...Contents Trainee Information 3 Certificate of Completion 4 Introduction 5 Operational Procedures – Cash 6 Operational Procedures – Cheques 7 Operational Procedures – Refunds 8 Operational Procedures – Credit Cards 9 Customer Accounts 10 Banking Procedures 11 Self Assessment Test 12 Training Manual Cash Handling Procedures This Manual is designed to provide you, the employee, with the full knowledge of all procedures associated with cash handling in your establishment. You will be aware of all company procedures for dealing with credit card transactions and also the steps to take to prevent fraud. [pic] Trainee Information Name: ____________________________________________ Manager: ____________________________________________ Training Commenced: ______ / ______ / ______ (DD/MM/YYYY) Training Completed: ______ / ______ / ______ (DD/MM/YYYY) Assessment Completed: ______ / ______ / ______ (DD/MM/YYYY) Certificate of Completion I _______________________ (Manager/Supervisor) hereby certify that _______________________ (Employee Name) has successfully completed their training in “Cash Handling Procedures” and is fully qualified under the requirements of the establishment in which they are employed herewith. ____________________________________ (Signature of Manager/Supervisor) ____________________________________ Date ...
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...Taxes by credit card and debit card: A taxpayer is allowed to pay their internal revenue taxes with their credit card and debit card. Payment of internal revenue taxes using a credit card or debit card must be approved by the Commissioner. In addition, tax payments must adhere to the manner and be in accordance with the forms, instructions and procedures prescribed by the Commissioner. Also, the Commissioner will specify the types of tax liabilities that may be paid by credit card or debit card. Furthermore, all references to tax also include interest, penalties, and additional amounts, and additions to tax. Credit Card and Debit Card Definitions: The term credit card includes any credit card as defined in section 103(k) of the Truth in Lending Act, which includes any credit card, charge card, or any other credit device issued for the purpose of acquiring money, labor, property, or services on credit. In addition, the term debit card includes any accepted card or any other means of accessing funds electronically as defined in section 903 of the Electronic Fund Transfer Act. This includes any debit card or similar device which has direct access to an account with the capability to initiate electronic fund transfers to obtain money, labor, services, or property. When the payment is deemed made: If the taxpayer decides to pay their taxes using a credit card or debit card, their payment will be deemed made when the issuer of the credit card or debit card properly...
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...response. Nature of Breach | Tangible Losses | Intangible Losses | Customer names | Consumer information | Consumer trust | Credit card numbers | Previously stored credit cards | Consumer trust | Credit card security numbers | Security numbers of credit cards | Consumer trust | Credit card expiry dates | Credit card info | Consumer trust | Customer addresses | Addresses | Consumer Trust | Sales data | Sales data | Sense of security | 2. What actions were taken by both Target and the “authorities” to address the crisis, and what is your assessment of each action taken? Actions Taken to Address the Crisis | Assessment of These Steps | Target ignores warnings | Not a great move | Department of Justice notifies stolen data existence | Good move, shouldn’t have gotten to this | Target removes malware from POS | Good move, should’ve done this sooner | | | add more rows as needed…. | | 3. What reactive steps by Target might have mitigated their losses subsequent to their discovery of the information security breach? Explain/justify your choices. Reactive Steps | Explanation | Respond to the warning signs exhibited by installed security software | Why would you invest in this security only to ignore it? | Follow procedures put in place to address a security breach | Why would you implement these procedures only to ignore them? | Contact customers | Let them know what’s going on. Better Target delivers the bad news rather that someone...
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...$40,000 payment from the university. The payment was determined to be part of the US $150,000 the former employee allegedly used to “renovate her home” and “make other purchases.” In an interview, the university’s chief auditor and the director of audit services said their six-month probe showed that the former employee used the equine program director’s university-issued credit card, signed his name, created fake PayPal accounts for vendors the program did business with, and doctored invoices so they would be paid with less scrutiny. Auditors also reported that no one else in the university was reviewing bank or credit card statements, which would have raised obvious red flags. The university’s president said the university “has solid policies and procedures in place to prevent this kind of fraud if people will do their jobs and follow those policies and procedures.” The former employee has been tied to another US $88,000 in suspicious transactions, but auditors don’t have enough information to conclude whether they were appropriate. Lessons Learned While it is important to have solid policies and procedures in place to prevent fraud,...
