director) | Up to 11 hours | |||||
Registration by the financial manager of the state of applications in the electronic payment system | Till 12 o'clock | |||||
Issuance of cash upon request | The application for which cash not received within three days, will be canceled | From 11 o'clock | During the day | During the day | ||
Implementation of non-cash payments for applications with priority "1" | In case of expediency and availability of free funds, the application can be paid at an earlier date | Up to 14 hours | ||||
Implementation of non-cash payments for applications with priority "2" | Up to 14 hours | |||||
Implementation of non-cash payments for applications with priority "3" | The due date is determined by the CFO | Up to 14 hours | ||||
Guaranteed turnaround time. |
It should be noted that a well-designed regulation should prevent failures in the management of the payment system, be transparent and unambiguously interpret the actions of an employee. However, this cannot always be checked until the regulation is put into operation. Therefore, it is normal practice for the regulations to be adjusted during use and re-approved along with the changes.
Personal experience
Business processes for the operational management of cash flows and the formation of payment documents in the company are defined in the Regulations for Making Payments. This document describes all stages of cash flow - from the initiation of a payment by a budget holder to sending payment documents to a bank. The initiator of the payment is the structural subdivision, within the framework of the expenditure budget of which the corresponding contract is concluded. On the basis of the budgets of structural divisions approved by the financial director for the current year, a monthly plan for financing their expenses is formed, which is the basis for compiling the payment calendar. Each application for payment is accepted by the heads of structural divisions and approved by the "loan managers" in accordance with the limits set in their powers of attorney. The functions of compiling and monitoring the execution of the payment calendar and the cash flow budget are assigned to the Department of Treasury Operations. The payment calendar, compiled simultaneously with the clarification of the BDDS for each month, makes it possible to identify in advance the probable shortage (or excess) of funds.Mikhail Bulushev, financial director of Avtomir Group of Companies (Moscow)
There are several regulatory documents in our company that define in detail the powers of managers to initiate payments and the procedure for approving applications for payment. For all payments, depending on the amount, responsibility is assigned either to the head of the directorate to which the CFD belongs, or to a lower manager. A CEO visa is required for certain types of payments, and only if it exceeds the monthly scheduling limits. The Financial Directorate monitors the implementation of the regulations. The payment calendar is compiled for a calendar month by day and is updated weekly for the next week.
The initiators of payments are the managers of the enterprise's services, who manage the contracts. They draw up a payment order (approved form), which is accepted by the head of this CFD, checked by the responsible executor of the treasury, signed by the chief accountant and head of the treasury, and finally agreed with the credit manager (usually the financial director, in special cases - the general director). For us, this is a fairly simple procedure, which is spelled out in detail in a special regulation approved by the CEO.
- first priority— payments, the delay in which can cause serious negative consequences for the company, such as penalties or damage to business reputation. These payments include paying taxes and repaying loans. Paid by the financial service strictly in accordance with the payment term specified in the application;
- second priority— payments for which a payment delay of up to three banking days is acceptable without serious negative consequences for the company (payment of wages, payment to the main suppliers);
- third priority- payments for which it is possible to postpone payment terms for more than three banking days. In case of non-fulfillment of the revenue plan for revenue financial service has the right to initiate the reduction of such items in the budget or the abolition of such payments. If the financial service has changed the terms of payment indicated by its initiator in the application for payment, then it must notify the initiator of this.
An example of the procedure for determining the priority of payments of a trading company
Each spending item is assigned one of the following payment priorities:
Payment Priority
In practice, a situation often arises when the income plan is not fulfilled, and the plan for spending funds is executed in full, respectively. total amount applications for payment exceeds the actual receipt of funds. To avoid cash gaps, it is advisable to rank all payments according to their priority or importance. Articles with the highest priority are paid without fail, articles with a lower priority are subject to additional conditions. For example, applications for payment of debts to the main suppliers of products, taxes, etc. are paid in the first place, while the costs of training, modernization of office equipment are financed when the sales plan is met by at least 90% (see “Example of the procedure for determining the priority of payments of a trading company ").
According to Anton Khodarev, financial director of Sapsan, in conditions of shortage of funds, first of all, payments should be made on those obligations, the violation of which will lead to the greatest financial losses (expressed in penalties and fines, production downtime, etc.).
Personal experienceAlexander Zaitsev, Deputy Director of the Treasury of JSC Aeroflot
The priority of payments in our company is determined by the terms of payment of invoices and contracts, taken into account when compiling the payment calendar, which establishes the internal order of payments. Expenditure items that allow, if necessary, to shift the timing of payment of invoices, provide room for maneuver in case of a temporary lack of fundsFedor Bashkirov, Head of Treasury, Agrico Investment Company (Moscow)
The sequence of payments in our company is determined according to the current execution monthly budget cash flow, in which payments are tied to related receipts. This takes into account the terms of settlements under contracts and the requirements of the legislation regarding the deadlines for paying taxes (for example, VAT).In addition, senior management has the authority to change the order of payments.
