The concept and types of non-cash payments. The role of credit institutions in non-cash payments

Municipal educational institution

South Ural Professional Institute

Course work

in the discipline: "Accounting in banks"

on the topic: "Organization and accounting of non-cash payments in credit institutions"

Completed by: student gr. FZ-410-S

Bolkunenko R.P.

Checked:

Chelyabinsk

Introduction

1.1 Legal support for settlement operations and principles of their organization

1.3 Procedure for opening accounts

3. Forms of non-cash payments

Conclusion

Introduction

The topic of my course work is "Organization of non-cash payments in credit institutions"

The relevance of the topic I have chosen lies in the fact that issues of clear organization of monetary payments play a huge role in the activities of economic entities.

Any organization commits cash settlements both as a buyer and as a seller. She also carries out cash settlements with staff and accounts with the budget and the bank. The totality of all cash payments constitutes payment turnover. A significant part of the payment turnover is carried out non-cash, i.e. making entries (postings) on bank accounts. Cash is used mainly in payment transactions in which the population participates, as well as in settlements for small amounts.

Cashless payments in the Russian Federation are carried out through the payment system of the Bank of Russia and private payment systems. Non-cash payments are represented by intrabank payment systems for settlements between divisions of one credit organization, payment systems credit organizations for settlements on correspondent accounts opened with other credit institutions, payment systems of settlement non-bank credit institutions, as well as settlement systems between clients of one division of a credit institution (branch).

The Bank of Russia occupies a special place in the Russian payment system, since, being the operator of its own payment system, coordinates and regulates settlement relations in Russia, monitors the activities of private payment systems, defining the main provisions of their functioning, establishes rules, forms, terms and standards for non-cash payments, and also organizes cash circulation.

The Bank of Russia is developing a procedure for compiling and presenting statistical reporting, characterizing the Russian payment system, in order to increase its transparency.

The legal framework of the Russian payment system is based on the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation), Federal laws and regulations of the Bank of Russia adopted in accordance with them.

Settlements between legal entities and settlements with the participation of citizens are carried out in cash and in non-cash.

In accordance with the Civil Code of the Russian Federation, non-cash payments are made through credit organizations.

Relations between the Bank of Russia and its clients, as well as credit institutions and their clients, are regulated by correspondent account (sub-account) or bank account agreements. These documents serve legal basis for the functioning and further development of the Russian payment system.

In 2004, the Bank of Russia approved new edition dated October 3, 2002 No. 2-P of the Regulations on non-cash payments in the Russian Federation, which is the main normative document regulating non-cash payments between legal entities in the currency of the Russian Federation on its territory.

The purpose of my course work is to study non-cash payments in credit institutions. To achieve this goal, it is necessary to solve the following tasks:

· Find out the regulatory framework for ensuring settlement operations;

· Consider forms of non-cash payments and types of payment documents;

· Determine the types of accounts used in a commercial bank;

· Describe the procedure for opening accounts;

1. Organization of non-cash payments

1.1 Legal support for settlement operations and principles of their organization

Settlement operations are among the basic services of banks, which account for up to 2/3 of the operating time of bank personnel. In accordance with current legislation, payments between legal entities are carried out through accounts opened by them in banks. Settlement servicing of clients by banks contributes to the concentration of monetary resources in banks and creates the possibility of using these funds as a source of lending, therefore banks are interested in the rational organization of payment turnover.

Settlements are made with suppliers, contractors, the budget, extra-budgetary funds, accountable persons, founders, government and municipal authorities, with subsidiaries (dependent) companies, other debtors and creditors. When performing settlement operations, banks act as intermediaries participating in the process of organizing settlement legal relations. Clients have the right to independently choose a bank for settlement services and for all types of banking operations can use the services of one or more banks.

Settlement relations are regulated by the norms of various branches of law, primarily by the norms of civil and financial law. The most important regulations governing this area public relations, is Civil Code RF, Federal Law "On the Central Bank (Bank of Russia)", Federal Law "On Banks and banking", tax code RF, Regulations of the Central Bank of the Russian Federation "On non-cash payments in the Russian Federation" dated October 3, 2002. No. 2-P, etc.

The Civil Code of the Russian Federation regulates the rights and obligations of business entities, as well as establishes liability for violation of these obligations.

Settlement relations are also regulated by decrees of the Government of the Russian Federation and regulations of the Bank of Russia. The Bank of Russia is the body that regulates, coordinates and licenses the organization of settlement relations, including clearing systems in Russia. The competence of the Bank of Russia includes establishing rules, forms, terms and standards for non-cash payments. Currently, the Regulation “On Non-Cash Payments in the Russian Federation” dated October 3, 2002 No. 2-P is in force, which regulates general approaches to organizing payments and a unified document flow in banks.

When conducting settlement operations, the main activities of the bank are:

· crediting and storing incoming payments to the client’s account Money;

· writing off, on the client’s instructions (and by court decision and in other cases provided for by law and agreement - without such an order) the corresponding amounts from his account for crediting them to the creditors’ account;

· accepting cash from the client and issuing cash on his behalf;

· payment of established interest on amounts stored in the account;

· control of legality and possibility of carrying out monetary transaction;

· determining the balance of funds in client accounts and, based on receipts, withdrawals, tax accrual, mandatory reserves, dividends, interest, commissions, etc., crediting or debiting money from settlement, current or other accounts of clients;

cashless payment commercial bank

· notification of all participants in operations about their conduct and results.

Legal support for settlement transactions is based on compliance with certain rules, deadlines and standards for conducting transactions. The most important of them are principles of organizing settlement relationships. According to these principles:

· all enterprises, regardless of their organizational and legal form, are required to keep funds (both their own and borrowed) in the bank in the appropriate accounts;

· V in cash funds can be in bank cash desks within the limit and for certain period established by the bank in agreement with the enterprise;

· cash payments between enterprises are carried out by non-cash payments through banks;

· payments (settlements) are made by the bank in accordance with the payment documents received from the enterprise.

When making payments, banks and clients assume certain obligations that are imperative character, i.e. must be strictly observed according to the norms of the Civil Code of the Russian Federation. Thus, there are rules on the inadmissibility of unilateral refusal to fulfill the obligation provided for in an agreement on the provision of paid services. If the contract is monitored by the bank (or incompletely fulfilled) or the client’s obligations are not met on time, the bank must compensate the client for the losses actually incurred by him, including actual damage and payments made by the customer in favor of his counterparty.

For a bank, a unilateral violation of an agreement by a client means not only direct damage, but also lost profits, which must be compensated in full. Such violations not only lead to a deterioration in the financial condition of the parties, but are also subject to mandatory proceedings in the courts.

The basis for making payments is a bank or correspondent account agreement, unless otherwise provided by law. The most important rules that regulate settlement relations are:

· timely execution of payments under the contract;

· safety of documentation;

· confidentiality of information received by the bank from the client;

· responsibility of the bank for inadequate quality of settlement services.

In accordance with the bank account agreement, terms of payments and settlements bank. In the best way settlements are payments made by the bank on the day the client documentation is submitted (i.e. same day), unless otherwise provided by the agreement.

The bank is responsible for violation of the payment deadline, which is very important, since the full-fledged work of banks in the field of settlement relations completely depends on the correct execution of client documentation, the selection of the optimal form of payments, and the accuracy of their completion. In connection with the transition to a real-time settlement system, the procedure for processing documents becomes truly optimal and ensures the interests of the bank and its client to the greatest extent.

An important component of the settlement relationship between the client and the bank is safety of documentation, which is assigned to the bank (Law of the Russian Federation “On Banks and Banking Activities”) and is subject to mandatory implementation.

The bank must also guarantee the client confidentiality information received. When the bank fulfills its obligations, the information contained in client documentation is considered a commercial secret and is not subject to disclosure to third parties. The procedure and conditions for using such information are determined by agreement of the parties.

Thus, the scope of the relevant information must be defined in the contract. Ethical standards of banking activities provide for unconditional compliance with the confidentiality of all information that has become known to the bank in the process of customer settlement services. Otherwise, for violation of this obligation, the bank may be deprived of its license to carry out banking operations.

The Bank is responsible for improper quality of settlement operations. If these relations are carried out with deviations from the contract that worsen financial condition client, the latter has the right to terminate it and switch to service in another bank.

Losses incurred by the client in cases of unqualified service may be recovered from the bank based on a court decision or arbitration court according to the claim brought by the Central Bank of the Russian Federation, which issued the license: losses incurred in full; a fine credited to the federal budget in accordance with the established amounts.

1.2 Types of accounts opened in a commercial bank

Based on a bank account agreement, clients, depending on the nature of their activities and sources of financing, can open various types of accounts: settlement, current, budget, deposit, loan, etc. The types of accounts opened in a bank for clients are predetermined by their legal status and the nature of their activities.

Checking account is the main account of the enterprise. It is opened to enterprises, regardless of their form of ownership, that have the rights of a legal entity; the account is intended for making payments, primarily for its main activities. Thus, not only the proceeds from the sale of products are credited to the current account ( execution of work, provision of services), but also income not related to the main activity of the enterprise: income from non-sales operations, amounts of loans received and other income, settlements with suppliers, budgets for taxes and equivalent payments, dividends, interest, etc. From this In the same account, the company's expenses are incurred and their financial obligations are repaid.

Thus, the results of all banking operations related to core activities are concentrated on the current account. The account balance indicates the available funds available to its owner.

Relations between the parties are of a reimbursable nature if the bank account agreement establishes the accrual of interest on the minimum balances of funds on current accounts. At the same time, for settlement service Most Russian banks do not charge fees for legal entity accounts.

Current accounts are opened to enterprises that do not have the characteristics that give the right to have a current account. Branches, representative offices and others separate units enterprises open current accounts through which transactions related mainly to wages and administrative expenses are carried out. The following operations are carried out on this account: crediting funds from the current account of the head enterprise for the issuance of wages and travel expenses; issuing them; non-cash transfers in the deposits of citizens, as well as withholding their wages (with the permission of the bank, cash payments may also be provided for the fulfillment of production tasks).

Budget accounts are opened to organizations (enterprises) financed from the federal budget (non-budgetary funds). Depending on the nature of the transactions accounted for, they are divided into income, expense, and current accounts local budgets and current accounts of extrabudgetary funds.

Funds received into accounts are subject to strict intended use on behalf of financial authorities in accordance with the objectives of the activities of these enterprises. By agreement of the parties, a fee may be established, calculated on the balances of funds in the specified accounts.