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...Chapter 5 Consumer Credit: Advantages, Disadvantages, Sources, and Costs McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Consumer Credit Chapter Objectives 1. Analyze advantages and disadvantages of using consumer credit 2. Assess the types and sources of consumer credit 3. Determine whether you can afford a loan and how to apply for credit 4. Determine the cost of credit by calculating interest using various interest formulas 5. Develop a plan to protect your credit and manage your debts 5-2 Objective 1 Analyze Advantages and Disadvantages of Using Consumer Credit • Credit – An arrangement to receive cash, goods or services now, and pay for them in the future – Based on trust in people’s ability and willingness to pay bills when due • Consumer credit – Use of credit by individuals for personal needs, except a home mortgage – A major force in our economy 5-3 Uses and Misuses of Credit • Before you use credit for a major purchase, consider: – – – – – – Do I have the cash for the down payment? Do I want to use my savings for this purchase? Does the purchase fit my budget? Could I use the credit I’ll need in some better way? Can I postpone this purchase? What are the opportunity costs of postponing this purchase? – What are the dollar and psychological costs of using credit for this purchase? 5-4 Advantages of Credit • Current use of goods and services • Permits purchase even when funds are low • A...
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...IN ACCOUNTING EDUCATION Vol. 18, No. 3 August 2003 pp. 275-290 Designing Audit Procedures When Evidence Is Electronic: The Case of e-Ticket Travel Revenue A. Faye Borthick and Jack E. Kiger ABSTRACT: The objective of the Fly Airline case is for you to learn to develop audit procedures in a context, e-ticket revenue, in which most of the evidence is available electronically, and in which many tests of controls and substantive tests can be performed using data stored in electronic form. In sequence, you will identify controls and their objectives, match controls to financial statement assertions for revenue, develop tests of controls, develop substantive tests for each assertion, and organize audit procedures into an effective and efficient audit program. Keywords: auditing; e-ticket revenue; collaborative learning; electronic evidence; internal control; monitoring; systems expertise for auditing. OVERVIEW ly Airline's revenue generation begins when a customer selects a flight for a specific date and time. The process is similar whether a ticket agent or the customer interacts with the system to make the reservation. If the customer is paying with a credit card, the system validates the credit card number the customer presents for billing before making the reservation. When it obtains approval of the credit charge (electronically, from the card issuer), the system records the charge and other details of the reservation. The customer...
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...Merchant Acquirers and Payment Card Processors: A Look inside the Black Box RAMON P. DEGENNARO The author is the SunTrust Professor of Finance at the University of Tennessee and a visiting scholar at the Federal Reserve Bank of Atlanta. He thanks Jerry Dwyer, Dick Fraher, Scott Frame, Will Roberds, and Lynn Woosley for useful comments and discussions. He is grateful to Timothy Miller and Mario Beltran of NOVA Information Systems for explaining important institutional details and to Lee Cohen and Victoria L. Messman for research assistance. L ike most consumers, you probably take your credit and debit card transactions for granted. You and others like you carry millions of cards and use them billions of times annually. But unless a transaction goes awry, you rarely think about how your cards work. In fact, a great deal happens after you produce your card to pay for a purchase and before the merchant receives funds and you receive your bill. What happens during the few seconds between the time you swipe your card and the terminal flashes a result? How does that swipe translate into a line on your bill from the institution that issued the card? When making a purchase using a card online or over the telephone, why are you sometimes asked for the three- or four-digit number printed on the back of the card, the card’s expiration date, or arcane information such as your mother’s maiden name? From the merchant’s perspective, how is that same card swipe turned into cash to pay for...
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...Opinion of consumers towards credit card usage A Study in Chandigarh 1. INTRODUCTION 1.1 History As far back as the late 1800s, consumers and merchants exchanged goods through the concept of credit, using credit coins and charge plates as currency. It wasn't until about half a century ago that plastic payments as we know them today became a way of life. 1.1a Early beginnings In the early 1900s (Ben Woolsey, 2011), oil companies and department stories issued their own proprietary cards, according to Stan Sienkiewicz, in a paper for the Philadelphia Federal Reserve entitled "Credit Cards and Payment Efficiency." Such cards were accepted only at the business that issued the card and in limited locations. While modern credit cards are mainly used for convenience, these predecessor cards were developed as a means of creating customer loyalty and improving customer service, Sienkiewicz says. According to Ben Woolsey, the first bank card, named "Charg-It," was introduced in 1946 by John Biggins, a banker in Brooklyn, according to MasterCard. When a customer used it for a purchase, the bill was forwarded to Biggins' bank. The bank reimbursed the merchant and obtained payment from the customer. Purchases could only be made locally, and Charg-It cardholders had to have an account at Biggins' bank. In 1951, the first bank credit card appeared in New York's Franklin National Bank for loan customers. It also could be used only by the bank's account holders (Ben Woolsey...
