Cash turnover is carried out in two forms: cash and non-cash. MovementmoneyVformcash serve banknotes, change coins and paper money (treasury tickets) as a medium of exchange and, in some cases, as a payment function. They provide: settlements that are directly related to the sale of goods and services; payment of wages, pensions, scholarships, benefits; payment of insurance compensation, payment of securities and income on them; payments for utilities, etc.
At the same time, modern banknotes have a credit basis, but, falling under the influence of the laws of circulation of paper money, they can depreciate under the pressure of inflation. The main channels for issuing banknotes were:
a) bank lending to business entities, which ensures a connection between money circulation and the dynamics of the social product;
b) bank lending to the state in cases of bank issue instead of government debt obligations.
Classic banknotes had a dual meaning: the bank's gold reserves and commercial bills. Modern banknotes have only commodity backing. The primary issue of cash on behalf of the state is carried out by the national bank. The quantitative relationship between cash and non-cash forms of funds is constantly changing and is characterized by trends of limitation and displacement of cash by non-cash payments.
The main reasons for the development of this process were:
1) cash payments are too expensive because they include significant costs for printing banknotes, their storage, transportation and collection;
2) cash payments slow down payment turnover, make it difficult for society to control it, and can give rise to shadow business and the outflow of funds abroad;
3) an increase in the money supply in circulation causes an increase in the number of workers servicing its movement: cashiers, controllers, collectors, etc.;
4) the reduction in cash circulation is facilitated by the introduction of electronic payments and a system of correspondent accounts in the banking system.
Particular attention is required to the correct organization of cash flow at enterprises, the amount of cash payments of which significantly affects the size of the money supply in circulation. The speed of circulation of the monetary unit, the stability of the country’s monetary circulation and the cost of cash transactions depend on it. To maintain strict discipline at enterprises of all forms of ownership, the following mandatory requirements for uniform rules for cash payments have been introduced:
a) in the cash register of an enterprise, only a legally established amount can be kept in cash, the limit of which is determined by the scale of monetary and financial transactions. The remaining working capital of the enterprise is stored in a settlement or current account with a bank;
b) to pay wages, the company receives cash from the bank from its current account;
c) an enterprise can receive money from a bank only if there is a free balance of funds in its current or other account;
d) the company records all cash receipts and expenses in the cash book. Entries in it are made immediately after receiving money or issuing it for each order. The cashier daily withdraws the balance of money in the cash register for the next day and submits a report with receipts and expenditure documents to the accounting department;
e) for exceeding the established limit of the balance of cash in the cash register, exceeding the norm for spending cash, incomplete or untimely posting of cash in the cash register and for other non-accounting in an indisputable manner.
The State Control and Audit Service applies severe penalties in the form of fines against those responsible.
Cashless calculations - This is the movement of value without the participation of cash. It is carried out in two ways: 1) transfer of funds from one account to another in credit institutions; 2) carrying out offsets of counterclaims without using cash.
Non-cash payments, servicing economic relationships between business entities and with financial and credit institutions, are divided into payments for commodity transactions, which include payments behind products, work performed or services provided, and non-commercial operations - payments to the budget, loan repayments, insurance payments and other obligations. The main principles of organizing non-cash payments in Ukraine are:
1) the obligation to store funds in settlement, current and other bank accounts;
2) enterprises make their cash payments and settlements through banks by independently choosing the form of accounts, which is fixed in contracts and agreements with banks;
3) payments from buyers for inventory and services are made through banks only if there are sufficient funds in the payers’ accounts;
4) funds are debited from the company’s account by order of the owner. The direct form of debiting funds is used only in exceptional cases established by the laws of Ukraine;
5) the moment of payment should be as close as possible to the time of shipment of goods, performance of work, provision of services;
6) funds are credited to the recipient’s account, as a rule, after the corresponding amounts are written off from the payer’s account;
7) enterprises have the right to choose banks to open their accounts.
Cash in non-cash payments, having no real expression, exists only in the form of deposits in bank accounts. They begin to perform monetary functions only if they are withdrawn from the deposit by issuing the following settlement documents:
Payment orders;
Payment requests-orders;
Letters of credit;
Bills of exchange;
Payment requests;
Collection orders (instructions). At the same time, settlement documents submitted by bank clients must comply with the requirements of established standards and have certain details, in the absence of which the documents will not be accepted for execution. Payment documents can be submitted to the bank both in paper form and in the form of electronic payments.
Funds are debited from the payer's account only on the basis of the first copy of the payment document.
Payment order - this is a written order from the client to his servicing bank to transfer the specified amount of funds from his account in favor of the recipient. With the help of a payment order, payments are made for actually shipped products, in the order of advance payment, for the transfer of amounts that belong to individuals, by agreement of the parties in other cases. The bilateral agreement specifies the amount and timing of the transfer of funds, the frequency of reconciliation of payments and the procedure for making final payments by the buyer. In cases where settlement of payment orders directly with the recipient of funds is not possible, bank-guaranteed payment orders can be used, which indicate the specific communications company from whose account the transfer will be paid.
Payment requirement - order is the recipient of the funds and is sent to the payer. It draws up a combined settlement document, which consists of the upper part - the supplier’s demand to the buyer to pay the cost of the products delivered under the contract, and the lower part - the payer’s order to his servicing bank to transfer from his account the amount entered in the “amount to be paid” line. To speed up settlement, it is recommended to transfer it along with settlement and shipping documents. If the payer refuses to pay, he must inform the recipient of the funds directly in the manner and within the time limits specified in the agreement.
Check - a written order from the owner of the current account to the bank to pay a certain amount of money specified in it to the person. For the convenience of settlements, the bank can bind check forms of 10, 20 and 25 sheets. Individuals' checks are prepared and accounted for separately. The validity period of a checkbook is one year, an individual's settlement check is three months. A check from a checkbook must be submitted for payment within ten calendar days. Guaranteed payment of checks is ensured by depositing funds in a separate balance account No. 7222 “Settlement check books and settlement checks”. At the same time, the bank client writes the check, so he does not fully guarantee the issuance of money. This limits the use of the check, so it has not become a universal means of payment. In addition, check payments are associated with the inconvenience of issuing, accepting at the bank, delivering it to the bank, etc.