For example, a financial manager can put a payment in the “first place”, but must necessarily determine from what sources (including additional ones) it will be made or in return for which payment it can be made without prejudice to the financial stability of the enterprise.
Formation of the payment calendar
The main purpose of the payment calendar is to form a schedule of cash flows for the next period (from several business days to one month) in such a way as to guarantee the payment of all necessary payments, minimize excess cash on accounts and avoid cash gaps.
The payment calendar may have a different presentation depending on the specifics of the business and the preferences of the respective employees. However, it must necessarily contain data on inflows and outflows, as well as planned cash balances, usually broken down by days and their sources (see Table 2).
When creating a payment calendar for a month, it will be necessary to simulate the distribution of planned cash flows by weeks and days (see Table 3). Understanding the distribution of expenses over time will help identify the most risky moments in terms of cash gaps and carry out measures to redistribute the burden of payments, for example, spread the payment of wages and transfer taxes to the budget for different weeks, use a loan on time.
Article | Date/plan-actual | Total per month | Forecast of deviations from the budget | |||||||
June 1st | 2 June | June 4 | June 5 | June 6 | the 9th of June | … | 30 June | |||
fact | fact | fact | plan | plan | plan | … | plan | |||
Current activity | ||||||||||
Receipts from clients | 120 | 100 | 90 | 100 | 100 | 100 | 100 | 918 | -82 | |
Other supply | 28 | 78 | -2 | |||||||
Total receipts | 148 | 100 | 90 | 100 | 100 | 100 | 100 | 996 | -84 | |
Payment to major suppliers | -50 | -90 | -100 | -150 | -500 | -50 | ||||
Wage | -98 | -98 | 2 | |||||||
Prizes | -30 | 0 | ||||||||
VAT | -40 | 0 | ||||||||
income tax | -20 | 0 | ||||||||
Advertising expenses | -10 | -5 | -15 | 0 | ||||||
Rent | -20 | -20 | -20 | |||||||
Costs | -9 | -10 | -10 | -29 | 1 | |||||
… | ||||||||||
Total disposals | -98 | -9 | -50 | -10 | -90 | -110 | … | -185 | -752 | -67 |
Current activity balance | 50 | 91 | 40 | 90 | 10 | -10 | … | -85 | 304 | -246 |
… | … | … | … | … | … | … | … | … | … | … |
balance at the end of period | 6 | 2 | 2 | 2 | 22 | 22 | 22 | 22 | 12 |
Article | Distribution method | Total per month | Week / number of working days | |||
1/5 | 2/4 | 3/5 | 4/6 | |||
Receipts from the client | Proportional to the number of working days | 1000 | 250 | 200 | 250 | 300 |
Payroll taxes | 2nd week; before the 15th calendar day of the month | -6 | -6 | |||
VAT | 3rd week; before the 20th calendar day of the month | -30 | -30 | |||
Office rent | 4th week; Until the end of the month | -8 | -8 | |||
Advertising, exhibition fees | 2nd week; before the 10th calendar day of the month | -10 | -10 | |||
Advertising, payment for booklets | 4th week (according to the contract) | -4 | -4 | |||
Payment to major suppliers | In accordance with the procurement schedule and the contract (50% - prepayment 2 weeks before delivery, 50% - within three days from the date of delivery) | -800 | -200 | -150 | -200 | -250 |
Household expenses | Weekly equal installments | -2 | -0,5 | -0,5 | -0,5 | -0,5 |
Wage | 1st week; 2nd business day of the month | -20 | -20 | |||
Unexpected expenses | Weekly equal installments | -2 | -0,5 | -0,5 | -0,5 | -0,5 |
The payment calendar is compiled on the basis of applications for payment submitted and approved in accordance with the regulations for the passage of payments in the company. All applications are registered in the register, which reflects the necessary information about the progress of approval and payment for each of them (see Table 4).
The register may also contain other analytical information necessary for the operational management of payments, for example, the name of the financial responsibility center to which the requested payment relates, the payment currency and the corresponding exchange rate to the budgeting currency, the name of the legal entity on behalf of which the payment will be made, the available limit for the item payment.
Personal experienceAlexander Ivanov, head of the financial department of JSC "Kulebaksky Metallurgical Plant"
The main document that determines the amount and structure of payments in the current period is the company's balance of payments. It is formed for each calendar month by the planning department on the basis of data provided by the relevant services on the planned volumes and conditions for sales of products, purchases of raw materials and materials, on the volumes of main and auxiliary production, on the wage fund, taxes, etc. The balance of payments provides for both the amounts of priority payments and payments related to the second priorityAlexander Romanov, Head of the Financial Controlling and Forecasting Department of the Corporate Finance Department of JSC Russian Railways
In Russian Railways, the cash flow budget (BDDS) is a detailed plan, which is built in the context of functional items.