Deposit accounts legal (individual) persons are opened for storing for a certain time part of the funds of the enterprise at its request in the servicing bank or any other bank. These funds are credited by transferring the corresponding amounts from settlement and current accounts.

In accordance with the relationship between the parties, the bank is obliged to accept the amount (deposit) received from the depositor and return the entire deposit to him with the established interest. Relations regarding bank deposits are regulated by Chapter 44 of the Civil Code of the Russian Federation. The rules on a bank account agreement (Chapter 45 of the Civil Code of the Russian Federation) may be applicable to them in the part corresponding to the essence of the agreement bank deposit(contribution).

There are features regarding attracting deposits individuals commercial banks. In accordance with the laws of the Russian Federation "On banks and banking activities" and "On insurance of deposits of individuals in banks of the Russian Federation" dated December 23, 2003. No. 117 - RZ these operations can be carried out only by banks that have a special license to attract funds from individuals for deposits in rubles or foreign currency. Responsibilities for paying the amounts received and accrued interest on the deposit lie with the commercial bank. The contribution can be certified savings book, savings certificate or other document issued to the depositor by a commercial bank, established in accordance with banking rules and business customs used in practice.

Loan accounts can be opened to legal entities to reflect on them the amounts of the loan issued by the bank. The loan is issued by transferring the amount from loan accounts to the settlement (current) accounts of bank clients. These operations are formalized by a conclusion loan agreements . In accordance with the loan agreement (or credit agreement) concluded by the borrower (legal entity) with the lender (bank), the latter transfers the ownership of money to the borrower, and he undertakes to return the same amount (loan amount) to the lender.

Funds received by the borrower from loan accounts can be used directly to pay for the credited material assets and expenses, including the issuance of funds for wages with the simultaneous transfer of taxes and mandatory payments to budgets and off-budget funds. Repayment of debt on loans and payment of interest on them is carried out in the reverse order from settlement (current) accounts to loan accounts. If the debt on the principal amount of the loan or interest on it is not repaid on time, these amounts are credited to the accounts of overdue debts (respectively for the principal amount of the debt or to the accounts of overdue interest).

In addition to the types of accounts discussed above, banking rules regulate the opening of other types of accounts, for example foreign exchange accounts, accounts for transactions with securities, for the provision of bank cards etc., in accordance with the types of banking operations.

The bank can use the funds in the company’s account as credit resource, but is obliged to guarantee their availability when making claims on the account, the client’s right to dispose of these funds and receive income (interest) on them.

Thus, the considered types of accounts opened in a commercial bank reflect the state of settlement relations. Clients have the right to open the required number of settlement, deposit and other types of accounts in any currency in banks with their consent, unless otherwise provided by federal laws.

1.3 Procedure for opening accounts

The procedure for opening accounts and the mechanism for carrying out transactions on them are regulated by the Bank of Russia in accordance with the law. They can be opened by an enterprise with various shapes property. There are features of providing legal entities with the documents necessary to open certain types of accounts.

To open a bank account, resident enterprises submit:

· application for opening an account of the established form;

· certificate of registration with the tax authority;

· certificate from the Pension Fund of the Russian Federation;

· a certificate from the body of the Compulsory Health Insurance Fund in the statistical authorities;

· a notarized card with sample signatures and an imprint of the company’s seal (according to the established form);

· copies of documents on the appointment (election, etc.) of officials of the enterprise - the account manager, indicated in the cards presented to them;

· a copy of the document on inclusion in the Unified State Register of Enterprises and assignment of codes to the enterprise by the State Statistics Committee of the Russian Federation;

· notarized (certified by the registering authority) copies of:

Charter (regulations);

Memorandum of Association (application for registration);

Evidence of state registration enterprises;

Bank account agreements.

Opening accounts entrepreneurs has its own characteristics. If an entrepreneur carries out his activities without forming a legal entity, current and other accounts are opened in his name. To open a bank account you must provide:

· application for opening an account in Russian rubles;

· a copy of the state registration document, certified by a notary (or registration authority);

· certificate of registration with the tax authority;

· certificate from the Pension Fund of the Russian Federation;

· certificate from the authority of the Compulsory Health Insurance Fund;

· notarized card with a sample signature of the entrepreneur.

All payments from the client's account are carried out by the bank only on the client's instructions and on the day the payment documents are received by the bank before the end of the business day. For late payments from the client's account, the bank pays the client a penalty in the amount of 0.5% of the untimely transferred amount for each day of late payment.

All payments in favor of the account holder are credited on the day the bank receives confirming payment documents. In case of delay in receipt of payment documents, the bank takes all measures to ensure their search. For untimely crediting of payments to the client's account due to the fault of the bank, the bank pays a penalty in the amount of 1% of the untimely credited amount for each day of delay.

Borrower's account - This is one of the settlement (current) accounts with which all settlements for repaying debts to the budget and extra-budgetary funds are made. The debtor's account is registered with the territorial body of the State Tax Service. In this case, the company may be refused to register such an account with a specific bank. During the validity period of the debtor's account, from all other settlement (current) accounts in rubles, only operations are carried out to credit funds and transfer them to the debtor's account and make payments of the 1st and 2nd priority groups.

The date of sending the bank message cannot differ by more than 5 days from the date of opening (closing) the account. In addition, banks, within 5 days, report the opening of an account to the body of the Pension Fund of the Russian Federation, which issued organizations and citizens a certificate of registration as payers of insurance contributions to this fund.

The opening of an account for clients is registered in the open account register.

2. Types of payment documents, required details and features of calculations by them

Banks carry out transactions on accounts based on settlement documents.

A settlement document is a document drawn up on paper or, in certain cases, an electronic payment document:

· Order of the payer (client or bank) to write off funds from his account and transfer them to the account of the recipient of funds;

· Order of the recipient of funds (collector) to write off funds from the payer's account and transfer them to the account specified by the recipient of funds (collector).

When making non-cash payments in the prescribed forms, the following are used:

· Money orders;

· Letters of credit;

· Payment requirements;

· Collection orders.

Settlement documents on paper are drawn up on document forms included in the All-Russian Classifier of Management Documentation OK 011 - 93 (class "Unified System of Banking Documentation").

Forms of settlement documents are produced in a printing house or using computer technology.

It is permitted to use copies of settlement document forms obtained using duplicating equipment, provided that the copying is made without distortion.

Payment documents on paper are filled out using typewriters or computers in black font, with the exception of checks, which are filled out with pens with paste, black, blue or purple ink (checks can be filled out on a typewriter in black font). Signatures on payment documents are affixed with a pen with ink or black, blue, or purple ink. The seal impression and the bank stamp imprinted on payment documents must be clear.

Payment documents must contain the following details (taking into account the specifics of the forms and the procedure for making non-cash payments):

· name of the settlement document and form code according to OKUD OK 011 - 93;

· number of the payment document, day, month and year of its issue;

· payment type;

· name of the payer, his account number, an identification number taxpayer (TIN);

· name and location of the payer’s bank, its bank identification code (BIC), correspondent account or subaccount number;

· name of the recipient of funds, his account number, taxpayer identification number (TIN);

· name and location of the recipient's bank, its bank identification code (BIC), correspondent account or sub-account number;

· purpose of payment - the tax to be paid is highlighted in the payment document as a separate line (otherwise there must be an indication that the tax is not paid);

· payment amount indicated in words and numbers;

· order of payment;

· type of operation in accordance with the “List of symbols (ciphers) of documents posted to bank accounts”;

· signatures (signature) of authorized persons (persons) and seal impression (in established cases).

Fields “Payer”, “Recipient”, “Purpose of payment” in settlement documents for the transfer of payments to accounts for accounting income and budget funds of all levels budget system Russian Federation, collection of arrears of taxes and penalties, as well as amounts of tax sanctions for violation of tax legislation based on decisions judiciary filled out taking into account the requirements established by the Ministry of Finance of the Russian Federation and the Ministry of the Russian Federation for Taxes and Duties in agreement with the Bank of Russia.

Corrections, blots and erasures, as well as the use of correction fluid in settlement documents are not allowed.

Payment documents are valid for presentation to the servicing bank for 10 calendar days, not counting the day of their issue.

Settlement documents are presented to the bank in the number of copies required for all participants in the settlements. All copies of the payment document must be filled out identically.

The second and subsequent copies of settlement documents can be produced using carbon paper, duplicating or computer technology.

Payment documents are accepted by banks for execution if the first copy (except for checks) contains two signatures (first and second) of persons authorized to sign settlement documents, or one signature (if there is no person on the organization’s staff who can be granted the right of a second signature) and a seal imprint (except for checks) stated in the card with sample signatures and seal imprints. For operations carried out by branches, representative offices, departments on behalf of a legal entity, settlement documents are signed by persons authorized by this legal entity.

Within the framework of the applicable forms of non-cash payments, the use of analogues of a handwritten signature is allowed in accordance with the requirements of legislation and regulations of the Bank of Russia.

The payer has the right to revoke his payment orders, recipients of funds (collectors) - settlement documents accepted by the bank in the order of settlements for collection, not paid due to insufficient funds in the client's account and placed in the card index on an off-balance sheet basis. account 90902 " Calculated documents not paid on time "

Dt 99999 - Kt 90902

Unexecuted settlement documents may be recalled from the card index in full, and partially executed ones - in the amount of the balance.

Partial withdrawal of amounts from settlement documents is not permitted.

Revocation of settlement documents is carried out on the basis of a client’s application submitted to the bank, drawn up in two copies in free form, indicating the details necessary for the withdrawal, including the number, date of preparation, amount of the settlement document, name of the payer or recipient of funds (collector).

Both copies of the application for revocation are signed on behalf of the client by persons authorized to sign settlement documents, certified by a seal and provided to the bank servicing the payer - for payment orders or the recipient of funds (collector) - for payment requests and collection orders. One copy of the application for revocation is placed in the bank's daily documents, the second is returned to the client as a receipt for receipt of the application for revocation.

The bank serving the recipient of funds (collector) withdraws payment requests and collection orders by sending a written application to the payer's bank, drawn up on the basis of the client's application.

Revoked payment orders are returned by banks to the payers; settlement documents received in the order of settlements for collection - to recipients of funds (collectors) after their receipt from banks servicing payers.

Return of settlement documents from the card index on an off-balance sheet basis in case of closing the client's account, it is carried out in the following order.

Payment orders are returned to the payer.