Letter of Credit - a monetary document by which one credit institution, in accordance with the client’s application, instructs another to pay for shipping documents for goods shipped or services provided, at the expense of funds specially reserved for this purpose, or to pay the bearer of the letter of credit a certain amount of money. In accordance with current legislation, the issuing bank may open:
A) coated letter of credit, for payment of which the payer's funds are reserved in advance in the full amount in an account with the issuing bank or with the bank that must make the payment;
b) uncovered letter of credit - such that if the payer has insufficient funds, it is guaranteed to be paid by the issuing bank through a bank loan.
In addition, a letter of credit can be revocable, which may be changed or canceled by the issuing bank, and irrevocable, modification or cancellation of which can only be done with the consent of the beneficiary, that is, the party entitled to receive funds.
Bill of exchange - a standard abstract, written promissory note, under which one party to the agreement undertakes to pay the other a certain amount of money within a specified period. Specific features of the bill:
The form is legally defined, which makes it universal and accessible to all subjects of monetary relations;
Abstractness. It does not indicate the reason for the debt, only the amount of the cash payment;
Unconditionality and irrefutability. This sign indicates that the debtor has no right to refuse to pay the debt;
Specificity of the payment term. A bill of exchange can be issued for a period of up to one year, but preferably up to 90 days. Promissory notes and bills of exchange are in circulation.
Collection order are used in cases where a bank, on behalf of its client, receives money on the basis of settlement documents and credits these funds to his bank accounts. A banking collection operation may also provide for other obligations of the bank to carry out certain operations.
The use of payment cards has become a fairly convenient method of payment. Payment card - a monetary document certifying the presence of the corresponding amount of money in its owner’s bank account at a credit institution. The owner of a plastic card, without using cash, can at any time carry out a full package of payment transactions within the limits of a debit card, or use funds of more than the available amount within the established limit - credit cards. The most famous credit card systems are: Visa, Master Card, American Express, etc. Electronic payments use ATMs, magnetic cards, cards with microprocessors, electronic payment terminals in stores and other places of mass payment, and home terminals that operate on the basis of videography.
Non-cash payments for goods and services, as well as payments for financial obligations, are carried out in various forms, each of which has specific features in the nature and movement of settlement documents.
Forms of payment are methods regulated by law for fulfilling monetary obligations of enterprises and organizations through a bank.
In accordance with current Russian legislation, the following forms of non-cash payments and documents are used: payment orders, letters of credit, checks and collections.
The forms of settlements between the payer and the recipient are determined by them themselves in business contracts.
Settlements by payment orders are a form of settlement in which the payer provides to the bank institution servicing him a settlement document containing an order to transfer a certain amount from his account to the recipient's account within the period provided for by law or established in accordance with it at the bank. The payer's order is executed by the bank if there are funds in the account (Fig. 2.2). A bank loan can also be used to make a payment (if the economic authority has the right to receive it).
1 - the payer gives payment orders to his bank institution, and the bank accepts it; 2 - the bank debits money from the payer’s account and transfers it, along with instructions, to the recipient’s bank for crediting to his current account; 3 - the recipient’s bank credits the money received to its correspondent account to the buyer’s account; 4 - the payer receives, in the form of an account statement, confirmation of the debiting of funds from his account and a transfer to the recipient; 5 - the bank informs the buyer in the form of an extract from the current account confirmation of the crediting of funds to his account.
In payments for goods and services, payment orders can be used in the following cases: for goods received and services provided, subject to reference in the order to the number and date of the document confirming receipt of goods or services by the payer; for payments in advance of payment for goods and services; for making scheduled payments used for permanent connections between buyers and producers; to pay off accounts payable on commodity transactions. All non-commodity transactions are carried out exclusively by payment orders. In addition, payment orders are used for payments to the budget and state and social insurance authorities, transfer of funds to state and social insurance authorities, repayment of bank loans and interest on loans, payment of penalties, fines, etc.
The advantage of settlements by payment orders is that they provide a relatively simple and fast document flow, maximum proximity between the moments when customers receive goods and make a payment, and the opportunity for the payer to pre-check the quality of the goods or services being paid. In total non-cash turnover, this form of payment accounts for over 80%.
Settlement by payment requests is a requirement of the payee to the payer to pay a certain amount. To make a payment, the recipient sends a payment request to the payer's bank (Fig. 23).
1 - the recipient submits payment requests to the payer’s bank, and the bank accepts them; 2 - the payer’s bank sends a payment request to the payer to obtain consent for payment (acceptance); 3 - the payer agrees to pay and sends the accepted payment request to his bank for payment; 4 - the bank, having received consent to payment, withdraws money from the payer’s account and transfers it to the recipient’s bank; 5 - the recipient's bank credits the money received to its correspondent account to the recipient's account; 6 - the payer receives an extract from his account confirming the debiting of funds; 7 - the bank sends an extract from the recipient’s account confirming the crediting of funds to his account.
Payment requirements may be applied in settlements for goods supplied and services rendered, as well as in other cases provided for in the main agreement. Settlements through payment requests can be carried out with prior acceptance (consent to payment) and without the payer’s acceptance.
Payments are made without the payer’s acceptance in the following cases:
- established by law;
- stipulated by the parties (payer and recipient) in the main agreement, subject to granting the bank servicing the payer the right to write off funds from the payer’s account without his order.
With the payer's acceptance. The period for accepting payment requests is determined by the parties in the main agreement. However, it must be at least three working days. The payer has the right to refuse, in whole or in part, to accept the payment request on the grounds provided for in the main agreement, including in the event of a discrepancy between the applied payment form and the concluded agreement, with obligatory reference to the clause, number, date of the agreement and indication of the reasons for the refusal. The payer's refusal to pay (acceptance) is formalized by an application in triplicate in accordance with the established form. Refusal to pay can be complete (for the entire amount specified in the payment request) or partial.
Responsibility for unjustified refusal to pay payment requests lies with the payer in the manner prescribed by current legislation.
If a refusal to accept payment requests is not received within the established period, they are considered accepted and are paid the next day after the expiration of the acceptance period.
(_Settlements by letters of credit. A letter of credit is a conditional monetary obligation accepted by a 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" ,
Banks can open the following types of letters of credit:
- covered (deposited) and uncovered (guaranteed);
- revocable or irrevocable.
Covered (deposited) letters of credit are considered to be those, upon opening of which the issuing bank transfers the payer's own funds or the loan granted to him at the disposal of the executing bank.
When opening an uncovered (guaranteed) letter of credit, the issuing bank grants the executing bank the right to write off funds from the correspondent account opened with it within the amount of the letter of credit.
