Chapter 5 Accounting for Money Transfers Department Ibrahim Sammour.

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Presentation transcript:

Chapter 5 Accounting for Money Transfers Department Ibrahim Sammour

Money Transfers Definition: It is an order issued by the bank at the request of the client, for a branch or banks to pay a certain sum of money for a specific person or a specific destination (beneficiary).

Money Transfers Parts of money transfer: 1- Customer (The person who demands transfer). 2- Transferring bank. 3- Paying bank. 4- Beneficiary. 5- Correspondent bank (if found).

Money Transfers Functions of transferees department: 1- Issuing transfers. 2- Paying incoming transfers.

Types of money transfers: 1- Internal transfers: 2- External Transfers:

Types of money transfers: 1- Internal transfers: It deals inside the country between banks or branches, as following: A- Incoming internal transfers. B- Outgoing internal transfers.

Types of money transfers: 2- External Transfers: A- Incoming External transfers. B- Outgoing External transfers.

Financial transactions: First /Internal transfers: A- Outgoing internal transfers: 1- Current Ac./Treasury*** Commission *** Expenses *** Outgoing internal Transfer *** (Receiving the amount of the transfers, commission and expenses)

Financial transactions: 2- Outgoing internal Transfer *** Branches /Local banks *** (Receiving the transfer notes from branches or local bank, state that the amount of transfer is paid)

Financial transactions: B- In coming internal transfers: 1- Branches/Local Banks *** Incoming internal transfers *** (When receiving the money transfers from the branches or banks)

Financial transactions: 2-Incoming internal transfers *** Treasury/Credit Current Ac. *** (Paying the amount of transfer to the customer)

Second/External transfers: A- Outgoing external transfers: 1- Treasury/Credit Current Ac. *** Commission *** Expenses *** Outgoing external transfer *** (Receiving the transfer amount, commission and expenses from the customer)

Financial transactions: 2- Outgoing external transfer * * * Correspondent-Transfer * ** (When receiving a note from the external bank, state the payment of the money transfer)

Financial transactions: 3- Correspondent-Transfer *** Central hank/Current-Correspondent *** Transferring the money to the correspondent or adding it to their current accounts.

Financial transactions: B- Incoming external transfers 1- Correspondent-Transfer *** Incoming external transfer *** (Receiving the transfer notes from external bank, state that the amount of transfer is paid)

Financial transactions: 2- Incoming external transfer *** Treasury/ Credit Current A c. * * * (Paying the amount of transfer to the customer)

Financial transactions: 3- Central Bank / *** Correspondent- Transfer * * *