Payment documents received by the bank in the order of settlements for collection are returned to the recipients of funds (collectors) through the bank servicing them, indicating the date of account closure.

When returning payment documents, the bank draws up an inventory of them, which is to be stored together with the legal file of the client whose account is being closed.

If it is impossible to return payment requests and collection orders in the event of liquidation of the recipient's bank (collector) or lack of information about the location of the recipient of funds (collector), they are subject to storage together with the legal file of the client whose account is closed.

When returning payment documents accepted but not executed for one reason or another, the bank marks confirming their acceptance for execution are crossed out by the relevant bank. On the reverse side of the first copy of the payment request and collection order, a note is made about the reason for the return, the date of return, the bank stamp, as well as the signatures of the responsible executor and the supervisory employee are affixed. An entry is made in the journal for registering payment requests and collection orders indicating the date of return.

3. Forms of non-cash payments

Crediting (writing off) funds to customer accounts is carried out on the basis of the following settlement documents:

· payment order;

· letter of credit;

· collection orders (payment requests).

Payment order is an order of the account owner (payer) to the bank servicing him, documented in a settlement document, to transfer a certain sum of money to the recipient's account opened in this or another bank. The payment order is executed by the bank within the period provided for by law, or in a shorter period established by the bank account agreement or determined by applicable regulations. banking practice business customs.

Payment orders can be made:

· transfer of funds for goods supplied, work performed, services rendered;

· transfer of funds to budgets of all levels and extra-budgetary funds;

· transfer of funds for the purpose of returning/placing credits (loans)/deposits and paying interest on them;

· transfer of funds for other purposes provided for by law or agreement.

Payment orders are submitted to the bank at paper media or in electronic form.

If payment orders are given on paper, they must be signed with handwritten signatures of authorized persons, certified by a seal in accordance with the declared samples. For electronic payment orders transmitted via communication channels, each bank determines the procedure for accepting such documents, their protection, and execution.

The payment order must contain the following details:

· name of the settlement document;

· payment document number;

· date, month, year of his discharge;

· name of the payer, his TIN, his bank account number;

· name and details of the payer's bank;

· name of the recipient of funds, his TIN, his bank account number;

· name and details of the recipient's bank;

· purpose of payment;

· payment amount (in numbers and in words).

In accordance with the terms of the main agreement, payment orders can be used for advance payment of goods, works, services or for making periodic payments

Dt settlement (current) accounts - KT of correspondent bank accounts

The payment order is drawn up on form No. 0401060

Payment orders are accepted by the bank regardless of the availability of funds in the payer's account.

If there are no or insufficient funds in the payer’s account, and also if the bank account agreement does not define the terms of payment for settlement documents in excess of the funds available in the account, payment orders are placed in the card index on an off-balance sheet basis. Account 90902 "Settlement documents not paid on time"

Dt 90902 - Kt 99999

At the same time, on front side in the upper right corner of all copies of the payment order, a mark in any form is placed on placement in the card index indicating the date. Payment of payment orders is made as funds are received in the order established by law.

Partial payment of payment orders from the card index on an off-balance sheet basis is allowed

When paying a payment order partially, the bank uses payment order form No. 0401066.

When issuing a payment order for partial payment, the bank’s stamp, date, and signature of the bank’s responsible executive are affixed to all copies in the “Bank Marks” field. The first copy of the payment order for partial payment is also certified by the signature of the bank’s supervisory employee.

On the front side of a partially paid payment order, a note is made in the upper right corner: “Partial payment.” The entry on the partial payment (the serial number of the partial payment, the number and date of the payment order, the amount of the partial payment, the amount of the balance, signature) is made by the responsible executive of the bank on the reverse side of the payment order.

When making a partial payment under a payment order, the first copy of the payment order by which the payment was made is placed in the bank's daily documents, the last copy of the payment order serves as an attachment to the extract from the payer's personal account.

When the payment order is paid in full, a record is made.

Dt 99999 - Kt 90902 "Settlement documents not paid on time"

If payment cannot be executed due to lack of funds in the correspondent account, it is taken into account in the account 47418 “Funds written off from client accounts but not posted to the correspondent account” (P):

Dt 405, 406 - Kt 47418

( current accounts

clients)

And at the same time, the settlement document is taken into account in an off-balance sheet account 90903 " Customer settlement documents not paid on time due to lack of funds in the correspondent accounts of the credit institution":

Dt customer settlement documents, - Kt 99999

not paid on time due to absence

funds on credit correspondent accounts

organizations

When paying for a payment document, the following entry is made in accounting:

Dt 47418 - Kt 30102

Analytical accounting by account 90903 is maintained for each bank client, broken down by payment priority groups.

Payments using letters of credit

A letter of credit is a conditional monetary obligation accepted by the bank (issuing bank) on behalf of the payer, to make payments in favor of the recipient of funds upon presentation by the latter of documents that comply with the terms of the letter of credit, or to authorize another bank (executing bank) to make such payments.

When making payments of this type, different forms of letters of credit are used:

· covered (deposited);

· uncovered (guaranteed);

· revocable or irrevocable.

Letters of credit are considered covered if, upon opening, the issuing bank transfers its own funds to the payers or the loan granted to it at the disposal of the supplier’s (executor’s) bank to a separate balance sheet account 40901 "Letters of credit payable" ( P). Accounting for the amounts of covered (deposited) letters of credit is carried out by the issuing bank in an off-balance sheet account or 90908 "issued letters of credit for settlements with non-residents" .

When correspondent relations are established between credit institutions, an uncovered letter of credit can be opened with the executing bank by granting it the right to write off the entire amount of the letter of credit from the account of the issuing bank maintained by it. The issuer records the amounts for issuing an uncovered letter of credit in a separate off-balance sheet account 91404 (P) "Guarantees issued by the bank", and by the contractor - on an off-balance sheet account 91305 (A) "Guarantees, guarantees received by the bank."

A revocable letter of credit can be amended or canceled by the issuer without prior consent from the supplier (in case of non-compliance with the conditions stipulated by the contract).

The payer can give all orders to change the terms of a revocable letter of credit to the supplier only through the issuing bank, which notifies the executing bank, and the latter notifies the supplier. However, the contractor is obliged to pay for documents corresponding to the terms of the letter of credit issued by the supplier before receiving notification of the change or cancellation of the letter of credit.

An irrevocable letter of credit cannot be amended or canceled without the consent of the supplier in whose favor it is opened.

The supplier may refuse to fulfill the letter of credit early if this is provided for by the terms of the letter of credit. A letter of credit can be intended for settlements with only one supplier.

The validity period and payment procedure for a letter of credit are established in the agreement between the payer and the supplier, which should indicate:

· name of the issuer (buyer);

· type of letter of credit and method of its execution;

· method of notifying the supplier about the opening of a letter of credit;

· full list and a full description of the documents submitted by the supplier to receive funds under the letter of credit;

· deadlines for providing documents after shipment of goods, requirements for their execution.

The opening of guaranteed letters of credit by the issuer is carried out by agreement with the buyer and in accordance with the terms of correspondent relations with another bank.

To open a letter of credit, the payer submits an application indicating:

· number of the agreement under which the letter of credit is opened;

· validity period of the letter of credit (date, month of closure of the letter of credit);

· Supplier name;

· name of the credit organization of the performer;

· place of execution of the letter of credit;

· full and exact name of the documents on which payments are made under the letter of credit, the deadline for their submission and the procedure for execution;

· type of letter of credit;

· purpose of the letter of credit, i.e. for the shipment of what goods a letter of credit is opened;

· letter of credit amount;

· method of implementing a letter of credit.

To receive funds under a letter of credit, the supplier, having shipped the goods, submits a register of accounts and shipping documents before the expiration of the letter of credit to the executing bank. If at least one of the conditions is violated, payments under the letter of credit are not made.

The register of accounts is presented in four copies.

The first copy of the register is placed in the bank's day-to-day documents as a basis for writing off funds from the personal account of the balance sheet account 40901 “Letters of credit for payment” under a covered (deposited) letter of credit or the basis for writing off funds from the correspondent account of the issuing bank opened with the executing bank under an uncovered (guaranteed) letter of credit. At the same time, the amount of the used uncovered (guaranteed) letter of credit is debited from the corresponding personal account of the off-balance sheet account 91305 " Guarantees, guarantees received by the bank."

The second copy of the register with the attachment of goods, transport and other documents required by the terms of the letter of credit, as well as the third copy are sent to the issuing bank for delivery to the payer and simultaneous reflection in the off-balance sheet account 90907 "Issued letters of credit" or " 91404 "Guarantees issued by the bank" depending on the type of letter of credit.

The letter of credit is closed at the executing bank:

· upon expiration of the letter of credit (in the amount of the letter of credit or its balance);

· based on the application of the recipient of funds to refuse to further use the letter of credit before its expiration, if the possibility of such refusal is provided for by the terms of the letter of credit (in the amount of the letter of credit or its balance);

· by order of the payer for full or partial revocation of the letter of credit, if such revocation is possible under the terms of the letter of credit (in the amount of the letter of credit or its balance).

When revoked, the letter of credit is closed or its amount is reduced on the day the payer's order to fully or partially revoke the letter of credit is received from the issuing bank. In this case, the amount of the covered (deposited) letter of credit is reduced within the amount of the balance recorded on the personal account of the balance sheet account 40901 "Letters of credit payable."

In case of partial revocation of a letter of credit, the executing bank places the mark “Partial revocation” on the front side of the letter of credit; the amount indicated in numbers is circled and marked new amount. On the reverse side of the covered (deposited) letter of credit, a record is made of the amount of the refunded amount and the date of return, which is certified by the signature of the responsible executor indicating the surname, as well as the stamps of the bank.

The unused or withdrawn amount of a covered (deposited) letter of credit is subject to return by the executing bank by payment order to the issuing bank simultaneously with the closure of the letter of credit or reduction of its amount.

The executing bank must send a notification in any form to the issuing bank about the closure of the letter of credit.

In accounting use letter of credit form calculations are reflected in the following entries.

Opening of an (uncovered) guaranteed letter of credit

The following transactions are made at the issuing bank (buyer):

1) A guarantee was issued for an uncovered letter of credit:

Dt 99999

Kt 91404 " Issued guarantees and warranties"

2) Upon receipt of the register of accounts, funds are debited from the letter of creditor’s account opened with the executing bank:

Dt 40702 Payer's current account

Kt 30110 " Correspondent accounts with correspondent credit institutions."