A revocable letter of credit is a letter of credit that can be amended or canceled by the issuing bank without prior notice to the recipient of the funds and without any obligations to him. A letter of credit is revocable unless otherwise stated.
Irrevocable is a letter of credit that cannot be changed or canceled without the consent of the recipient of the funds. A type of irrevocable letter of credit is a confirmed letter of credit. The executing bank confirms the irrevocable letter of credit at the request of the issuing bank, that is, it assumes, along with the issuer, the obligations under the letter of credit.
Having received notification of the opening of a letter of credit, the supplier ships the products to the buyer. To receive funds under a letter of credit, he submits to the executing bank shipping documents and a register of invoices for shipped products, on the basis of which the bank verifies the supplier’s compliance with all the terms of the letter of credit and only after that payment is made (non-cash).
Scheme of document flow when paying with letters of credit:
1Notice of the payment made and the corresponding shipping documents are sent to the issuing bank for delivery to the payer (Fig. 24).
The buyer submits an application to the issuing bank to open a letter of credit; 2 - the issuing bank opens a letter of credit and sends it through the executing bank to the supplier;
3- the executing bank notifies the supplier about the opening of a letter of credit in his favor; 4 - the supplier fulfills contractual obligations to supply products to the buyer;
5- the supplier draws up and submits to the executing bank a set of documents to receive payment under the letter of credit; 6 - the executing bank sends the issuing bank a set of documents received from the supplier; 7 - the issuing bank checks the received documents and, if all the conditions of the letter of credit are met, pays for them; 8 - the issuing bank transfers the paid documents to the buyer; 9 - the executing bank credits the supplier with the amount of funds due to it.
The advantage of the letter of credit form of payment is the guarantee of payment and the ability to receive it as soon as possible after shipment of goods; its disadvantage is the diversion of funds from the buyer’s turnover, since he reserves them to pay the supplier’s bills before shipment of the goods.
Payments by checks. A check is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder ^
Participants in relations with check payment:
- check drawer - the person who wrote the check;
-check holder - any legal entity or individual who is the legal owner of the issued check;
- payer - a bank or other credit institution that has received a license to carry out banking operations, where the drawer has funds that he has the right to dispose of by issuing checks.
The form of the check, its details, the procedure for filling out, document flow (Fig. 25) are determined by law and the banking rules established in accordance with it.
Rice. 25. Document flow diagram for payments by checks:
1
The drawer submits an application to the bank for the issuance of a check or checkbook and submits a payment order allowing the deposit of funds for payment of checks;
2- the drawer’s bank fills in all the details of the check and transfers it to the drawer; 3 - the drawer of the check transfers the check to the check holder to pay for the amount of work performed; 4 - the check holder draws up a register of checks in four copies and transfers them to his bank, which, at the expense of the drawer’s bank, pays them and credits the money to the check holder’s account; the bank returns the fourth copy of the register to the check holder; 5 - the drawer’s bank sends the check and the third register to its cash settlement center (RCC), which credits the money to the correspondent account of the check holder’s bank; the third copy of the register and the check remain in the RCC, and the first and second are sent to the RCC servicing the drawer's bank; 6- based on the received registers, the drawer’s bank debits money from the drawer’s account and reflects the use of money according to
to your correspondent account with the RCC.
(^There are checks: personal, bearer and order.
A personal check is issued to a specific person and is not transferable.
A bearer's check (bearer's check) is transferred from one person to another by simple delivery.
An order check can be transferred by means of a transfer signature (endorsement). The endorsement can be personal if it indicates the person to whom the check is transferred, and blank if such a person is not specified. The number of endorsements is not limited.
Payment of a check can be guaranteed in whole or in part by means of an aval, which is affixed on the front side of the check indicating by whom and to whom it is given. Aval is an additional guarantee that the payment will be made.
From the point of view of collection (receipt of money), checks are divided into cash and settlement.
Cash checks are used to pay the check holder cash in a bank, for example, for wages, household needs, travel expenses, purchase of agricultural products, etc.
Payment checks are used for non-cash payments. Currently, when paying for goods and services provided, checks are used, paid from funds* that have been previously deposited by the client-drawer in a separate bank account. To obtain a checkbook, an enterprise must submit an application to its servicing bank in the prescribed form, as well as a payment order to transfer funds from its current account to a separate account “Settlement checks”. The client receives a check book from the bank indicating the amount deposited by the bank, within which he can issue checks. The paying bank issues this amount to the check holder from the funds in the drawer’s account or from the funds deposited by him in a separate account. If there is a temporary lack of funds in the drawer's account, the bank, in agreement with him, can pay the check at his own expense. The check is payable upon presentation to the payer within 10 days.
Payments for collection. When making collection payments, the bank undertakes, on behalf of its client and at his expense, to receive from the debtor (payer) the funds due to the client and (or) acceptance of payment. 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).
Undisputed debiting of funds from the accounts of enterprises is carried out by state tax inspectorates when collecting arrears of taxes and other obligatory payments to the budget, amounts of fines and other sanctions provided for by legislative acts, as well as by executive and equivalent documents^
Control questions
1.Name the procedure and scope of application of payments by payment orders.
2.What is the peculiarity of settlements with payment requirements?
3.What is a letter of credit and what is the technology for settlements using it?
4.Name the procedure and features of payments by checks.
Organizations conducting economic activities on the territory of the Russian Federation use two main types of financial flows: cash and non-cash payments. Less commonly, securities and assignment of debt to a third organization are used to repay mutual claims. Cash payments between counterparties are carried out using banknotes through the cash desk of the enterprise. This form is quite widespread, but its main negative indicator is its limited nature. The use of cash is justified for small amounts of payments in a one-time mode, since moving, documenting, and cashing out large amounts requires additional expenses from the enterprise. Also, working with large volumes of cash requires specialized equipment, properly prepared premises, and specially trained personnel.
Therefore, when there are large flows of mutual settlements, a non-cash system is more often used. Each organization, depending on the type of activity and the amount of financial turnover, independently selects forms of non-cash payments, which are regulated by Article 862 of the Civil Code of the Russian Federation and the Regulations of the Central Bank of the Russian Federation.