BDDS consists of revenue and expenditure parts, and the possibility of financing key expenditure items is linked to the implementation of the plan for collecting funds from revenue items. The planned BDDS is formed by the corporate finance department and communicated to the company's branches before the beginning of the planning period (a quarter broken down by months). The Department of Treasury controls the execution of the BDDS, to the regional offices of which each branch of the company is “tied”. Due to direct subordination to the management apparatus of Russian Railways, this control body does not depend on the management of regional branches, which almost completely eliminates the influence of the "human factor". The Treasury Department monitors the implementation of the BDDS and identifies the reasons for deviations, as well as pre-analyzes each application for payment for compliance with budgets. In addition, Russian Railways and the banks servicing the company's accounts entered into bank account agreements that provide for the impossibility for the bank to accept a payment order from a division of Russian Railways without prior acceptance by the regional treasurer.
Business process automation financial management
To support the operational management of cash flows, automation of the relevant business processes will be required. Selected software should allow:
- create electronic accounting documents payment system (for example, requests for payment);
- generate electronic reporting necessary to control the execution of payments, compliance with the regulations of the payment system, cash flow budgets, for example, a payment calendar;
- implement support for control and approval procedures (budgets, requests for payment, etc.). For example, applications that are not accepted by the head of the corresponding CFD and applications for payment are not visible to other participants in the business process, but as soon as the application is accepted, it is automatically sent to the financial manager for consideration;
- to differentiate the rights of access to financial information for different levels of responsibility in the company. For example, the head of the Central Federal District sees in the system only applications for his business area.
Until now, quite a lot of enterprises use Excel and other non-core programs to automate cash flow management business processes, but this method has a number of significant drawbacks: low efficiency in displaying information and reporting, vulnerability to failures, the problem of double data entry. Currently, more and more companies tend to choose specialized software, for example, solutions based on 1C family programs are quite popular.
Personal experienceDenis Yaklakov, Head of Financial Planning and Control Department, CJSC Trade House Perekrestok (Moscow)
used in our company automated system budget accounting, which implements the cost management function, allows you to solve two main tasks at once. On the one hand, automatic control of applications for compliance with budget limits is carried out, on the other hand, approved applications form actual data on the execution of the budget and the operating plan of the companyAlexander Ivanov, head of the financial department of JSC "Kulebaksky Metallurgical Plant"
Ideally, the cash flow management system should be integrated into the computer information system enterprises. Unfortunately, at the enterprises where I worked, Excel was mainly used for these purposes. I note that this in itself did not prevent systematic planning and control of receipts and payments, the formation of regular (daily, weekly and monthly) treasury reporting with a turnover of about 200–250 million rubles. per month. However, this approach involves significant time spent on updating and processing data.Fedor Bashkirov, Head of Treasury, Agrico Investment Company (Moscow)
Automation of the cash management process significantly increases the speed and quality of managerial decision-making. We have implemented this process in the Excel program and, it should be noted that there are no problems with the use. The formats and rules for filling in tables were created gradually based on the needs of interested users. Currently, in parallel with the use of Excel, a cash flow management system based on 1C:Enterprise is being developed, in which we try to take into account all the developments in cash management using spreadsheets.Andrey Klenin, financial director of Paterson (Moscow)
Our company uses email-based software that allows participants to work in it regardless of their location. This is very convenient if you interact with 14 branches in three time zones. At the same time, if a person goes on vacation, it is enough to forward his mail to a deputy so that he can perform the functions temporarily assigned to him in the payment system.