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...Analyzed bank accounts and lockboxes, investment of excess cash and draws on lines of credit. Cash Application Performed general ledger review and general account reconciliation responsibility for select accounts; Performing ongoing Sarbanes-Oxley review and control testing in conjunction with other North American Shared Services and TRW Operating Units accounting department personnel Effective communication skills - including the ability to listen to the needs of others, research and comprehend complex matters, articulate issues in a clear and concise manner, and present findings as well as recommendations in both oral and written presentations. Performed inter-company account balancing, account analysis, tax computation, sales and use tax filings, fixed asset accounting, month end closings and trial balance submissions to headquarters. Key Accomplishments 1. I was promoted from Senior A/R collection representative to Accountant 1 with 6 months of my hire. 2. I am solely responsible for balancing accounts totaling $180 million dollars monthly. 3. I am very punctual and have a great ability to multitask. 4. I work great in teams and also can thrive in a fast pace work environment. A/R & Cash Application Supervisor Ct Partners, Beachwood, Ohio 2014 to July 2015 Analyzed bank accounts and lockboxes, investment of excess cash and draws on lines of credit. Cash Application. Supported internal and external related to banking related issues...
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...or e-commerce websites. Although it involves more than one process, home delivery services continue to act as a core factor in luring customers into doing business and buying goods without moving from one place to another. From the moment a customer purchases a product or service, up to the moment he or she receives the purchased product, there are many components and connections involved in the process (O’Loughlin 156, 209). The process that connects the online shop, the home delivery services and the customer from a business process that is discussed in this paper. Suppose a client purchases a television set on an online business platform, and then the essential components that he or she needs are a computer, internet connection, a credit card, and a cell phone. In the business process examination, a relationship's disclosure between the things mentioned above will turn out. A client should have a device (component) that can access the internet, such devices include a computer, smartphone, or a tablet. Whichever the case, the client, uses the component (say a computer) to access the website (Component: database) through an internet connection. At this stage, the internet acts as an interconnection between the client and the online web page or the seller (Becker 1709). Subsequently, the client uses a keyboard attached to the computer to enter the keyword, Samsung Televisions and then press enter. The browser looks up for the IP address of the page searched, by recording the browser...
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...summary.…………………………………………………………………………………………………………………………..……iii Introduction:………………………….……………………………………………………………………………………………………1 Objective of the report: ………………………………………………………………………………………………..2 Limitation of the report: ……………………………………………………………………………………………….2 Methodology: ………………………………………………………..………………………………………………………2 Management information system: ………………………………………………………………………………………….…3 Corporate Profile: Southeast Bank Limited…………………………………………………………………………………5 3.1 3.2 3.3.0 Services provided by SEBL: ………………………………………………………………………………………….…5 SMS Push - Pull Service: …………………………………………………………………………………………………7 Card Services: …………………………………………………………………………………………………………..……7 3.3.1 3.3.2 3.3.3 3.3.4 3.4 3.5 3.6 3.7 3.8 3.9 ATM /Debit Card: ………………………………………………………………………………………………7 Virtual Card: ……………………………………………………………………………………………….……8 Platinum Card: ……………………………………………………………………………………………….…8 SEBL-Visa Credit Card: ………………………………………………………………………………………8 Money Transfer Services: ……………………………………………………………………………………….……10 SWIFT Services: ……………………………………………………………………………………………………………11 E-Statement Services: ………………………………………………………………………………………………….11 Electronic fund transfer: ………………………………………………………………………………………………11 Internet Banking services: ……………………………………………………………………………………………11 Remittance business Service: ………………………………………………………………………………………12 4.0 Information Technology of SEBL: …………………………………………………………………………………….………13 4.1 ICT Risk Management: …………………………………………………………………………………………………14 5.0 conclusions: ……………………………………………………………………………………...