Types of non-cash payments
For the process of optimizing mutual settlements between counterparties, organizations and government bodies, budgetary and extra-budgetary funds, individuals, credit institutions and other debtors and creditors, forms of non-cash payments are provided. A prerequisite for the use of the chosen form is that it is reflected in the contractual obligations signed by both parties involved in mutual settlements. In non-cash form, payment occurs through credit institutions and banks in which enterprises have opened appropriate accounts (settlement, currency, special). In this case, all disputes arising between counterparties are resolved without the participation of an intermediary organization (bank) in accordance with contractual obligations in court. Bringing a credit organization to justice is possible only in the event of a violation of settlement and cash transactions that occurred through its fault. Penalties and other sanctions must be specified in the organization’s agreement with a credit institution or bank. According to the legislation, the following types of non-cash payment forms are used on the territory of the Russian Federation:
- Settlements using payment orders.
- Payments by checks.
- Collection payments.
- Payments using a letter of credit.
Accounting for non-cash payments
Each organization operates in accordance with the rules and regulations of accounting and tax accounting. To reflect mutual settlements on non-cash transactions, there is an active balance sheet account number 51 “Current Account”, the process of receipt of funds is recorded in debit, and the expense is recorded in credit. Account balance 51 indicates the amount of funds in the account at the time the balance is determined. To record the movement of funds in special accounts, account 55 is used; depending on the amount and purpose of funds, subaccounts are opened on it for accounting purposes. When an enterprise operates on the international market, an account number 52 “Currency account” is additionally used.
Document flow for non-cash payments
To prepare the appropriate form of non-cash payments, standardized documents are provided, the content of which is subject to increased requirements. Banks accept only correctly completed and signed documents for settlement transactions; if they are filled out incorrectly, the transfer cannot be made. The right to sign payment documents is secured in a completed bank card, which contains a list of persons who have this right, with sample signatures and an imprint of the organization’s (official) seal. When making any form of non-cash payments, completed settlement and payment documents must reflect the following information:
- Name, date of the settlement document.
- Payer's details, his name (full or abbreviated in accordance with the constituent documents), current or special account number, name of the bank in which the account is opened, correspondent bank account.
- Recipient's details, name, number of current or other account, name of credit institution, bank, bank correspondent/account.
- The amount transferred (necessarily in words and numbers).
- Purpose of payment or date and serial number of the document or agreement on the basis of which funds will be written off.
Depending on the form of non-cash payments, the required number of settlement and payment documents is filled out, usually 4 copies (except for a check). Filling out occurs as a carbon copy, at a time or using technical means. Payment according to a correctly completed document takes place during the operating day of the credit institution or bank, until 13:00.
Payment order
The most used form of non-cash payments is a payment order. With the help of this document, 93% of all mutual settlements are carried out. This document is a written order to the bank to transfer funds located in the settlement, foreign currency, special account of the enterprise, the payee, his credit institution to the account specified in the document. Commodity and non-commodity payments are made using a payment order. The first type includes transfers of funds for services rendered, goods and materials received, advance transfers, repayment of accounts payable, payments for rent, utilities, etc. Non-commodity transfers can be made not only using a payment order. A collection form of payment is possible. Non-commodity payments include the following payments: payments to budgets of various levels, extra-budgetary funds, repayment of loans, borrowings, overdrafts, interest on their use, transfer of funds on account of the share in the authorized capital of the organization, acquisition of shares, bills, repayment of penalties, penalties and imposed fines, etc. The positive aspects of using this type of payment are simplified document flow, the ability to pay for non-commodity payments, and the speed of movement of funds.
Collection
In case of collection settlements, the bank, with appropriately executed settlement and payment documents (payment request), debits the specified amount from the payer’s account. The requirement is presented to the bank where the payer's accounts are located to withdraw the amount specified in the document in favor of the recipient. In case of insufficient funds in the accounts, the document is placed in the bank's file cabinet. Funds are written off as money is received. With a collection settlement system, the bank pays payment documents according to their importance; first of all, non-commodity claims (settlements with budgets, penalties) are paid, then documents from suppliers of goods and services.
Payments by checks
Enterprises using non-cash payments by checks first receive a checkbook from the servicing bank, each page of which is a payment document. The check is filled out for a specific recipient organization or individual; it indicates the amount of payment, its purpose and the date of completion. A check certified by the chief accountant of the organization and its director must be cashed within 10 banking days from the date of issue. Receipt of funds from a check occurs through the bank of the organization that issued it. Funds are paid in cash after the bank verifies that the document has been completed and if there are funds in the payer’s account.
Letter of Credit
To apply non-cash payments using a letter of credit, the paying company reserves a certain amount in a special account. When providing services or supplying goods, the buyer instructs the bank to transfer funds from the letter of credit account to a specific supplier. This settlement system is preliminarily reflected in contractual obligations and signed by both parties. For supplier companies, the use of a letter of credit is more profitable; in the case of reserving funds under a specific agreement in a special account, they have guarantees of receiving the agreed amount in full within the specified period. Funds blocked in a letter of credit account may be withdrawn from payers in the event of improper fulfillment of contractual obligations by the supplier company.
SETTLEMENTS FOR COMMODITY AND NON-COMMODE TRANSACTIONS
The enterprise's settlements are divided into two groups: payments for commodity transactions associated with the movement of goods (settlements with suppliers and contractors) and settlements for non-commodity transactions, involving only the movement of funds (settlements with the budget and extra-budgetary funds, founders, accountable persons).
Settlements for non-commodity transactions are made only by payment orders. Payment order– this is an order from the owner of the current account to the bank to transfer the appropriate amount from his account to the recipient’s current account.
Of course, a payment order is accepted by the bank for execution only if there are sufficient funds in the payer’s account.
For commodity transactions, the following forms of payment exist:
– payment orders;
– scheduled payments;
– payment requests-orders;
– letters of credit;
– settlement checks;
– offsetting mutual claims (when making counter payments);
- bills.
Settlements by payment orders. Payment orders are a widespread form of payment for commodity transactions; they are very convenient in the case of advance payment for goods or services. First, a payment order is drawn up for the amount of the advance payment, and after receiving the goods, the rest of the amount is paid.
More often, an advance payment of 50% of the transaction amount is practiced - parity in relation to both parties. The requirement for prepayment in full is specific.
The payment order is written out on the established forms and submitted to the bank in 4 copies. The first copy, after debiting funds from the payer’s current account, remains in the documents of the payer’s bank, the fourth is returned to the payer with the bank’s stamp as a receipt, meaning that the document has been accepted for execution.
The second and third copies of the payment order are sent to the recipient's bank. After the money is credited to his current account, the second copy remains in the bank’s documents, and the third is transferred to the recipient as confirmation of the transaction.
