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Reports

Financial reports are the documents and records you put together to track and review how much money your business is making (or not). The purpose of financial reporting is to deliver this information to the lenders and shareowners (the stakeholders) of your business. If someone else is supporting part of your business, financial reporting must be part of the essential contract between you and them. Your lenders and investors have the right to know if their money is being spent wisely and returning a profit. What a financial report should accomplish A financial report should answer certain basic financial questions: Is the business making a profit or suffering a loss, and how much? How do assets stack up against liabilities? Where did the business get its capital, and is it making good use of the money? What's the cash flow from the profit or loss for the period? Did the business reinvest all its profit? Does the business have enough capital for future growth? Businesses often assume that the readers of the financial statements and other information in their financial reports are fairly knowledgeable about business and finance, in general, and understand basic accounting terminology and measurement methods, in particular. Dont expect to find friendly hand holding and helpful explanations in financial reports you read, and realize that drafting a financial report yourself takes a lot of accounting know-how. Keeping your financial report legal Financial reporting is governed by statutory and common law, and it should be done according to ethical standards. Unfortunately, financial reporting sometimes falls short of both legal and ethical standards. These standards and requirements for accounting and financial reporting often change, so you need to stay updated. The reasons for these changes include the following: Scandals: Without a doubt, the rash of accounting and financial reporting scandals over the last two decades was one major reason for the step-up in activity by the standards setters. The Enron accounting fraud not only brought down a major international CPA firm (Arthur Andersen) but also led to passage of the Sarbanes-Oxley Act of 2002. Sarbanes-Oxley includes demanding requirements on public companies regarding establishing and reporting on internal controls to prevent financial reporting fraud. Complexity: Doing business has an ever-increasing level of complexity. When you look at how business is being conducted these days, you find more and more complexity for example, the use of financial derivative contracts and instruments. The legal exposure of businesses has expanded, especially in respect to environmental laws and regulations. There's also a move toward the internationalization of accounting and financial reporting standards. The price of dealing with these situations has been a rather steep increase in the range and rapidity of changes in accounting and financial reporting standards and requirements. You must make sure that your financial reports follow all current rules and regulations

Registers Background: Branches are maintaining various registers, as per practice in banks or as specified by various e-circulars to the from time to time. The formats of these registers was standardized vide circular no 2078. However, various registers were introduced by ecirculars subsequently. Further users of these registers felt that certain other fields needed to be captured; hence the standard format was changed from branch to branch. It is noted that number of registers has increased causing undue pressure on branches. Branches also tend to get penalized for non-maintenance of registers which may be used in a particular branch as a good practice but is not being maintained in another branch. Some of the registers result in duplication of work or repetition of details which can be captured in the support systems. The purpose of this circular is to rationalize the usage of registers at branches and reduce the number of registers. With this we also wish to introduce standardization across all the branches. A register is to be maintained only if there are regulatory requirements to maintain the same, if the details cannot be captured in any support system, we need for reconciliation purpose or we need to take acknowledgements in the register. With the introduction of this circular a large number of registers are herewith discontinued. The following is the list of registers which are to be maintained by the branch. Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Registers Cash Balancing Register Forged / Discrepant Note Register Mutilated Note Register Deposit ATM Transaction Register Deposit ATM Reconciliation Register QCD - Annexure I & II (QCD 6-8) Foreign Currency register Key Register Branch Document Register Cheque Book Issue / Payable at Par Cheque Book Register Deliverables Receipt & Delivery Register Returned Debit Card / Pin/ Cheque Book Register - Receipt and Delivery Demat deliverables(TIFD personalised booklet) Insta cards Deliverables Balancing Register Security Form Inventory and Issue Register Locker Access Register Locker Wait List Register Locker Key Register Gold Stock Register Gold In Transit Register Jewel Loan & Safe Register Inward Mail Register Outward Mail Register Customer Service Committee Meeting Register Complaints Register

Not in use
Sr. No . 1 Registers Loose Leaf Register Justification / Alternate Process Loose cheque process is discontinued. Payable at Par Cheques are issued. Cheque Book Issue / Payable at Par Cheque Book Register to be used. Register not required Narration to be mentioned in finacle giving details of type of discrepancy. Register not required Print out of the mirror account to be taken for reconciliation purpose. A report to be generated from finacle HACLI option when it is marked in system. Details to be mentioned in outward mail register. Details to be mentioned in outward mail register. Not required after sack process introduced. Branches are processing cheques. Merged with Deliverable Receipt and Delivery Register. Merged with Cheque Book Issue / Payable at Par Cheque Book Register. Data is updated in E-search system. Data is updated in E-search system. The request is scanned in staffware and customers acknowledgement to be taken in the second (banks) copy. TOD is granted centrally / through IAS. Details to be mentioned in outward mail register. For telephone and electricity bills details to be mentioned in E- info and for other bills in outward mail register. For telephone and electricity