And at the same time the guarantee issued by the bank is closed:

Dt 91404"Guarantees and sureties issued"

Kt 99998 Account for correspondence with passive accounts with double entry.

The following entries are made in the executing bank (supplier):

1) A guarantee was received from the correspondent bank:

Dt 91305 " Received guarantees and warranties"

Kt 99999

2) According to the register of accounts, after fulfilling the terms of the letter of credit agreement, payment is made from the correspondent account of the issuing bank opened with the executing bank:

Dt 30109 " Correspondent accounts of correspondent credit institutions"

Kt 40702 Supplier's account .

And at the same time the account for recording the received guarantees is closed:

Dt 99999 Account for correspondence with active accounts under double entry.

Kt 91305 " Received guarantees and warranties."

Opening of a (covered) escrow letter of credit

Reflection of transactions on accounts with the issuing bank

1) A covered (deposited) letter of credit has been opened at the issuing bank:

Dt 90907 " Issued letters of credit"

Kt 99999 Account for correspondence with active accounts under double entry.

And at the same time, the amount of the letter of credit is debited from the payer’s current account and transferred to the executing bank:

Dt 40702 Payer's current account

Kt 30102"Correspondent accounts of credit institutions in the Bank of Russia."

2) After fulfilling the terms of the letter of credit agreement and upon receipt of the register of accounts (2-3 copies), the account is closed 90907 :

Dt 99999 Double entry correspondence account with active accounts

Kt 90907"Issued letters of credit."

Reflection of transactions on accounts in the executing bank

3) At the bank, the funds received are credited to a separate personal account 40901 "Letters of credit for payment."

4) Dt 30102 Correspondent account of the nominated bank

5) Kt 40901 " Letters of credit for payment"

6) After fulfilling the terms of the letter of credit agreement, the funds are credited to the recipient’s current account:

Dt 40901 " Letters of credit for payment"

Kt 40702 Supplier's account.

Payments by checks

According to the Regulations of the Central Bank of the Russian Federation dated October 3, 2002 No. 2-P, settlement checks can be used when making non-cash payments.

A check is a document in the established form that allows payments from the drawer to the check holder.

The drawer is the person who wrote the check.

Check holder - the person in possession of the check issued.

Payer - the bank making payment on the presented check.

A check is a security document and is made according to a single sample. Blank checks are blank strict reporting and are accounted for in an off-balance sheet account 91207 "Forms" . CT accounts 99999 Account for correspondence with active accounts under double entry.

To receive checks, a legal entity submits an application to the bank to receive checks. If necessary, a payment order is submitted along with the application to deposit funds in a separate personal account of the drawer 40903 "Cash checks" (P). The amount of funds deposited from the corresponding current account is credited to this account. The check must be presented to the bank for payment within 10 days, not counting the day of its issue.

For non-cash payments, checks issued by credit institutions can be used.

Checks from credit institutions can be used by clients of the credit institution issuing these checks, as well as in interbank settlements in the presence of correspondent relations.

Checks issued by credit institutions are not used for settlements through divisions of the Bank of Russia settlement network.

The check must contain all the mandatory details established by the Civil Code of the Russian Federation, and may also contain additional details, determined by the specifics of banking activities and tax legislation. The form of the check is determined by the credit institution independently.

Before issuing checks to clients, credit institutions are required to fill out checks by marking them with:

· name of the credit institution and its location at the top of the check;

· credit institution number at the bottom of the check;

· personal account number of the drawer at the bottom of the check;

· name of the check drawer - a legal entity, his account number in the lower left part of the check;

· size limit the amount for which a check can be issued (on the back of the check) in numbers and words;

· seal and signatures of officials of the credit institution.

Along with the checks, the client is issued an identification card (check card) in one copy. On the front side of the card contains:

· name of the credit institution and its location;

· name "check card No. __";

· name of the legal entity;

· drawer's signature;

· passport details of the check drawer;

· check drawer's account number.

On the back of the card there should be an inscription: “We guarantee payment of a check traced to us subject to the following conditions:

· a check can be issued for an amount not exceeding that indicated on its reverse side;

· the drawer's signature must correspond to the sample signature presented on the check card;

· the check number must match the number indicated on the check card;

· check must be made payable on full amount, to which he was discharged;

· the seal and signature of the responsible employee of the credit institution must be affixed."

Commercial banks submit accepted checks to the cash settlement center with completed registers in 4 copies:

The first and second copies are sent to the cash settlement center servicing the payer’s bank;

The third one remains with the check at the cash settlement center serving the supplier’s bank;

The fourth is issued as a receipt for receipt of checks to the supplier's bank.

Funds are written off from the drawer's account based on the register of checks received from the cash settlement center. The checks themselves remain in storage at the cash settlement center. Copies of these may be requested as necessary.

1. Funds are debited from the client’s current account for depositing on the account when making non-cash payments by checks:

Dt 40702 " Checking account"

Kt 40903 " Payment checks."

2. Funds written off to pay for the presented check:

Dt 40903 " Payment checks"

Kt 30102"Correspondent account of a credit institution."

Settlements by collection orders

A collection order is a settlement document on the basis of which funds are written off from the payer’s accounts in an indisputable manner.

Payments for collection are carried out on the basis of payment requests, payment of which can be made by order of the payer (with acceptance) or without his order (in an unaccepted manner), and collection orders, payment of which is made without the order of the payer (in an indisputable manner).

Payment requests and collection orders are submitted by the recipient of funds (collector) to the payer's account through the bank serving the recipient of funds (collector).

The recipient of the funds (collector) submits the specified settlement documents to the bank in the register of settlement documents submitted for collection, form No. 0401014, compiled in two copies. The register may include, at the discretion of the recipient of funds (collector), payment requests and (or) collection orders.

The first copy of the register is drawn up with two signatures of persons authorized to sign settlement documents and a seal.

When accepting payment requests and collection orders for collection, the executive officer of the issuing bank checks the compliance of the payment document with the established form of the form, the completeness of filling out all the details provided for in the form, the compliance of the signatures and seal of the recipient of funds (collector) with the samples specified in the card with sample signatures and seal imprint , as well as the identity of all copies of settlement documents. When accepting collection orders with attached executive documents, the responsible executive of the bank is obliged to check the compliance of the details of the settlement document (date and number of the executive document referred to in the settlement document, the amount collected, the names specified in the fields "Payer" and "Recipient" of the settlement document) details of the executive document. The name specified in the "Recipient" field of the settlement document may not correspond to the name of the recoverer of the funds bailiff- by the executor to the deposit account of the bailiff service.

After checking the correctness of completion, all copies of accepted payment documents are affixed with the stamp of the issuing bank, the date of receipt and the signature of the responsible executor. Documents that are not accepted are deleted from the register of settlement documents submitted for collection and returned to the recipient of funds (collector), the number and amount of settlement documents in the register are corrected. Both copies of the register and corrections in them are certified by the signature of the responsible executive of the issuing bank.

The last copies of settlement documents, together with the second copy of the register, are returned to the recipient of funds (collector) as confirmation of acceptance of documents for collection.

The first copies of the registers remain in the issuing bank, are filed in a separate folder, are used as a journal for registering settlement documents accepted for collection and are stored in the issuing bank in accordance with the established retention periods for documents.

The issuing bank, which has accepted payment documents for collection, undertakes the obligation to deliver them to their destination. This obligation, as well as the procedure and terms for reimbursement of costs for the delivery of settlement documents, are reflected in the bank account agreement with the client.

Institutions and divisions of the Bank of Russia settlement network carry out forwarding of settlement documents of credit institutions themselves and other clients of the Bank of Russia in the manner prescribed by the regulations of the Bank of Russia.

Credit organizations (branches) organize the delivery of payment documents to their clients independently.

Payment requests and collection orders from clients of credit institutions (branches) submitted to the account of the credit institution (branch) must be sent to the institution or division of the Bank of Russia servicing this credit institution (branch).

Payment requests and collection orders received by the executing bank are recorded in a free-form journal indicating the payer's account number, number, date and amount of each settlement document. During registration, institutions and divisions of the Bank of Russia settlement network additionally indicate the BIC of the payer's bank and the BIC of the recipient's bank (collector's bank). On the first copy of received payment requests and collection orders, the date of receipt of the settlement document is indicated in the upper left corner.

In the absence or insufficiency of funds in the payer's account and in the absence of conditions in the bank account agreement for payment of settlement documents in excess of the funds available in the account, payment requests accepted by the payer, payment requests for direct debit of funds and collection orders (with attached established by law cases by executive documents) are placed in a file cabinet on an off-balance sheet basis account 90902 "Settlement documents not paid on time" indicating the date of placement in the file cabinet.

The executing bank is obliged to notify the issuing bank about the placement of settlement documents in the card index according to the off-balance sheet account 90902 "Settlement documents not paid on time" by sending a notice of placement in the file cabinet of form No. 0401075. The specified notice is sent by the executing bank to the issuing bank no later than the business day following the day the settlement documents are placed in the file cabinet. In this case, on the reverse side of the first copy of the payment document, a mark is made on the date of sending the notice, a bank stamp and the signature of the responsible executor are affixed.

The issuing bank delivers a notice of filing to the client upon receipt of a notice from the executing bank.

Payment of settlement documents is made as funds are received into the payer's account in the order established by law.

Partial payment of payment requests, collection orders located in the card index on an off-balance sheet basis is allowed. account 90902 "Settlement documents not paid on time."

Partial payment is made by payment order form No. 0401066.

In case of partial payment of a payment request, a collection order from a card index on an off-balance sheet account 90902 "Settlement documents not paid on time" The responsible executive of the bank enters on all copies of the payment document in the appropriate columns at the bottom of the form the number of the partial payment, the number and date of the payment order by which the payment was made, the Amount of the partial payment, the amount of the balance and certifies the entries made with his signature.

When a payment request or collection order is paid in full, the stamp of the payer’s bank, the date of debit from the account and the signature of the responsible executor are affixed in the “Marks of the payer’s bank” field.

When a payment request or collection order is paid in full or in part, the following entry is made:

Dt banking accounts payer

CT bank correspondent accounts.

If payment is not received under a payment request, collection order or notice of filing Form No. 0401075 in the card index, the issuing bank may, at the request of the recipient (collector) of funds, send to the executing bank a request in any form about the reason for non-payment of the specified settlement documents no later than the business day following the day of receipt of the relevant document from the recipient of funds (collector), unless another period is provided for in the bank account agreement.