Calculations using scheduled payments. When making payments using scheduled payments, payment orders are used. If the supply of goods (services) is characterized by long-term economic relations, consistency and uniformity, calculations using planned payments are used. This form of payment involves the periodic transfer of a certain amount (based on the supply plan), rather than payment for each specific batch of goods. Within the established time frame, the actual cost of the goods received and the payment made for them are compared, and one or the other party (depending on the results) makes the difference.
Calculations by payment requests-orders. A payment request-order is a requirement from the supplier to the buyer to pay the cost of goods or services based on the attached set of documents.
The supplier writes out a payment request-order in 3 copies after the product has been shipped and sends it to the buyer.
The buyer, having received the products, checks their compliance with the terms of the contract and fills out the second part of the payment request-order - the payment order with which he pays for the received goods. If the goods or services received were not provided for in the contract, are of poor quality or incomplete, or are not received on time, the buyer may refuse to pay for all or part of the shipment of goods.
Agreement to pay for a document is called acceptance this document. The acceptance is certified by the signatures of the manager, chief accountant and the seal of the buyer. Refusal to accept a payment request-order must be justified by reference to the terms of the agreement and declared within 3 working days, not counting the day of receipt of the payment request-order at the payer's bank.
Three copies of the payment request-order are submitted to the payer’s bank, the first copy remains in the payer’s documents, the second is sent to the supplier’s bank, the third is returned to the payer as confirmation of the transfer of funds.
When making payments using payment orders, collection is used. Collection– this is an order to the bank to receive funds due to the account owner on the basis of settlement, commodity and monetary documents. Then the bank itself forwards the documents to the payer’s bank, which speeds up payments. (Collection services are provided to clients on a commission basis.)
Settlements using letters of credit. Letter of Credit- this is an order from the buyer’s bank to the supplier’s bank to pay the supplier for goods and services on the terms specified in the buyer’s letter of credit application. The application for opening a letter of credit is drawn up in 5 copies. The first remains in the buyer's bank, the second is returned to the buyer as confirmation of the transaction, the remaining copies are sent to the supplier's bank. The supplier's bank hands over one copy to the supplier, and uses the other two for its own needs.
Having received a copy of the application, the supplier begins shipping the goods, and after shipment presents to the bank a set of documents, on the basis of which funds are credited to his current account. Then the set of documents is sent to the buyer.
This form of payment is used only in out-of-town settlements. A letter of credit is issued for settlements with only one supplier. The validity period of the letter of credit is established in the agreement between the supplier and the buyer.
Distinguish letters of credit covered and uncovered. A letter of credit is considered to be covered, or deposited, in which the payer pre-deposits funds for settlement with the supplier. Upon the buyer’s application to his bank, part of the funds from his current account is transferred to the supplier’s bank for a letter of credit, which is recorded in the buyer’s accounting by posting:
Dt sch. 55 “Special accounts in banks”, subaccount 1 “Letters of credit” – the amount of the letter of credit,
K-t sch. 51 “Current account – the amount of the letter of credit.
Payments under an uncovered letter of credit to the supplier are guaranteed by the buyer's bank. Uncovered letters of credit are opened to reliable, solvent clients. The condition of an uncovered letter of credit is the existence of correspondent relations between the banks of the supplier and the buyer. What do correspondent relationships between banks mean? They consist in the fact that the first of the banks has an account in the second, and the second in the first. Then, when opening an uncovered letter of credit, funds are debited from the correspondent account of the buyer's bank with the payer's bank.
The unused balance of the letter of credit upon expiration is credited back to the buyer's bank account.
Each letter of credit must indicate whether it is revocable or irrevocable. In the absence of such an indication, it is considered revocable. A revocable letter of credit can be amended or canceled by the buyer's bank (on behalf of the buyer) without the consent of the supplier. An irrevocable letter of credit cannot be amended or canceled without the consent of the supplier in whose favor it is opened.
Payments by checks. Payment check- this is a document containing an unconditional written order from the person who issued the check to his bank to transfer the amount specified in the check from his account to the account of the recipient of the funds (check holder).
Typically, a settlement check is issued by the payer and transferred to the recipient of the funds at the time of the business transaction. He presents the check to his bank for payment.
Checks, like letters of credit, can be covered by funds credited by the client to a special account, and uncovered, i.e., guaranteed by the bank.
To receive settlement checks, the company contacts its bank with a statement indicating the number of checks and the total amount that it requires for settlements by checks. Based on this application, the limit of one check is determined, which is stamped on the back of each check. For deposited checks, a payment order for the declared amount of money is submitted to the bank at the same time as the application. After this, the company receives a checkbook from the bank.
Checks issued are valid for ten days, not counting the day of issue.
Accounting for the issuance of checks is maintained by the owner of the checkbook in subaccount 2 “Checkbooks” of active account 55 “Special accounts in banks”.
Bill of exchange form of payment. Here we are introduced to commercial lending. Commercial loan is a deferment or installment payment for sold products (services). Deferment or installment payment is equivalent to providing a short-term loan, for which the payer is charged interest. These interests, within the limits of the rate established by law, are included in the cost of purchased inventory, and what exceeds the established limits is paid from net profit.
The supplier provides commercial credit in the form of settlements on an open account or in bill form.
In the first case (when making payments on an open account), the supplier provides the buyer with products and payment documents without receiving debt obligations from him, but opens an account for his debt. Debt repayment occurs in periodic payments.
The bill of exchange form of payment represents settlements between the supplier and the buyer on the basis of a special document - a bill of exchange. Bill of exchange- this is a security that is a written debt obligation of the established form, giving its owner (the holder of the bill) the indisputable right to demand from the debtor payment of the amount of the obligation.
A bill of exchange is used as a form of commercial credit and as a means of payment. There are two types of bills:
– simple (solo) – the obligation of the debtor to pay a certain amount of money to the bearer of the bill after a specified period or on demand;
– transferable (draft) – an instruction from the drawer-creditor to the payer to pay a certain amount of money to the bearer of the bill after a specified period or on demand. The main condition of a bill of exchange is its acceptance by the drawee (debtor). Otherwise, he remains a complete stranger to the bill. Therefore, the recipient of the money, before the payment deadline, must find out the payer’s attitude towards payment of the bill by offering to accept it. If the payer did not accept the bill or did not pay on it, then the drawer (drawer) must pay the bill amount.
Refusal to pay must be certified in a timely manner by a notary or in court. Court authorities issue court decisions on claims based on protested bills of exchange. The holder of the bill has the right to bring a claim against persons obligated under the bill for an amount greater than indicated in the bill, since he bears losses and expenses caused by non-receipt of payment and protest of the bill.