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...Corporate Credit Card Policy: • This Policy applies to all employees of the Agency who are assigned a Corporate Credit Card. • Conditions set out in this Policy, the relevant Cardholders’ Responsibility statement issued by the Bank govern the use of any Corporate Credit Card. • This Agency uses BB&T Visa Corporate Card. • Cardholders and their supervisors are responsible for ensuring that they adhere to the Corporate Credit Card policy, thereby ensuring adequate controls are exercised to minimize the risk that Corporate Credit Cards are used for fraudulent or corrupt purposes. Cardholders and their supervisors are referred to the Vice President of Finance for further information on their role in relation to fraud and corruption prevention. Eligibility • Permanent and temporary officers of Agency can apply for a Corporate Credit Card • Employees are eligible to be issued with only one (1) Corporate Credit Card. • To be eligible for a Corporate Credit Card, an employee must meet one or more of the following criteria: * travel frequently in the course of his/her duties or * purchase significant volumes of minor goods and services for use by the Agency or * incur regular frequent expenses of a kind appropriately paid by credit card Limits • Each Card will be limited to a maximum set by the Vice President of Finance, who will determine the limit on a basis of need and your cost center’s budget(s), and be for business expenditures...
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...progress of business fields. With cell phones equipped with the Near-field Communications (NFC) chip, users are capable of completing transactions by simply waving them in front of a NFC-enabled reader (Crowe, Rysman & Stavins, 2010). Generally, in global markets, the value of this type of trade reached approximately $250 billion in 2012 and was forecasted to expand 68% annually. In particular, this carrier has been heavily adopted in Japan and several European countries for years. However, according to a recent survey, the adoption of this technology in the United States has been hindered (Fonte, 2013). The sales of this approach only has less than half of one percent of the market, and the majority of payments are implemented by credit and debit cards. It is confusing that, as the economic center worldwide, America has not dominated the leading position of mobile payments acceptance. Therefore, this report focuses on analyzing the obstacles in the process of spreading and proposing practical solutions. Barriers The obstacles of the popularization mainly originate from the aspects of markets, consumers, and retailers. Referring to appropriate markets, this payment method requires highly concentrated banking circumstances that are cash-intensive and technologically advanced, such as those found in Japan (Crowe, Rysman & Stavins, 2010). Although American markets fulfill the demands above, they focus on utilizing current mature payment methods. Those already offered considerable...
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...environment, financial market reform, and several micro-level demand and supply side factors. India too experienced a surge in retail banking. There are various pointers towards this. Retail loan is estimated to have accounted for nearly one-fifth of all bank credit. Housing sector is experiencing a boom in its credit. The retail loan market has decisively got transformed from a sellers’ market to a buyers’ market. Gone are the days where getting a retail loan was somewhat cumbersome. All these emphasise the momentum that retail banking is experiencing in the Indian economy in recent years. What is Retail Banking? Retail banking is, however, quite broad in nature - it refers to the dealing of commercial banks with individual customers, both on liabilities and assets sides of the balance sheet. Fixed, current / savings accounts on the liabilities side; and mortgages, loans (e.g., personal, housing, auto, and educational) on the assets side, are the more important of the products offered by banks. Related ancillary services include credit cards, or depository services. Today’s retail banking sector is characterized by three basic characteristics: • multiple products (deposits, credit cards, insurance, investments and securities); • multiple channels of distribution (call centre, branch, Internet and kiosk); and • multiple customer groups (consumer, small business, and corporate). What is the...
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...Accounting Policies and Procedures Manual Xxx Accounting Policies and Procedures Manual Table of Contents Introduction Division of Duties Cash Receipts Procedures Cash Disbursements Procedures Reconciliations Petty Cash Fund Purchases Fixed Asset Management Payroll Financial Reporting Grant Compliance Fiscal Policy Statements Annual Meeting Checklist Computer System Backup Procedures 1 2 4 6 8 11 12 15 16 18 19 21 23 24 Introduction This manual has been prepared to document the internal accounting procedures for the Xxx (XXX). Its purpose is to ensure that assets are safeguarded, that financial statements are in conformity with generally accepted accounting principles, and that finances are managed with responsible stewardship. All personnel with a role in the management of XXX's fiscal operations are expected to uphold the policies in this manual. It is the intention of XXX that this accounting manual serve as our commitment to proper, accurate financial management and reporting. Revised 1/26/97 1 Division of Duties The following is a list of personnel who have responsibilities within the accounting department: President: 1. Reviews and approves all financial reports. 2. Reviews and approves annual budget. 3. Reviews the payroll summary for the correct payee, hours worked and check amount. 4. Reviews all vouchers and invoices for those checks which require his or her signature. 5. Reviews and approves all contracts for goods and services that...
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