In case of failure or improper execution instructions of the client to receive payment on the basis of a payment request or collection order, the issuing bank is liable to them in accordance with the law.

Interbank settlements

For payments between credit institutions and between the credit institution and the Bank of Russia on a contractual basis are established correspondent relations ( correspondent accounts are opened). Funds are written off from the accounts of a credit organization by its order or with its consent, except for cases provided for by federal law. Credit organizations, on a contractual basis, can attract and place funds with each other in the form of deposits, loans, carry out settlements through settlement centers created in the prescribed manner and correspondent accounts opened with each other, and carry out other mutual operations provided for by licenses issued by the Bank Russia.

Non-cash payments between credit institutions can be made through:

1) settlement network of the Bank of Russia;

2) credit organizations with correspondent accounts “Loro” and “Nostro”;

3) non-bank credit organizations carrying out settlement operations;

4) intrabank settlement system (inter-branch turnover accounts).

In accordance with the agreement on correspondent relations through settlement network of the Bank of Russia a credit organization opens a correspondent account in one of the Bank of Russia institutions (cash settlement center or operational department) at the place of its registration. To this account, which is maintained in parallel at the credit institution and at the cash settlement center, funds are daily credited and debited for all bank operations and serves to control the conduct of settlement transactions by the Bank of Russia.

The main principle of making payments on correspondent accounts of banks is to make them strictly in the presence and within the limits of the balance of funds in these accounts. If there are insufficient funds to satisfy all requirements, funds are debited from the correspondent account of the credit institution for payments from clients who have the necessary funds, as well as for their own payments, in the order established by the Civil Code of the Russian Federation.

The types of services provided when transferring funds (write-off, transfer, credit) are established: acceptance of a settlement document, processing of a settlement document corresponding to the settlement technology used, issuance of a settlement document to a credit institution - the recipient of funds. These services are paid. Another type of settlement relationship is interbank settlements carried out through correspondent accounts, opened by credit institutions from each other.

A correspondent account is an account opened by one credit institution to another, which reflects their mutual settlements on the basis of a correspondent account agreement.

An account opened by a credit institution with another credit institution

Practical task

1 Prepare accounting entries.

2 Complete documents:

payment order for the transfer of funds to the supplier,

payment order for partial payment,

off-balance sheet order for the receipt of documents in the file cabinet,

letter of credit,

payment request No. 17.

3 Reflect transactions in your personal account.

Option A

On April 2 of this year, JSC Luch applied to JSCB "Generation" with an application to open a current account.

It has been established that the account of JSC Luch should be opened on balance sheet account 40702, for which 12 personal accounts have already been registered.

The balance of funds in the current account as of April 16 of the current year is 41,200 rubles.

payment order from a single-city payer - 41,200 rubles.

on a payment request for inventory items of 25,000 rubles.

On the same day, Luch JSC presented the following documents:

Cash check in the amount of 43,000 rubles, including: wages - 41,000 rubles, business expenses - 2,000 rubles;

Payment order for transfer income tax, withheld from the wages of workers and employees in the amount of 7,650 rubles;

Payment order for transfer pension fund in the amount of 14,600 rubles;

Payment order for the transfer of funds to a non-resident supplier in the amount of 3,800 rubles.

On April 23 of this year, funds in the amount of 72,900 rubles were received from nonresident payers to the settlement account of JSC Luch.

A collection order was received at Luch JSC tax office on writing off property tax arrears in the amount of 1,200 rubles to the budget.

At the same time, Luch JSC presented the following documents - an application to open a letter of credit in the amount of 15,000 rubles.

On April 26 (Friday) of this year, JSC Luch received payment requests from out-of-town suppliers for the shipped goods:

payment request No. 17 in the amount of 24,800 rubles;

payment request No. 44 in the amount of 6,500 rubles.

When the payment deadline arrived, the payer accepted payment request No. 17 in the amount of 15,200 rubles, payment request No. 44 was accepted in the full amount.

Task

04/02/2006 OA "Luch" opened account number 40702810500000000013

Posting date	Dt	CT	Amount (rub.)	Document
02.04.2006	Application, bank account agreement
16.04.2006	30102	40702	41 200	Payment order
16.04.2006	30102	40702	25 000	Payment request
16.04.2006	40702	20202	43 000	Check
16.04.2006	40702	30102	7 650	P/n (personal income tax)
16.04.2006	40702	30102	14 600	Payment order
16.04.2006	40701	30102	3 800	Payment order
23.04.2006	30102	40702	72 900	Credited to the account receipts
23.04.2006	40702	30102	1 200	Collection order
23.04.2006	40702	30102	15 000	Letter of Credit
23.04.2006	90907	99999	15 000
26.04.2006	90901	99999	24 800	P/t No. 17
26.04.2006	90901	99999	6 500	P/t No. 44
1.05.2006	99999	90901	24 800	Off-balance sheet expenditure order
1.05.2006	99999	90901	6 500	P/n
1.05.2006	40702	30102	15 200
1.05.2006	30102	40702	6 500

Conclusion

This course work has three sections:

The first section of this course work examines the legal support for settlement operations, which is based on compliance with certain rules, deadlines and standards for conducting operations. The most important regulations governing this area are the Civil Code of the Russian Federation, the Federal Law “On the Central Bank”, the Federal Law “On Banks and Banking Activities”, the Tax Code of the Russian Federation, the Regulations of the Central Bank of the Russian Federation “On non-cash payments” in the Russian Federation dated October 3, 2002. No. 2-P, etc. Also in the first section, the types of accounts opened in the bank for clients are discussed, depending on their legal status and the nature of the activity.

The second section discusses the types of settlement documents, mandatory details and features of settlements with them.

The third section discusses forms of non-cash payments. Payment forms are a set of interrelated elements, which include the payment method and the corresponding document flow. Clients can choose any of the considered forms of non-cash payments based on their own interests. The Bank does not have the right to interfere with the implementation of settlements and payments in the forms provided for in the contracts of counterparties. Payments are made if the payer clients have their own funds in their accounts, unless otherwise agreed between the bank and the account owner.

Summing up the course work, we can conclude that non-cash payments carried out by credit institutions have found wide application in the development process banking system and have a number of advantages over payments using cash.

Bibliography

1. Usatova L.V., Segitan M.S., Arskaya E.V. "Accounting in commercial banks": Tutorial. - M.: Publishing and trading corporation "Dashkov and K", 2005. - 308 p.

2. “Money, credit, banks: Textbook / Edited by Honored Academician of the Russian Federation, Doctor of Economic Sciences, Prof. O.I. Lavrushin. - 3rd ed., revised and supplemented. - M .: KNORUS, 2004. - 576 p.

3. Semenov S.K. "Accounting and reporting of credit organizations: Textbook. - 2nd ed., revised and supplemented / S.K. Semenov - M.: Publishing House "Exam", 2004. - 480 p.

4. Cashless payments: Practical guide/ Under the general editorship. V.V. Semenikhin. - M.: Eksmo Publishing House, 2005. - 320 p.

5. Pechnikova A.V., Markova O.M., Starodubtseva E.B. " Bank operations": Textbook. - M.: FORUM: INFRA-M, 2005. - 368 p.

6. Tavasiev A.M., Eriashvili N.D. "Banking", Textbook for secondary professionals. textbook institutions / Ed. Prof. A.N. Tavasieva, - M.: UNITY-DANA, Unity, 2004. - 527 p.

7. “Regulations on non-cash payments in the Russian Federation” of the Central Bank of the Russian Federation dated October 3, 2002 No. 2-P

8. V. Gvelesiani “Accounting in credit institutions” - M.: Exam, 2004

9. T.S. Selevanov "Accounting in banks" Rostov-on-Don: Phoenix, 2004

11. Regulations on the procedure for making non-cash payments by individuals in the Russian Federation, approved by the Bank of Russia on April 1, 2003. No. 222-P.

12. T.M. Kosterina "Banking" - M.: Market - DS, 200.

A credit card is a loan that provides the opportunity to use it free of charge (the ability not to pay interest), due to the presence of a grace period lasting from 21 to 50 days. It works as follows: during a reporting period of up to 30 days, you make purchases, paying for them with a card. If no later than the 20th day of the next reporting period, the client returns the entire amount spent in the past reporting period, then the bank does not pay a penny of interest (as if you borrowed money from friends and then returned it). Grace period does not apply to cash withdrawal transactions.

You can use funds on a credit card many times, since upon repayment, the amount of available funds for using the money does not increase by the amount of the deposit.

Thus, when you need money, you don’t need to look for it or think about who to borrow from - since there is a simple and convenient tool at hand that ideally solves this need.

Unlike a credit card, a salary (debit) card allows you to use only your own funds - for example, your salary. A credit card is fundamentally different in that it allows, if necessary, to use bank money to make purchases and then return it (pay off the debt).

A credit card implies not only the obligation of the issuing bank to transfer funds from the client’s card account, but also makes it possible to make immediate payment for goods, works and services to its owner within the established credit limit, mainly in the field of wholesale trade. Thus, the credit card holder has the opportunity to receive a limited loan from the bank in case of payment for goods or services with the card, the cost of which exceeds the balance in his bank account. The condition for such a payment is that the holder's account details are known in advance, unlike a debit transfer, where they are not known in advance. The loan issued to the client is then repaid by the client from his own savings or by debiting from a special insurance deposit, where the initiator of such payment is the payer (payer bank).

The credit limit is determined by the issuing bank for each cardholder individually, depending on financial situation client and his credit history. At the end of the reporting month, the client receives an account statement indicating what minimum share of the used credit he must repay in order to renew the credit limit.

The issuing bank, as a rule, sets specific deadlines for repayment of the loan by the client. In case of delay in repayment, the bank has the right to charge interest pre-agreed with the client for each day of delay. For this purpose, funds from a special insurance deposit are used. Full repayment of the loan is carried out only when the card is returned to the bank and the contractual relationship is terminated (although the client can repay the debt in full at any time). By complying with all the rules for using credit cards, this product has a positive effect on the non-cash payment system.

Organization of non-cash payments in different countries has its own characteristics, which is determined by the course of historical and economic development of these countries. The most advanced and new type of non-cash payments are banking credit cards.

The introduction of credit cards everywhere should improve the reduction in the use of cash and speed it up, as well as increase the reliability of non-cash payments. In addition, credit cards, as one of the newest and most reliable forms of non-cash payments, allow banks to accumulate funds from cardholders and make it difficult for attackers to take possession of other people's funds.