To increase the reliability of the bill, aval is used. Aval is a special bill of exchange guarantee through which payment is fully or partially guaranteed. Avalist– the person making the aval and the person for whom he has guaranteed (the drawer or drawee) bear joint liability. The aval must indicate for whom it was given.
The peculiarity of a bill of exchange is adherence to a strictly defined form, the violation of which deprives the bill of exchange of the form of obligation. The bill of exchange must contain the following details:
– name “bill”;
– a simple, unspecified offer to pay a certain amount (if there are discrepancies in the text of the payment amount, you need to believe the smaller of the amounts written in words);
– name of the payer;
– place of payment (if not specified, then it is considered the place where the document was drawn up);
– the name of the person to whom or on whose order the payment should be made;
– payment term;
– date and place of drawing up the bill;
– signature of the drawer.
By agreement, the parties may extend the payment period. Extending the validity period of a bill of exchange is called prolongation.
A distinction is made between direct prolongation (a corresponding entry is made on the bill of exchange, certified by the signatures of the parties) and indirect prolongation, when a new bill is drawn up, and the first one is returned in exchange for a new one.
A characteristic difference between a bill of exchange and other debt obligations is the possibility of its transfer from hand to hand. The transfer of a bill of exchange is called endorsement, which is recorded on the reverse side of the bill or on the allonge (additional sheet to the bill), which is its integral part. The endorsement must be simple - without any conditions and for the full amount of the bill. Form of endorsement: “Pay instead of me...”.
There are three types of endorsement:
– full or personal – indicates the person to whom or by whose order the payment should be made;
– blank – consists of one signature of the endorser (the person making the endorsement on the bill of exchange) and does not indicate the person to whom the bill of exchange is assigned (the endorser);
– collection – an endorsement according to which the person accepting the bill of exchange has the right only to collect the bill of exchange, but not to transfer it to a third party.
Issued bills of exchange in enterprise accounting are accounted for in account 60 “Settlements with suppliers and contractors”, and received bills are accounted for in account 62 “Settlements with suppliers and customers”, subaccount 3 “Bills received”.
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In accordance with Regulation 2-P of October 3, 2002 “On non-cash payments in the Russian Federation,” the following forms of non-cash payments exist:
– settlements by payment orders;
– settlements under a letter of credit;
– payments by checks;
– settlements for collection;
– as well as settlements in other forms provided for by law, banking rules established in accordance with it and business customs applied in banking practice.
The economic basis of non-cash payments is material production. As a result, the predominant part of the payment turnover (approximately three quarters) falls on settlements for commodity transactions, i.e. for payments for goods shipped, work performed, services rendered.
The rest of the payment turnover (approximately one quarter) is settlements for non-commodity transactions, that is, settlements of enterprises and organizations with the budget, state and social insurance bodies, credit institutions, governing bodies, courts, economic courts, and so on.
Based on the territorial location of enterprises and the banks that serve them, a distinction is made between non-resident and same-resident settlements. Settlements between enterprises and organizations serviced by one or different banking institutions located in the same locality are called single-city or local settlements. Settlements between enterprises and organizations serviced by banking institutions located in different localities are called nonresident.
The payment form is a set of interrelated elements, which include the payment method and the corresponding document flow.
Document flow is a system of registration, use and movement of settlement documents and funds, which includes: issuing an invoice by the shipper and transferring it to other participants in the settlements; contents of the payment document and its details; deadlines for drawing up a settlement document and the procedure for presenting it to the bank, as well as to other participants in the settlements; movement of payment documents between banking institutions; procedure and terms of payment of the settlement document, transfer and receipt of funds; the procedure for using the settlement document for mutual control of settlement participants and the implementation of economic impact measures.
Accordingly, when making non-cash payments in the forms provided for in this part of the Regulations, the following payment documents are used:
-money orders;
– letters of credit;
– payment requirements;
– collection orders.
Forms of non-cash payments are chosen by bank clients independently and are provided for in agreements concluded by them with their counterparties.
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.
Banks do not interfere in the contractual relations of clients. Mutual claims regarding settlements between the payer and the recipient of funds, except those arising through the fault of banks, are resolved in the manner prescribed by law without the participation of banks.
In transition to a market economy, transfers became the most common form of payment. In accordance with the classification of the Bank for International Settlements in Basel, used in many countries, transfers are divided into debit and credit.
Credit transfers – in Russia, credit transfers are mainly used (90% of payment turnover). The initiative to start them belongs to the payer (debtor), who gives an order to credit the account of the recipient (creditor). A payment order for debit debits is used as a payment instrument.
Debit transfers are payments, the initiation of which belongs to creditors (payees), who issue payment instruments confirming the debt of debtors (payers). These instruments include a bill of exchange, a check, a collection order for an indisputable (unaccepted) debit of funds.
Settlement 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 payment document, date, month, year of its issue;
– name of the payer, his bank account number, name and number of the payer’s bank;
– name of the recipient of the funds, his bank account number, name and number of the recipient’s bank;
– purpose of payment (not indicated on the receipt);
– payment amount (in numbers and in words).
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.
Payment documents (except checks) are issued, as a rule, using technical means in one step using a carbon copy. Checks are written by hand using ink or ballpoint pens.
Settlement documents are accepted by banks for execution during the bank's operating day (the operating day is set until 13:00). Documents accepted by the bank from clients during operating hours are posted to the balance sheet on the same day.
For untimely or incorrect debiting of funds from the owner's account, as well as untimely or incorrect crediting by the bank of amounts due to the account owner, the latter has the right to require the bank to pay in its favor a fine in the amount of one-half percent of the amount untimely credited or improperly debited for each day delays.
Let's consider the features of settlements by payment orders.
A payment order is a written order from the account owner to the bank to transfer a certain amount of money from his account (settlement, current, budget, loan) to the account of another enterprise - the recipient of funds in the same or another same-city or non-resident bank institution.
The possibilities of application in the calculation of payment orders are diverse. With their help, settlements are made on the farm, both for commodity and non-commodity transactions. In this case, all non-commodity payments are made exclusively by payment orders.
In payments for goods and services, payment orders are used in the following cases:
– for goods received and services provided (that is, by direct acceptance of goods), subject to reference in the order to the number and date of the shipping document confirming receipt of goods or services by the payer; for payments in the order of advance payment and services (subject to reference in the order to the number of the contract, agreement, contract that provides for advance payment);
– to repay accounts payable for commodity transactions;
– when paying for goods and services according to court and arbitration decisions;
– on rent for premises;
– payments to transport, utility, household enterprises for operational services and others.
