Ax1325aw.aw - US Forest Service



FOREST SERVICE HANDBOOK

Portland, Oregon

FSH 6509.11k - SERVICE-WIDE FINANCE AND ACCOUNTING HANDBOOK

R6 Supplement No. 6509.11k-97-2

Effective April 16, 1997

POSTING NOTICE. Supplements are numbered consecutively by title and calendar year. Post by document name. Remove entire document, if one exists, and replace with this supplement. The last R-6 Supplement to this handbook was 6509.11k-97-1,33.

This supplement supersedes R-6 Supplement 6509.11k-94-1.

Superseded New

Document Name (Number of Sheets)

6509.11k,30-31 13 14

Digest:

30.4 - Adds responsibilities of unit manager and Budget and Finance Officer in connection with collection activities.

/s/ Robert W. Williams

ROBERT W. WILLIAMS

Regional Forester

FSH 6509.11k - SERVICE-WIDE FINANCE AND ACCOUNTING HANDBOOK

R6 SUPPLEMENT 6509.11k-97-2

EFFECTIVE 04/16/97

CHAPTER 30 - COLLECTIONS

30.4 - Responsibility.

30.43 - Individuals. Unit managers are responsible for the prompt correction of deficiencies noted on the annual collection and imprest fund activity reviews. Managers may be held financially liable if a loss occurs because of their failure to correct previously identified deficiencies or if internal controls are such that the loss cannot be identified to a specific Collection Officer.

The Budget and Finance Officer is responsible for coordinating the designation of Collection Officers, maintaining a master file or record of the Collection Officers designated, and establishing and maintaining proper control of audits performed at the unit and subunit level for all designated Collection Officers and accountable forms property custodians. The Budget and Finance Officer also has the responsibility to see that campground verifications are made as described in R-6 Supplement to FSH 6509.14, zero code, as well as other collection-related control procedures.

Refer to FSH 6509.11k, section 31.11 of the parent text, and R-6 Supplement to FSH 1409.11, section 070, for a summary of audit requirements. Since these are the minimum number of audits required, it is important that quality audits are performed to protect the Collection Officers' and Government's interests. Units must determine if more frequent audits or stricter controls would be appropriate; consider the volume of collections, training, experience, and skill level of Collection Officers, past problems, or other factors which may make it desirable to conduct more frequent audits.

30.5 - Definitions.

1. Collection Officer. In addition to employees, volunteers and Senior Community Service Employment Program (SCSEP) enrollees may also be designated as Collection Officers. Collection Officers normally forward their collections directly to the lockbox bank unless their line officer determines some or all of their collections should be transmitted to another Collection Officer.

2. Unit Collection Clerk. The same employee may also be referred to as the Unit Collection Officer. Receipts are transmitted directly to the lockbox bank rather than deposited in local depositories.

31 - ACCOUNTING FOR AND PROCESSING REMITTANCES.

In order to provide adequate internal controls over the collection function in the unit headquarters, responsibilities for the following three collection activities should be assigned to different individuals. However, if the Unit Collection Clerk does not receive cash collections, the collection activities in items 1 and 2 or items 2 and 3 may be handled by the same person and still meet minimum internal control requirements. This would apply to units where Collection Officers convert all cash collections to money orders before transferring them to the Unit Collection Clerk or who transmit them directly to the lockbox bank. Of course, the following three collection activities may be assigned to more than three employees, if desired, to provide additional internal controls or to distribute the work between available staff.

1. Issuing Bills for Collection for goods and services provided, and maintaining accounts receivable records for the unit, which includes:

a. Preparing the billings, assigning consecutive billing numbers, and maintaining a log of numbers issued;

b. Maintaining a numerical file of all billings issued (billboard), maintaining a file of unpaid billings, stamping billings as paid, notifying appropriate parties of remittances received, filing paid billings (and supporting information);

c. Inputting data into the Bills for Collection Program (WILBARC); and

d. Preparing necessary collection reports, including the monthly reconciliation of accounts receivable report; reviewing collection reports produced for accuracy, and following up on unpaid billings by preparing and mailing followup billings for balances due.