Cashless payments are important economic importance in accelerating the turnover of funds, reducing cash in circulation, reducing distribution costs. Improving the non-cash payment system is an important factor in accelerating money turnover.

The concept and meaning of settlement legal relations

Settlements are carried out either directly between the parties to the compensated property relationship, or with the participation of an additional entity - a credit institution. Settlement relations are regulated by the norms of various branches of law, primarily by the norms of financial and civil law, which together form a complex institution of law. The most important regulations governing this area of public relations are the Civil Code of the Russian Federation (Articles 861-885), federal laws “On the Central Bank of the Russian Federation (Bank of Russia)”, “On banks and banking activities”, various regulations of the President and Government of the Russian Federation and regulations of the Bank of Russia.

Cashless circulation

To carry out non-cash payments, client accounts are opened and an agreement is concluded between the bank and the client.

To conduct interbank non-cash payments, banks open correspondent accounts with other banks. In addition, for carrying out interbank settlements and other operations, each bank has a correspondent account with the Central Bank of the Russian Federation.

Bank clients have the right to open in any bank without restrictions the following types bank accounts:

checking account. It opens with commercial and, which operate on the principle of self-sufficiency. In case of opening several current accounts, one of them will be allocated, which will be called “current account for the main activity”;
current accounts. Opened by legal entities, enterprises, organizations, institutions whose activities are financed from the budget. These are non-profit organizations (schools, institutes, etc.);
for organizations and legal entities who are systematically tax debtors, a tax defaulter account is opened in addition to the existing accounts. In this case, transactions on the current account and current accounts are stopped, and all receipts are reflected in the account of the tax evader. Tax debts are paid from this account.

Cash debits from accounts are carried out:

by order of the owner;
without the order of the account owner, but only in those cases provided for by law, i.e. in an indisputable manner;
between the payer and the recipient;
between the bank and the payer.

The procedure for debiting funds from an account involves the use of settlement agreements. The forms of settlement agreements are established by regulations approved by the Central Bank of the Russian Federation.

Payment from the account is made within the balance of funds on it. But if the bank and the client enter into a loan agreement, then the bank undertakes to pay, within certain limits, the client’s payment documents in the absence of a balance in the account, i.e., a loan.

Settlement documents

Banks carry out transactions on accounts based on settlement documents.

A settlement document is a document drawn up on paper or, in certain cases, an electronic payment document:

order of the payer (client or bank) to write off funds from his account and transfer them to the account of the recipient of funds;
order of the recipient of funds (collector) to write off funds from the payer's account and transfer them to the account specified by the recipient of funds (collector).

The following payment documents are used in the Russian Federation:

checks;

Settlement documents on paper are drawn up on document forms included in the All-Russian Classifier of Management Documentation OK 011-93 (class “Unified System of Banking Documentation”).

Payment documents used in current payment forms are accepted by the bank for execution only if they comply with standardized requirements and, therefore, must contain the following data:

name of the settlement document;
number of the payment document, day, month, year of its issue;
name of the payer, his bank account number, name and number of the payer's bank;
the name of the recipient of the funds, the number of his bank account, the name and number of the bank of the recipient of the funds; purpose of payment (not indicated on the receipt); payment amount (in numbers and words).

To make payments, settlement documents are printed in several copies based on the needs of the settlement participants. The first copy of the payment document must be signed by officials who have the right to manage the bank account and have a seal. Funds are debited from the payer's account only on the basis of the first copy of the payment document. The second copy is a copy.

Settlement documents are accepted by the bank for execution during the bank's operating day.

The validity period of settlement documents is limited and is 10 days, not counting the day of its signing.

It is allowed that a bank client can revoke his payment documents.

The deadlines for payments through banks have been established:

5 days between subjects of the Russian Federation;
2 days within one subject.

Civil Code of the Russian Federation in Art. 862 establishes the most common forms of non-cash payments. Non-cash payments between business entities can be made in the following forms: payment orders, letters of credit, checks, collection payments, bills of exchange.

Forms of non-cash payments

Forms of non-cash payments are established. Bank clients independently choose the payment forms used, which is reflected in the agreement with the bank.

IN modern conditions Based on the current regulation of the Central Bank of the Russian Federation dated October 3, 2002 No. 2-P “On non-cash payments in the Russian Federation” (as amended on March 2, 2008), the following forms of non-cash payments are in force in Russia:

settlements by payment orders;
settlements under a letter of credit;
payments by checks;
collection settlements.

Forms of non-cash payments are used by clients of credit institutions (branches), institutions and divisions of the Bank of Russia settlement network, as well as by the banks themselves.

Forms of non-cash payments are chosen by bank clients independently and are provided for in agreements concluded by them with their counterparties.

Within the framework of non-cash payment forms, payers and recipients of funds (collectors), as well as banks and correspondent banks servicing them, are considered as participants in settlements.

Responsibility of banks and their clients for violation of settlement discipline

And they carry liability for violation of the rules for performing settlement transactions in accordance with current legislation. Property liability between the bank and its client is determined by regulations and agreements between the bank and its client. Regulatory banks include legislative acts, as well as rules issued by . Penalties can only be applied if there is a contractual relationship between the bank that committed the violation and the client company. In accordance with clause 30 of the Law on Banks and Banking Activities, relations between the Bank of Russia and their clients are carried out on the basis of contracts, unless otherwise provided by federal law.

The contract must indicate interest rates for loans and deposits (deposits), the cost of banking services and the timing of their implementation, including the timing of processing payment documents, the property liability of the parties for violations of the agreement, including liability for violation of obligations regarding the timing of payments, as well as the procedure for its termination and other essential conditions agreement.

The procedure for opening, maintaining and closing client accounts in rubles and foreign currency by the bank is established by the Bank of Russia in accordance with federal laws.

Members of the credit organization do not have any advantages when considering the issue of obtaining a loan or providing them with other banking services, unless otherwise provided by federal law.

The enterprise bears direct responsibility for non-compliance with loan agreements and settlement discipline. An enterprise that systematically fails to fulfill its payment obligations may be declared insolvent. This is reported to the main suppliers of inventory items and to a higher authority.

Cashless payments, being the predominant valuation form of monetary circulation, represent a clearly organized system. Significant elements of this system include:

principles of organizing settlements;
subjects (participants) of settlements;
settlement objects (payment purpose);
place of settlement;
amount of payments;
time of payment;
payment forms and payment instruments;
payment methods;
the presence of intermediate links (intermediaries) in calculations;
payment guarantees;
risks in calculations;
communication systems for funds transfer.

Let's focus on the most important elements of the non-cash payment system. Non-cash payments are carried out on the basis of total principles of their organization. Their characteristics are the key to understanding the essence of non-cash payments. Together, they form an integral system of a settlement mechanism designed to ensure uninterrupted reproduction.

The basic principles of non-cash payments are formulated as follows:

legal regime for making payments;
making payments primarily through credit organizations and under their control;
freedom of choice by clients of payment forms;
making payments only by order of the owners and with their consent;
security of payment principle own funds or payment and settlement bank loans (payer liquidity principle);
compliance with payment deadlines;
mutual control and financial responsibility of settlement participants.

Let us understand the content of the main principles.

Legal regime for making payments

Most general rules are formulated Federal laws“On the Central Bank of the Russian Federation (Bank of Russia)”, “On banks and banking activities”, “On the national payment system”, “On clearing and clearing activities”. General provisions are specified in a number of regulations: provisions of the Central Bank of the Russian Federation dated October 3, 2002 No. 2-P “On non-cash payments in the Russian Federation”, dated June 19, 2012 No. 383-P “On the rules for transferring funds”, dated March 14 2011 No. 368-P “On the cash settlement center of the Bank of Russia”, dated October 12, 2011 No. 373-P “On the procedure for conducting cash transactions with banknotes and coins of the Bank of Russia on the territory of the Russian Federation” and other legal documents.

Carrying out settlements primarily through credit institutions and under their control

Banks are the main operators of money transfers. A very small share (within 1%) is accounted for by settlement non-bank credit institutions. In 2012, credit institutions made 2.5 billion payments worth RUB 440.5 trillion. This includes both the own payments of credit institutions and payments of their clients who are not credit institutions (both individuals and legal entities).

The most common payment channels are payments within one division of a credit institution. They account for 3/4 of all payments (excluding payment cards) in terms of quantity and half of payments in terms of volume. The remaining payments are carried out between branches and, to a lesser extent, through correspondent accounts opened with other credit institutions.

Clients have the right to open the number of settlement, deposit and other accounts they need in any currency in banks with their consent (Article 30 of the Federal Law “On Banks and Banking Activities”). Currently banks serve 705 million transaction accounts. These are accounts of individuals and legal entities other than banks that are used to make payments. Of these, the vast majority (99%) are open to individuals. The number of accounts with remote access approached a symbolic figure, amounting to 99.9 million accounts.

Payment and settlement operations related to accounts are classified as leading banking operations. This:

opening and maintaining bank accounts for individuals and legal entities;
carrying out settlements on behalf of individuals and legal entities, including correspondent banks, on their bank accounts;
collection of funds, bills, payment and settlement documents and cash services for individuals and legal entities;
making money transfers on behalf of individuals without opening bank accounts (except for postal transfers).

In a function block account management services banks open and maintain accounts in rubles and other currencies of correspondent banks; in dollars and other currencies corporate clients and private investors; deposit accounts in currencies, nostro accounts in foreign banks.

To translation services Money includes making payments in rubles and other currencies using the SWIFT system, postal transfers, telegraph or using bank drafts issued to correspondent banks; services to clients for paying checks in cash; change or cancellation of payment within 24 hours.

IN services for transfer of intrabank payments includes the processing and crediting of credit receipts to the accounts of clients and correspondent banks; collection of checks in dollars and other currencies issued to local banks; conducting clearing settlements; receiving an account statement at the end of the working day; cash management account statement at the end of the working day; opportunity to commit bank transfers by phone within 24 hours; the opportunity to invest account balances in highly liquid securities or accrual of interest on the account balance; the ability to obtain information about all transactions on the account for a certain period and the tariffs charged.

Making payments only by order of the owners and with their consent is an important principle of a constitutional nature. We are talking about the impossibility of alienating the company’s assets in the form of funds in accounts. Direct debiting of funds from accounts is an exceptional phenomenon, and its possibility is strictly stipulated in regulations.