In settlements for non-commodity transactions, payment orders are used for:
– payments to the budget;
– repayment of bank loans and interest on loans;
– transfers of funds to state and social insurance authorities;
– contributions of funds to the authorized funds when establishing joint-stock companies, partnerships;
–purchase of shares, bonds, certificates of deposit, bank bills;
– payment of penalties, fines, penalties.
The payment order is issued by the payer on a standard form containing all the necessary details for making the payment, and is submitted to the bank, as a rule, in four copies, each of which has its own specific purpose:
The first copy is used in the payer's bank to debit funds from the payer's account and remains in the documents for the bank;
The fourth copy is returned to the payer with the bank’s stamp as a receipt for acceptance of the payment order for execution;
The second and third copies of the payment order are sent to the payee's bank, while the second copy serves as the basis for crediting funds to the beneficiary's account and remains in the documents for this bank, and the third copy is attached to the beneficiary's account statement as the basis for confirming the bank transaction.
A payment order is accepted by the bank for execution only if there are sufficient funds in the payer's account. A bank loan can also be used to make a payment if the economic entity has the right to receive it. With constant and uniform supplies of goods and provision of services, buyers can pay suppliers with payment orders in the order of scheduled payments. In this case, settlements are made not for each individual shipment or service, but by periodically transferring funds from the buyer’s account to the supplier’s account at specific times and in a certain amount based on the plan for the supply of goods and services for the coming month or quarter. In this way, payments can be made between trading organizations and their suppliers (meat processing plants, bakeries, dairies), between peat enterprises and power plants, manufacturing enterprises for coal, gas, electricity, metal.
Let's consider the features of settlements under a letter of credit.
A letter of credit is a conditional monetary obligation of a bank, issued by it on behalf of a client in favor of its counterparty under an agreement under which the bank that opened the letter of credit (issuing bank) can make a payment to the supplier or authorize another bank to make such payments, subject to the provision of documents to them, provided for in the letter of credit, and subject to fulfillment of other conditions of the letter of credit.
Banks can open the following types of letters of credit:
– covered (deposited) and uncovered (guaranteed);
– revocable and irrevocable (can be confirmed).
A revocable letter of credit is a letter of credit that can be amended or canceled by the issuing bank on the basis of a written order from the payer without prior agreement with the recipient of funds and without any obligations of the issuing bank to the recipient of funds after the letter of credit is revoked. An irrevocable letter of credit is a letter of credit that can only be canceled with the consent of the recipient of the funds. At the request of the issuing bank, the nominated bank may confirm an irrevocable letter of credit (confirmed letter of credit). An irrevocable letter of credit confirmed by the nominated bank cannot be amended or canceled without the consent of the nominated bank. The procedure for providing confirmation under an irrevocable confirmed letter of credit is determined by agreement between the banks.
A letter of credit is intended for settlements with one recipient of funds. The terms of the letter of credit may provide for acceptance by a person authorized by the payer. 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. A letter of credit can be intended for settlements with only one supplier. The validity period of a letter of credit is not regulated by banking rules. Payments by letter of credit are especially beneficial for the supplier. With this form of payment, payment is made at the location of the supplier. Unlike other forms of non-cash payments, a letter of credit guarantees payment to the supplier, either from the buyer's own funds or from the funds of his bank.
Let's look at the features of check settlements.
A check is a security document containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder. A check, like a payment order, is issued by the payer, but, unlike settlements by payment order, the check is transferred by the payer, bypassing the bank, directly to the payee at the time of the business transaction, who presents the check to the bank for payment. In accordance with the Civil Code of the Russian Federation, the check must contain the following details:
– the name “check” included in the text of the document;
–instructing the payer to pay the drawer a certain amount of money;
– name of the payer and indication of the account from which the payment should be made;
– indication of the payment currency;
–indication of the date and place of drawing up the check;
-signature of the person writing the check.
Regulation “On non-cash payments in the Russian Federation” No. 2-P dated April 12, 2001 provides for the possibility of using checks issued by credit institutions in non-cash payments. The form of this check is determined by the credit institution independently, but the check must contain all the mandatory details established by the Civil Code of the Russian Federation, and may also contain all additional details determined by the specifics of banking activities. The circulation of checks from credit institutions is limited: they should not be used for settlements through divisions of the Bank of Russia settlement network, but can only be used in relations between banks and their clients, as well as in interbank settlements in the presence of direct correspondent relations with other banks.
The procedure and conditions for using checks from credit institutions are determined by internal bank rules, which, in particular, should provide for: the form of the check, a list of its details, a list of participants in settlements with these checks, the deadline for presenting checks for payment, and the terms of payment for checks.
In addition, banks provide for the issuance of limited check books to organizations. The issuance of limited check books is carried out by the bank on the basis of an application from the organization - the drawer and a payment order for depositing the limit on the amount of the book. When issuing the passbook, the bank debits the specified amount from the customer's account and deposits it in a separate account.
Checks from the checkbook are issued by the drawer at the time the payment amount is determined and handed over to the recipient of the money - the check holder, who presents the checks to the bank institution servicing him for payment.
The supplier's bank sends the presented checks to the buyer's bank; the latter debits the amounts from the account and transfers them to the supplier’s bank for crediting to his current account. The check indicates the name of the check holder, account number, name of the payer bank and its code, payment amount.
Checks are issued in one copy, signed by persons entitled to dispose of the bank account, sealed by the drawer and paid only in full.
The check is valid for ten days, not counting the date of issue. At the same time as the check, its counterfoil is filled out and remains in the check drawer’s book. Check stubs are used to monitor the use of the checkbook limit and payment of checks.
Banks hand over checks to cash settlement centers (RCCs) if the payers are other banks. Banks write off funds from the drawer's account on the basis of checks received from the cash register center. The checks themselves remain in storage at the RCC.
Let's consider the features of collection settlements.
Collection settlements are a banking operation through which the bank (hereinafter referred to as the issuing bank), on behalf and at the expense of the client, on the basis of settlement documents, carries out actions to receive payment from the payer. To carry out collection settlements, the issuing bank has the right to engage another bank (hereinafter referred to as the executing bank). 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).
A payment request is a settlement document containing a demand from the creditor (recipient of funds) under the main agreement to the debtor (payer) to pay a certain amount of money through the bank.