№ | Pay before | Execution | Purpose of payment | Payment type | Article BDDS | Amount, rub. | Coordination | |||
Head of the Central Federal District | FM | FD | DG | |||||||
1201 | June 1st | Paid | Payment to the supplier Nilit LLC | B/cash | Payment to major suppliers | 20 000 | + | + | + | 0 |
1202 | June 1st | Paid | Payment to the supplier ZAO EMI | B/cash | Payment to major suppliers | 10 000 | + | + | + | 0 |
1203 | June 1st | Paid | B/cash | Payment to major suppliers | 10 000 | + | + | + | 0 | |
1204 | 2 June | Paid | January salary | Cash | Wage | 98 000 | + | + | 0 | 0 |
1205 | June 6 | To pay | Buying stationery | Cash | Household expenses | 9400 | + | + | 0 | 0 |
1206 | June 6 | To pay | Payment to the supplier CJSC "Avangard" | B/cash | Payment to major suppliers | 50 000 | + | + | + | 0 |
1207 | June 7 | To pay | Packing line payment | B/cash | Production equipment | 10 000 | + | + | + | + |
1208 | June 8 | To pay | Payment to the supplier ZAO EMI | B/cash | Payment to major suppliers | 50 000 | + | + | - | 0 |
Legend: B/cash - cashless payments; Cash - cash; FM - financial manager; FD - financial director; GD - General Director; "+" - the application is approved; "-" — the application is not approved; "0" - no approval required. |
Implementation of a cash flow management system
In conclusion, I would like to emphasize that when the business processes of financial management are defined and optimized, and the relevant regulations are developed and approved, the most difficult thing begins - their implementation in the daily practice of the company. Transferring the correct payment system from paper to practice is the most time-consuming. In particular, it can be difficult to eliminate unscheduled payments, such as payments that are typical and predictable, but for some reason are not scheduled, as well as payments initiated in violation of internal rules.
Practice shows that if more than 5% of payments in a company are unscheduled or go in violation of the internal procedure for making payments, then most likely this indicates a lack of debugging of internal business processes for managing cash flows, incorrect internal regulations for making payments, or problems with financial discipline.
Personal experienceAlexander Ivanov, head of the financial department of JSC "Kulebaksky Metallurgical Plant"
In our company, of course, there were some difficulties with the personnel in the implementation of the cash flow management system. They were caused mainly by changes in the order of decision-making. If in the process of developing regulations to consult with employees, regardless of position, on how to do better, then most likely there will be no resistance. And to overcome the conscious resistance, especially caused by selfish interests, the CFO should have enough "administrative resource".Fedor Bashkirov, Head of Treasury, Agrico Investment Company (Moscow)
When implementing a cash flow management system, at first there were conflicts with line services, which found it rather difficult to assess its benefits. Having enlisted the support of the management, the financial service carried out constant explanatory work with colleagues, thanks to which the situation was changed. Within a couple of months, even ardent opponents admitted that after the launch of the system, the predictability and speed of payment for applications increased, which had a positive effect on relationships with counterparties.
Automation of payment management in the holding
Victor Shapkin, Head of Management Reporting and PEO L’Etoile, Sephora, Alcor & Co LLC, Ph.D. economy Sciences (Moscow)
It should be noted that cash flow management will be effective if all employees comply with internal regulations. If the company continues to be in a situation where, for example, the CEO or owner can spend money in circumvention of internal regulations (for example, on hospitality or as a withdrawal of capital from the company), then the CFO will not be able to fulfill obligations to ensure the timely payment of requests filed in accordance with the regulations. Conversely, well-organized payment processing business processes allow the CFO to ensure that all pending payments are made on time.
For a company that has several regional branches, you can implement the following business process model for managing cash flows. The initiator of the payment prepares a paper application, in which he indicates the payment parameters: counterparty, term, account number, article of the budget classifier, etc.
The application, signed by the owner of the budget, is transferred to the financial department and entered into the accounting system as a document "Application for payment". In the branches of the company, the application is entered by an employee of the financial department and automatically transferred to Moscow.
The accounting system, which manages cash flows, is integrated with the inventory accounting system, which allows you to automatically generate applications for payment for goods and materials according to invoices.
All entered applications receive the status "New", which allows them to be considered, but does not make it possible to make a payment. The application has a planned payment date. Then it must go through two stages: budgetary control and setting up for payment.
At the first stage, the budget control officer checks that the application meets the limit set in the budget. If the application does not pass the budgetary control, then it acquires the status "Not enough limit" and requires additional approval and identification of funding sources.
The next stage is consideration of the application by the Treasury and putting it into the payment schedule. To do this, it is assigned the status "For payment". This can be done either manually or automatically. The treasury officer can reject the application or suspend it, assigning it the appropriate status, if he has doubts about the correctness of the payment. On the basis of applications that have been assigned the status "For payment", a payment schedule for the next week is built and approved by the financial director. When considering the payment schedule, cash gaps can be identified. In this situation, the responsible officer decides on the possibility of transferring individual applications to another date. Payments are made through the "bank-client" system and only on the basis of an application with the "For payment" status. In branches where it is not possible to organize automatic uploading of payment orders to the “bank-client” system, control over the execution of an application is carried out at the level of statement posting: all applications are received in the system in which accounting is maintained, and when posting a statement, payments must be compared with applications for which the payment was made. If the payment is not matched or made without a request, then it will not be possible to make an extract in the accounting system. The posted statement is automatically unloaded to Moscow on the next day after the payment is made. The Treasury, using this information, can analyze all payments made by the company. Budget holders have access to applications within their FRC and can quickly track changes in the status of their application.
1 Not currently employed by this company. — Note. editions.