The principle of security of payment using own funds or payment and settlement bank loans (payer liquidity principle) emphasizes the independence and sovereignty of the payer, which does not exclude lending for cash gaps in order to avoid congestion in the payment chain.

Urgency of payments, or compliance with payment deadlines, is an important principle that ensures material and monetary balance. Such an essential element of non-cash payment systems as payment time. From this point of view, a distinction is made between urgent and early payment, scheduled (periodic), deferred and overdue payments.

Failure to meet payment deadlines by payers means breaks in the reproduction chains, making it impossible for the recipient due to a lack of working capital continue production of products, fulfill their obligations to counterparties - pay taxes, social payments, pay wages, purchase raw materials, etc. If funds are not received on time, it is impossible to fulfill other obligations not directly related to production - transactions of a civil law nature, operations on stock market etc. When the principle of urgency is systematically violated, the ground is loosened for the emergence of a crisis of non-payments.

In addition to the main settlement risk – risk of payment delay, which is essentially the risk of illiquidity of the payer - making settlements potentially contains other risks: legal risk, or risk of loss due to gaps or irregularities legal requirements current legislation in the field of payments; operating risk associated with failures in operating technical systems for funds transfer.

Most dangerous systemic risk as a factor in the payment crisis. It means the emergence of a chain of non-payments and liquidity problems for banks and their clientele. As a rule, systemic risk originates in the interbank market, when banks, faced with a lack of liquidity, record failure to fulfill their obligations to each other. This leads to a freeze in settlements in the economy, since a huge part of the obligations in the interbank market is related to the execution of settlements on instructions from clients. In this case, the Bank of Russia, being responsible for the state of the payment system and settlements, eliminates congestion by crediting the completion of payments to banks - the largest market operators.

Krasnoyarsk financial - college of Economics -
Branch of a federal state educational institution
higher professional education
"Financial Academy under the Government of the Russian Federation"

COURSE WORK

in the discipline: “Banking Operations” and “Accounting in Banks”

ORGANIZATION AND ACCOUNTING OF NON-CASH PAYMENTS IN CREDIT INSTITUTIONS

Completed by student 30 of group 3
full-time education
Shudrov Alexander
Head Kiselevich Tatyana Anatolyevna

Krasnoyarsk - 2010

CONTENT

Introduction 3
Chapter 1 The essence and significance of non-cash payments 5
1.1 The concept of “non-cash payments” 5
1.2 Basics of organizing non-cash payments 6
1.3 Sequence of payments 9
Chapter 2 Forms of non-cash payments 11
2.1 Payment order 11
2.2 Payments using letters of credit 13
2.3 Payments for collection 17
Chapter 3 Accounting for non-cash payments in a commercial bank 21
Chapter 4 New changes in 2010 in the procedure for non-cash payments 34
Conclusion 36
References 37

Introduction

The chosen topic of work is very relevant, since the correct organizational system of non-cash payments and its timely improvement in accordance with changing internal and external factors are important, strictly mandatory conditions for the bank to fully implement its strategy, its effective activities today and in the future.
The banking system is one of the most important and integral structures market economy. The development of banks and commodity production and circulation historically proceeded in parallel and were closely intertwined. At the same time, banks, by conducting cash payments, lending to the economy, and acting as intermediaries in the redistribution of capital, significantly increase the overall efficiency of production and contribute to the growth of social labor productivity.
The current stage of development of the payment system is characterized by the widespread introduction of new forms of payment and the use of new advanced banking technologies that meet international standards and principles. Payment orders have replaced payment requirements; electronic documents have begun to replace previously traditionally used paper documents. In this regard, new forms of information transfer began to be introduced. A number of pilot projects have begun to implement an electronic payment system.
Settlements currently mean the regulation of payments for monetary demands and obligations arising in connection with economic and other relations between legal entities and citizens. Calculations include, on the one hand, the conditions and procedure for making payments, developed by practice and enshrined in unified rules and customs, and on the other hand, the daily practical activities of banks in making them. The activities of commercial banks in the field of settlements with enterprises are regulated by national legislation and determined by established practice.
The choice of payment forms and conditions determines the speed and guarantee of receiving payment, as well as the amount of expenses associated with conducting transactions through financial institutions.
The purpose of my course work is to study the organization of non-cash payments in a commercial bank. It is also necessary to consider accounting for non-cash payments in the bank.
The objectives of this course work are to consider non-cash payments, their main forms, principles of organization and, of course, accounting for non-cash payments.

Chapter 1 The essence and significance of non-cash payments
1.1 The concept of “non-cash payments”

Non-cash payments are payments made without the use of cash, through the transfer of funds to accounts in credit institutions and offsets of mutual claims.
Non-cash payments are payments made by banks transferring funds to customer accounts, based on payment documents drawn up according to uniform standards and rules. Non-cash payments are carried out through credit institutions and (or) the Bank of Russia on accounts opened on the basis of bank account (sub-account) agreements, unless otherwise established by law and not stipulated by the form of payment used.
To make non-cash payments, you must open a bank account. To open a current account, the company submits the following documents to the bank:

application for opening an account;

document on the legality of the formation of the enterprise (decision of the founders to create the enterprise, certified by a notary);

an original copy of the charter;

two cards with notarized samples of signatures of the managers of the enterprise's funds (the manager and his first deputy, chief accountant) with a seal imprint;

temporary registration certificate with subsequent replacement with a permanent one;

certificate from the tax inspectorate regarding registration;

a copy of the order of the head of the enterprise on the appointment of the chief accountant and cashier.

Most settlement operations of an enterprise of any organizational and legal form are carried out through a bank account:
transactions carried out completely non-cash, non-cash receipts of funds to the current account and non-cash transfers from the current account; operations for crediting cash to a bank account, by announcing a contribution and receiving cash from a bank account by check, etc.
The main part of cash turnover (80 - 90%) is non-cash turnover. Non-cash payments are made for the sale of products, services, works, budget transactions, receipt and return of bank loans, payment cash income population. Participants in non-cash relations are enterprises and associations (joint stock companies, banks and financial authorities, non-profit organizations).
The non-cash form of payment is associated with the preparation of relevant documents of a uniform form and is therefore more labor-intensive. To ensure the current activities of the organization, settlements for small amounts of money, including between legal entities, can be made in cash. For this purpose, the Bank of Russia’s instructions establish the maximum amounts for cash payments per payment.

1.2 Basics of organizing non-cash payments

Principles of organizing non-cash payments:
Documentation. Payments from accounts are made by banking or other settlement institutions only upon written order of the client or by order of judicial or other bodies that are legally granted this right. An order to write off funds from an account can be given by issuing a document of a uniform form containing an order (instruction) to write off funds or in the form of an agreement to pay the presented demand (acceptance).
In some cases, banking institutions have the right to independently write off funds from the organization’s accounts without acceptance at the request of the creditor. This right must be provided for in the agreement between the client and the bank, as well as in the main agreement of the counterparty organizations.
Urgency. This principle relates mainly to the procedure and timing of document processing by banking institutions, and the timing of debiting and crediting funds to accounts. The Bank of Russia sets deadlines for non-cash payments. In particular, the total period for non-cash payments should not exceed two business days within a constituent entity of the Russian Federation and five business days within the Russian Federation.
Security of payment. This principle implies making payments from the account within the limits of the amounts available on it. All documentary orders to write off funds from the account are executed by the bank in accordance with the order in which funds are written off.
Freedom to choose forms of non-cash payments. The current legislation establishes several forms of settlements and types of payments that counterparty organizations can choose at their discretion: settlements by payment orders, settlements under a letter of credit, settlements by checks, settlements for collection. Any restrictions on the part of the bank regarding the choice of payment forms are not allowed.
Unification of payment documents. It is legally established that settlement documents are drawn up on uniform forms in paper or electronic form.
Payment documents must contain the following details:

name of the settlement document;

number of the payment document, day, month, year of its issue;

name of the payer, his account number, taxpayer identification number (TIN), name and location of the payer's bank, his bank identification code (BIC), correspondent account or subaccount number;

name of the recipient of funds, his account number, TIN, name and location of the recipient's bank, his BIC, correspondent account or sub-account number;

purpose of payment;

payment amount (in numbers and words);

order of payment;

signatures of authorized persons and seal impression (in certain cases).

Corrections, blots and erasures, as well as the use of correction fluid in settlement documents are not allowed. Payment documents are valid for presentation for 10 calendar days, not counting the day of their issue.
Thus, you can add a few more of the provisions:

mandatory storage of money in bank accounts of all enterprises and conducting all transactions through the bank;

payments must be made in strict accordance with the terms of the contracts;

payments are made subject to the availability of funds in the account and the right to a loan;

mandatory notification of the payer about all movements of funds in his accounts.

Compliance with these principles allows the use of non-cash payments as an important tool for the development of a market economy.
While payments are made non-cash, funds are deposited in banks and become credit resources.
Non-cash payments help reduce circulation costs in the form of additional costs for printing, storage, transportation, and recalculation of a huge number of banknotes that would be required for cash payments. At the same time, non-cash payments with the smooth functioning of banks make it possible to better regulate payment turnover and, ultimately, speed up the turnover of working capital and making payments.
Settlement transactions for transferring funds through credit institutions can be carried out using:

correspondent accounts (sub-accounts) opened with the Bank of Russia;

correspondent accounts opened with other credit institutions;

accounts of settlement participants opened with non-bank credit institutions carrying out settlement operations;

interbranch settlement accounts opened within one credit institution.

In accordance with current legislation, non-cash payments between organizations are carried out by banks and non-bank credit institutions. In turn, banks interact with each other through correspondent accounts opened with counterparty banks.

1.3 Sequence of payments
If there are funds in the account, the amount of which is sufficient to satisfy all the requirements presented to the account, settlement documents must be paid in the order of the calendar queue of signatures (i.e., in the order of receipt at the payer’s bank).
If there are insufficient funds in the account, they are written off as follows:
Secondly, write-offs according to executive documents providing for the transfer or issuance of funds for settlements for the payment of severance pay and wages with persons working under an employment agreement (contract), for the payment of remuneration under an author's agreement.
In the third place, write-offs are made according to payment documents, for calculations of wages under an employment agreement (contract), as well as for deductions to state extra-budgetary funds.
In the fourth place - payments to the budget and extra-budgetary funds, deductions to which are not provided for in the third place.
Fifthly - according to executive documents providing for the satisfaction of other monetary claims.
In the sixth place - according to other payment documents in calendar order.
Debiting funds from the account for claims related to one queue is carried out in the calendar order of receipt of documents.