Payment requirements are applied when making payments for goods supplied, work performed, services rendered, as well as in other cases provided for by the main agreement.
Settlements through payment requests can be carried out with prior acceptance and without the payer’s acceptance.
Without the payer's acceptance, settlements with payment requests are carried out in the following cases:
– established by law;
– stipulated 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.
The payment request shall indicate:
– payment terms;
– date of acceptance;
– the date of sending (handing over) to the payer the documents provided for in the contract if these documents were sent (handed over) to the payer;
– name of the goods (work performed, services rendered), number and date of the contract, numbers of documents 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 field "Purpose of payment";
– settlements with payment requests paid with the payer’s acceptance: in a payment request paid with the payer’s acceptance, in the “Term of payment” field, the recipient of the funds enters “with acceptance.” The period for accepting payment requests is determined by the parties to the main agreement. In this case, the period for acceptance must be at least five working days.
When registering a payment request, the creditor (recipient of funds) under the main agreement in the “Term for acceptance” field indicates the number of days established by the agreement for accepting the payment request. In the absence of such an indication, the period for acceptance is considered to be five working days.
Settlements with payment requests paid without the payers’ acceptance: in the payment request for the direct debiting of funds from payers’ accounts on the basis of legislation, in the “Terms of payment” field, the recipient of the funds enters “without acceptance”, and also makes a reference to the law (indicating its number, date adoption and the corresponding article), on the basis of which the recovery is carried out. In the “Purpose of payment” field, the collector, in established cases, indicates the readings of measuring instruments and current tariffs, or makes a record of calculations based on measuring instruments and current tariffs.
In the payment request for direct debit of funds based on the agreement, in the “Terms of payment” field, the recipient of the funds indicates “without acceptance”, as well as the date, number of the main agreement and its corresponding clause providing for the right to direct debit.
Direct debiting of funds from an account in cases provided for in the main agreement is carried out by the bank if there is a condition in the bank account agreement on direct debiting of funds or on the basis of an additional agreement to the bank account agreement containing the corresponding condition.
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 without acceptance, the name of the goods, works or services for which payments will be made, as well as about the main agreement (date, number and the corresponding clause providing for the right of direct debit).
The absence of a condition on direct debiting of funds in a bank account agreement or an additional agreement to a bank account agreement, as well as the absence of information about the creditor (recipient of funds) and other above information is grounds for the bank to refuse to pay a 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.
A collection order is a settlement document on the basis of which funds are written off from payers' accounts in an indisputable manner.
Collection orders are applied:
– in cases where an indisputable procedure for the collection of funds is established by law, including for the collection of funds by bodies performing control functions;
– for collection under enforcement documents;
– 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.
When collecting funds on the basis of enforcement documents, the collection order must contain a reference to the date and number of the enforcement document, as well as the name of the body that made the decision subject to enforcement.
In this case, the creditor's bank accepts collection orders accompanied by the original of the writ of execution or a duplicate thereof. At the same time, the bank does not accept a collection order for execution if an executive document with an expired statute of limitations is attached to it.
Enforcement documents for the collection of periodic payments remain in force for the entire time for which the payments are awarded.
If there are no or insufficient funds in the debtor’s account, the bank places the collection order with the attached writ of execution in the file cabinet number two and executes it as funds arrive in the account in the order established by law.
Let us consider the features of the bill of exchange form of payment.
The bill of exchange form of payment is a settlement between the supplier and the payer for goods or services with a deferred payment (commercial loan) on the basis of a special bill of exchange document.
A bill of exchange is an unconditional written promissory note of a form strictly established by law, giving its owner (the drawer) the indisputable right, upon the maturity of the bill, to demand from the debtor payment of the amount indicated in the bill of exchange.
A promissory note (solo bill) is a written document containing a simple and unconditional obligation of the drawer (debtor) to pay a certain amount of money at a certain time and in a certain place to the recipient of funds or his order. A promissory note is issued by the payer himself, and in essence it is his promissory note
A bill of exchange (draft) is a written document containing an unconditional order from the drawer (creditor) to the payer to pay the amount of money specified in the bill to a third party or to his order.
Unlike a simple bill of exchange, not two, but at least three persons are involved in a bill of exchange: the drawer (drawer), issuing the bill; the payer (drawee), to whom the order is made to make payment on the bill; bill holder (remitee) – recipient of payment under a bill.
A bill of exchange must be accepted by the payer (drawee), and only after that it acquires the force of an executive document. The acceptor of a bill of exchange, like the drawer of a promissory note, is the principal debtor of the bill and is responsible for paying the bill on time. Acceptance is noted on the left side of the front side of the bill and is expressed with the words “accepted, accepted, I will pay” and with the obligatory signature of the payer.
A bill of exchange is a strictly formal document. It contains a list of required details. The absence of at least one of them deprives the bill of legal force.
Mandatory bill details include:
–bill mark, that is, the designation of a document with the word “bill”, expressed in the same language in which the document is written;
– place and time of drawing up the bill of exchange (day, month and year of drawing up);
– a promise to pay a certain amount of money;
–indication of the monetary amount in figures and words (corrections are not allowed);
– payment term;
– place of payment;
– the name of the person to whom or on whose order the payment should be made;
–signature of the drawer (presented by him in his own handwritten form).
Operations for collection of bills by banks are beneficial both for clients and for the bank itself. Thus, the client is freed from the need to monitor the deadlines for presenting bills for payment, and the process of receiving payment becomes faster, cheaper, and more reliable for him. For the bank, this is one of the sources of profit.
In addition, in the process of performing cash transactions, significant funds are concentrated in the correspondent account of a commercial bank, which it can put into circulation.
In modern domestic banking practice, a bank bill is also used. A bank bill is a unilateral, unconditional obligation of the bank issuing the bill to pay the person designated in it or his order a certain amount of money within a specified period.
Bank bills can be purchased by legal entities and individuals, primarily for the purpose of generating income. Unlike certificates, a bank bill can be used by its owner not only as a means of storage, but also as a means of purchase and payment.
The holder of a bill of exchange can pay with it for goods and services, transferring the bill of exchange by endorsement to a new bill holder, to whom, by law, all rights under the bill of exchange are transferred. At the same time, endorsement of a bank bill, as a rule, provides for the free transfer of rights under the bill between legal entities and individuals.
Thus, having the legal force of a bank's urgent obligation with all the ensuing rights, a bank bill is an elastic, flexible instrument for making payments and servicing part of the payment turnover of the economy.