2 3 4 5 6 7 8 9 10 11 12 13 14 15

Form 60 Discrepancy Register (Crisp) Back Office Processing Register (Crisp) SBI/RBI (Clearing account) Reconciliation Register Cheque Referred and Returned Registers Inward Cheque Return Register-Outward Cheque Return Register Transfer RPC Branches Drop Box Register Non RPC Branches Drop Box Register Retained Card Register Cheque Book Issue Register I Kit to SE Register Ikit issue register FIRC Issue Register

16 17 18

TOD Register Fixed Deposit Issued and Delivered Register Bills received for Payment Register

19

Bills received for Payment Register-

bills details to be mentioned in E- info and for other bills in inward mail register. 20 Register for emergency Merged with Deliverable TIFD/IDT/Pledge issued to customer Receipt and Delivery Register 21 Security Log Book Not required 22 Travel Card Control Register Merged with Deliverables Balancing Register. Details of travel card stock to be entered in Deliverables Balancing Register. 23 TC Register Acknowledgement to be taken on application form 24 Foreign DD issued register Acknowledgement to be taken on application form 25 Loan register Not required 26 Undelivered PO held in custody of BOM Details to be mentioned in outward mail register. 27 Insta Cards Issued register Merged with Deliverable Receipt and Delivery Register 28 Small safe register Merged with Jewel loan and safe register 29 BG register The details to be recorded in Security form Inventory and Issue Register Branches will follow the below steps for implementation of this circular: Branches need to continue maintaining the old register till the receipt of new registers from FMG. Once new registers are received, branches should start recording fresh entries in new registers. Till such time the entries in old registers are outstanding or branches need old registers, to refer to information contained therein, branches may store these old registers in branch premises. Once these registers are not needed, branches may dispatch these registers for storage to Record Management Service Provider. While discontinuing old registers branch should provide a due reference to the new registers on top page or individual entries as required by branch. The branches should strike out the empty space on the last used page of the register with a noting of the date of migration to the new register/discontinuance of the register.

Rejections

Storage policy for Registers: The following Registers need to be maintained as per specific guidelines as given below: A. Guidelines for Specific Registers: i. These guidelines apply to following registers: Cash Balancing Register

ii. iii. iv.

Key register Security Form Inventory and Issue Register Branch Document register Overnight storage of these registers should be under lock and key. The place of storage can be: Common Defender Safe, Cash Safe, FRFC, double lock Almirah etc. depending on availability of space and ease of operations. Vault Register will continue to be stored in the Cash Vault, as per current practice. The BOM/BM may designate custody of these registers to specific officials for control. The custody of register or changes in custodians of these registers need not be recorded. B. General guidelines for storage of ALL Registers: 1. Registers should be destroyed or disposed as per record retention policy. 2. Registers should not be taken out of premises of branch except when they are sent to the Record Management Service Provider for storage purposes. Maintenance of Registers - General Guidelines for all registers: 1. The entries in registers should be recorded legibly. 2. Columns should be filled up with appropriate information. 3. The officials should sign as per signatures/ initials submitted in branch document register. 4. The registers should be stored and maintained in good condition. 5. The registers should be labeled appropriately for easy identification. 6. Any exceptional situation observed while carrying out a particular transaction should be recorded against the particular insertion in register. This is left to judgment of officials. However all such exceptions should be signed by the BOM. The formats of each register are provided in Annexure I. The content of this circular is to be implemented from June 01, 2009.

Record Retention Policy


This policy seeks to: Promote compliance with federal, state, and other legal requirements for record retention Promote the efficient management, sharing, and transfer of information among authorized University staff within prescribed security standards Effectively utilize limited office space for active records and utilize low-cost, remote storage space for inactive records Dispose of records no longer needed to satisfy legal, regulatory or other requirements

Ensure that no record is disposed of unless authorized Ensure that the means of destruction is appropriate for the type of record under consideration Ensure the preservation of records of permanent value Ensure that record retention policies, schedules and procedures are reviewed and modified as necessary to respond to changes in technology or regulations The purpose of this policy is to ensure that necessary records and documents are adequately protected and maintained and to ensure that records that are no longer needed or of no value are destroyed at the appropriate time. This policy is also intended to preserve University history. Records management and retention policies apply to all records, regardless of format, whether they be paper, electronic, or microform (e.g., microfilm, microfiche, magnetic tapes, and CD-ROM), or other more traditional

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