164972377.xls.

ms_office

Anjum Asim Shahid Rehman Chartered Accountants CLIENT : Gul Ahmed Textile Mills Ltd

Process Flows
Process Process No. Process Description BANKING

S. No

Activity

Process Description Centre RECONCILIATION Banking Department Treasury Department Treasury Department Banking Department

Responsibility HOD (Yousuf Godil) HOD (Yousuf Godil) HOD (Yousuf Godil) Irfan and Ausaf

Document Account statements

Frequency

IT Phone/ Email Phone/ Email Phone/ Email Phone/ Email

Banking department obtain bank statements from Inquire about the balances all banks to ascertain all transactions made during in all the banks the previous business day. Obtain Forex List Banking department obtains from treasury department, details of the export proceeds, which will be credited in different bank accounts. Banking department also obtain details from treasury department about the payments to be made in respect of imports. Banking Department arranges debit & credit advices related to all departments from all banks. Advices are verified through supporting documents provided by different departments. Further banking department also contacts the banks if any clarification is needed. Preparation of reconciliation of all the banks

Daily

Forex sheet

Daily

Obtain Import List

Import sheet

Daily

Investigate advices

Daily

Advices Reconciliation

Banking Department Banking Department

Irfan and Ausaf

Status of Advices

Daily

Bank Reconcilitions

Mustafa Hussain

Monthly

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Process Process No. Process Description

BANKING

S. No 7

Activity Inform the HOD

Process Description Centre Responsibility IN CASE OF DIFFERENCES IN RECONCILIATION The person responsible for bank reconciliation, Banking Mustafa Hussain informs the HOD for any unreconcilied item. Department

Document -

Frequency Monthly

IT -

Banking department after every 7 days, prepares the status of advices which has been received from Prepares status of advices the bank and which have been posted in Oracle. Banking department collects outstanding advices on weekly basis.

Banking Department

Irfan and Ausaf

Status of Advices

Weekly

Funds Transfer

FUND MANAGEMENT HOD after evaluation of different Account balances, decides to transfer funds from one bank Banking account to another concerning future payments, department interest rates etc. Requisition are raised and after obtaining approval from HOD, sent for preparation of cheque. Authorized signatories before signing the cheque verify the requisition. Cheque is obtained from the accounts department and deposits it in the respective bank account. Banking Department Banking Department

HOD (Yousuf Godil)

Daily

10

Approval

Ausaf

Daily

11

Cheque

Ausaf

Cheque

Daily

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Process Process No. Process Description

BANKING

S. No

Activity

Process Description OTHER

Centre

Responsibility

Document Mark-up Calculation Sheet

Frequency

IT

12

Calculation of Mark-up

Banking Department prepares monthly mark-up Banking accruals, payments and record keeping of all banks. Department

Irfan and Ausaf

Monthly

13

14

15

Banking Department enters Export proceeds advices in Oracle Finance A/P module and A/R Export proceeds advices module after thorough scrutiny, accruals payment and record keeping of agent commission rebate and R&D Banking Department enters Import and other Import & other Payment payment advices in Oracle Finance through A/P advices module. If payment is made through Foreign Currency Account (Dollar, Euro, etc.), Banking Department checks the approval of director and obtain Payment in Foreign approval from Finance manager. Banking Currency department after approval, instructs the bank to dispatch Telegraphic Transfer. Maintain Records Banking Department maintain records of LTFF, LTL,LTF -EOP,and Payments made.

Banking Department

Muhammad Irfanuddin

Daily

Oracle

Banking Muhammad Faraz Department

Daily

Oracle

Banking Department

HOD (Yousuf Godil)

Adhoc

16

Banking Department

Usman

Daily

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Process Process No. Process Description

BANKING

S. No 17 18 19 20 21

Activity Review Of Offer letter Record Keeping Borrowers basic fact sheet Preparation of bank Positions Stock Positions Insurance Premium Records

Process Description Review of offer letter and Mark up agreement of all the banks.

Centre Banking Department

Responsibility Usman Usman HOD (Yousuf Godil) Usman Usman HOD (Yousuf Godil) Usman

Document -

Frequency Adhoc Daily Adhoc Monthly Monthly

IT -

Keeping the records of long term loans ERF (LTL, Banking LTF-EOP, LTFF). Department Preparations of Borrowers basic fact sheet is also done by banking department. Preparation of bank positions , receipts and payment statements. Issuing monthly stock positions to all the banks. Maintaining the insurance premium payments records and all other adhoc assignments related to banks. Banking Department Banking Department Banking Department Banking Department

22

Adhoc

Documentation :
1 2 3 4 5 6 Account statements Forex sheet Import sheet Status of Advices Cheque Mark-up Calculation Sheet

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