Chapter 2 Forms of non-cash payments
Transaction participants have the right to choose one form of non-cash payments, taking into account specific transactions. The entire settlement system is built in such a way as to create favorable conditions for making payments and accelerating the circulation of funds. Delays in settlements deprive suppliers of sales revenue and make it difficult to fulfill production and financial tasks. When payments are delayed, buyers develop accounts payable, and the most important principles of financial organization are violated.
In modern conditions, the following forms of calculations are recommended:

payment orders;

collection orders;

payment requirements.

2.1 Payment order

A payment order is an order from the account owner (payer) to the bank servicing him, documented as a settlement document, to transfer a certain amount of money to the recipient's account opened in this or another bank. The payment order is executed by the bank within the period provided for by law, or within a shorter period established by the bank account agreement or determined by business customs applied in banking practice. Payment orders are accepted by the bank within 10 days from the date of their issue, not counting the day of issue, without correcting the date indicated on the document.
When making payments by payment orders, the payer submits the order in triplicate to his bank. Documents from the payer's bank are sent to the bank servicing the buyer. In this case, the funds specified in the payment order are debited from the payer’s current account and sent to the recipient’s bank for crediting to his current account. Upon receipt of the payment order, the recipient's bank transfers the received funds to the buyer's bank account.
Payment orders are accepted by the payer's bank regardless of the availability of funds in the payer's account. If there are no or insufficient funds in the payer’s account, and also if the bank account agreement does not specify the terms of payment for settlement documents in excess of the funds available in the account, then the payment documents are placed in the file cabinet in off-balance sheet account No. 90902
“Settlement documents not paid on time” and are paid as funds are received in the order established by law.
The order is paid in compliance with the order of payments established by law.
Settlements by payment orders can be urgent, long-term and deferred. Urgent payments include payments made immediately after shipment, i.e., by direct acceptance of the goods, as well as partial payments for large transactions. Long-term and deferred payments are possible within the framework of contractual relations without prejudice to the financial position of the parties.
Payment orders have a number of advantages compared to other forms of payment:

relatively simple and fast document flow,

acceleration of cash flow,

the possibility of the payer to pre-check the quality of paid goods or services,

opportunity to use this form settlements for non-commodity payments, which makes settlements by payment orders the most promising form of settlement.

2.2 Payments using letters of credit

The letter of credit form of payment is used in two cases: when it is established by the contract and when the supplier transfers the buyer to this form of payment in accordance with the provisions on suppliers of industrial and technical products and consumer goods.
The peculiarity of the letter of credit form of payment is that payment for payment documents is made at the location of the supplier immediately after shipment of the products. To make a payment, the buyer contacts the bank with an application containing a request to set aside funds from his account for payment. Consequently, with a letter of credit, funds for payment for purchased goods are prepared in advance and are usually deposited in a letter of credit account. The bank that opened the letter of credit (issuing bank) on behalf of the payer-buyer transfers the funds to the supplier's bank. Money is credited to the supplier's account only if all conditions stipulated in the letter of credit are met.
The letter of credit is executed directly by the bank servicing the supplier-recipient of the money.
When making payments within the country, a letter of credit is intended only for settlements with one supplier; its validity period is determined in the agreement between the payer and the supplier.
A letter of credit is a conditional monetary obligation accepted by a bank (hereinafter referred to as the issuing bank) on behalf of the payer to make payments in favor of the recipient of funds upon presentation by the latter of documents that comply with the terms of the letter of credit, or to authorize another bank (hereinafter referred to as the executing bank) to make such payments.
The bank can open the following types of letters of credit:
- Covered (deposited) and uncovered (guaranteed);
- Revocable and irrevocable.
When opening a covered letter of credit, the issuing bank transfers, at the expense of the payer's funds or the loan provided to him, the amount of the letter of credit (coverage) at the disposal of the executing bank for the entire validity period of the letter of credit.
When opening an uncovered letter of credit, the issuing bank grants the executing bank the right to write off funds from the correspondent account of the issuing bank maintained by it under the uncovered letter of credit; this is determined by agreement between the banks.
Reviewable is a letter of credit that can be amended or canceled by the issuing bank on the basis of a written order of the payer without prior agreement with the recipient of funds and without any obligations of the issuing bank to the recipient of funds after revocation of the letter of credit.
An irrevocable letter of credit is used quite often; it provides a firm commitment of the bank to make payments under the letter of credit if all its conditions are met. An irrevocable letter of credit cannot be amended or canceled without the consent of the supplier in whose favor it is opened. The supplier, however, may prematurely refuse to use the letter of credit if this is provided for in the conditions under which it was provided.
The recipient of funds may refuse to use the letter of credit before its expiration, if the possibility of such refusal is provided for by the terms of the letter of credit.
The procedure for settlements under a letter of credit is established in the main agreement, which reflects the following conditions:

Name of the issuing bank.

Name of the bank serving the recipient of funds.

Name of the recipient of funds.

Letter of credit amount.

Type of letter of credit.

A method of notifying the payer about the account number for depositing funds opened by the executing bank.

A complete list and precise description of the documents submitted by the recipient of funds.

Validity periods of the letter of credit, submission of documents confirming the delivery of goods, and requirements for the execution of these documents.

Payment terms (with or without acceptance).

Responsibility for non-fulfillment of obligations and other conditions relating to the procedure for settlements under a letter of credit.

Partial payments under the letter of credit are allowed.
For violations committed during the execution of the letter of credit payment form, banks are liable in accordance with current legislation.
The procedure for settlements under a documentary letter of credit:
The most reliable for the seller is an irrevocable confirmed documentary letter of credit, which gives the seller (beneficiary) a double guarantee of payment, since it represents the obligation of the issuing bank and the obligation of the confirming bank. The second guarantor (the confirming bank) undertakes that all acceptance or payment obligations under the documentary credit will be fulfilled in a timely manner in accordance with the terms of the documentary credit.
A documentary letter of credit is a commercial letter of credit paid by the bank upon presentation of documents of title to the goods being paid for (bill of lading, invoices, certificates, etc.)
To receive money, the supplier provides the bank with documents (account registers, etc.) confirming the fulfillment of all the conditions of the letter of credit application. In cases where the terms provide for acceptance, i.e. prior consent of the authorized buyer, then the presence of an acceptance signature is checked. Registers of invoices without indicating the numbers of transport documents and the type of transport on which the cargo was sent are not accepted for payment.
Registers of accounts payable at the supplier's bank are submitted in three copies, of which one is used as a memorial order when making accounting entries, the other is given to the supplier as a receipt, and the third with the bank's mark is sent to the issuing bank for delivery to the payer.
A letter of credit opened with the supplier's bank is closed upon expiration of the term, as notified by the issuing bank. If complaints arise against the supplier, they are considered by the participants settlement transaction without bank intervention.
The advantage of this form of payment is that there is no delay in payment for products and services, the money is prepared in advance, and the recipient of the funds is confident that he can immediately receive the money due to him, even on the day of shipment.
However, there are some peculiarities in settlements with uncovered letters of credit - in the executing bank, payment for products to the supplier is made not at the expense of funds booked in advance, but only if correspondent relations have been established between the executing bank and the issuing bank

2.3 Payments for collection

Collection settlements are a banking operation through which the bank, on behalf and at the expense of the client, on the basis of payment documents, carries out actions to receive payment from the payer. Collection payments are made on the basis of payment requests and collection orders.
Payment requests and collection orders are submitted by the recipient of funds (collector) to the payer's account through the bank serving the collector.
The issuing bank that has accepted payment documents for collection undertakes the obligation to deliver them to their intended destination. This obligation, as well as the procedure and terms for reimbursement of costs for the delivery of settlement documents, are reflected in the bank account agreement with the client.
The responsible executive of the executing bank monitors the completeness and correctness of filling in the details of payment requests and collection orders. Payment documents issued in violation of the requirements are subject to return.
If there are not enough funds in the payer’s account, then payment requests or collection orders are placed in the bank file of settlement documents not paid on time. Payment is made as funds are received into the payer’s account in the order established by law.
Payment requirements are applied when making payments for goods (work, services), as well as in other cases provided for in the agreement between the payer and his counterparty.
A payment request is a settlement document containing the demands of the creditor (recipient of funds) under the main agreement to the debtor (payer) for the payment of a certain amount of money through the bank.
Settlements through payment requests can be carried out with prior acceptance or without the payer’s acceptance. The acceptance period is determined by the parties to the main agreement. In this case, the period for acceptance must be at least five working days.
The payment request is drawn up on form 0401061. In addition to the details that all payment documents must contain, the payment request indicates:

deadline for acceptance;

the date of sending (handing over) to the payer the documents provided for in the contract if these documents were sent (handing over) to the payer;

name of the product (work performed, services provided), number and date of the contract, document numbers, confirming the delivery of goods (performance of work, provision of services), date of delivery of goods (performance of work, provision of services), method of delivery of goods and other details - in the “Purpose of payment” field.

The last copy of the payment request is used to notify the payer of the receipt of the payment request. This copy of the payment request is transferred to the payer for acceptance no later than the next business day from the date of receipt of the payment request by the bank. The transfer of payment requests to the payer by the executing bank is carried out in the manner prescribed by the bank account agreement.
Without acceptance of payment requests, calculations are carried out:

in cases established by law,

in cases provided for by the parties to the main agreement, subject to the provision of the bank servicing the payer with the right to write off funds from the payer’s account without his order.

To do this, it is necessary to submit to the bank an application drawn up in any form and executed with the signatures of officials who have the right to sign settlement documents and a seal.
The payer is obliged to provide the servicing bank with information about the creditor (recipient of funds), who has the right to submit payment requests for debiting funds in an unaccepted manner, the name of the work, goods and services for which payments will be made, as well as about the main agreement (date, No. and the corresponding clause providing for the right of direct write-off).
Absence of a condition on direct debit of funds in the bank account agreement or additional agreement to the bank agreement. accounts, as well as the lack of information about the creditor and other above information is grounds for the bank to refuse to pay the payment request without acceptance. This payment request is paid in accordance with the preliminary acceptance procedure with a period for acceptance of five working days.
All disagreements that arise between the payer and the recipient of funds are resolved in the manner prescribed by law.
A collection order is a payment document on the basis of which funds are written off from the payer’s accounts in an indisputable manner.
etc.................