2. Receiving and processing remittances. This includes recording remittances received, maintaining a collection register, and transmitting the remittances to the lockbox bank.

3. Reviewing collection reports, including the report of unpaid billings, and directing appropriate followup action on unpaid billings. Approving adjustments or cancellations of amounts due and declaring billings uncollectable as appropriate.

31.1 - Collection Officer Activities. Refer to R-6/PNW Supplement to FSH 1409.11, section 070, for current audit requirements, and R-6 supplement to FSH 6509.14, zero code, for Collection Officer procedures.

31.2 - Unit Collection Clerk Activities.

31.21 - Accounting for Remittances. Region 6 uses the lockbox at Bank of America (BOA), San Francisco, for processing remittances. Most Bills for Collection shall include the lockbox address as the payment address, so remittances are normally sent directly to the lockbox bank by the remitter. However, Collection Officers who receive collections shall promptly record them on a Collection Register, form FS-6500-72 (or facsimile, such as the LOCKBOX Transmittal Log as shown in Exhibit 01 following this section), which describes the disposition of all collections received. Accordingly, disregard the references in the parent text on preparing form SF-215, Deposit Ticket and depositing remittances.

31.21 - EXHIBIT 01 IS A SEPARATE DOCUMENT.

(6509.11k,31.21,Ex.01)

31.22 - Maintaining the Collection Register. Collection Officers shall note the date and total amount of collections they transmit to the lockbox bank and enter "Sent to Lockbox" on the Collection Register (or LOCKBOX Transmittal Log), rather than entering "To Be Deposited." Submit collections to lockbox with original copy of supporting Bills for Collection, rather than submitting with an SF-215, Deposit Ticket.

31.23 - Audits. The Collection Registers (or LOCKBOX Transmittal Logs) should be audited on a quarterly basis to ensure collections are being properly handled and transmitted in a timely manner.

31.24 - Processing Remittances.

1. Remittances Received by Mail Room. The mail clerk should hand-deliver unopened remittance envelopes to the Unit Collection Officer or Collection Clerk for opening. Remittance envelopes should receive priority when processing incoming mail. At no time should remittance envelopes be left unattended. Remittance envelopes inadvertently opened by persons other than designated Collection Officers must be recorded on form FS-6500-101, Report of Remittances Received. (See FSM 6535.1, sec. 1.)

2. Safekeeping Remittances. When there is more than one Collection Officer at the same location, each Collection Officer shall be provided adequate, separate safekeeping facilities. The following minimum requirements shall be followed when handling remittances:

a. Place remittances in the safe when not processed immediately.

b. Keep remittances in sight when not in the safe.

c. Place remittances in safe when significant breaks occur in processing.

d. Keep the safe locked except when the Collection Clerk is working in close proximity to the safe and has it in sight.

3. Negotiable Securities. Collection Officers should not receive negotiable securities. Refer to R-6 Supplement to FSH 6509.11k, section 82, item 31, paragraph 9. Deposit of Securities.

4. Remittances Received for Other Units. Forward the remittance to the other unit for them to transmit to the lockbox bank. If not practical, forward the remittance to lockbox for the other unit with a Bill for Collection containing the other unit's fund code and unit code. If the remittance is only partially for the credit of another unit, with the majority of the collection being applicable to the collecting unit, the collecting unit should send the entire collection to the lockbox bank. However, all collections should be coded to the collecting unit's accounting, with a subsequent collection adjustment done through an AD-742, Transfer and Adjustment Voucher, Type 81R, to transfer the value of the other unit's collection to them. Most collections to Treasury Receipt accounts, such as fund codes 5008, 3220, or 5896, do not need to be transferred to the other unit but can reside on the collecting unit's records with proper proclaimed National Forest identification as appropriate.

5. Return of Remittances. Cash or checks received through the mail for maps, Freedom of Information Act requests, and other items may be returned through the mail if the order or request cannot be filled. Note on the Collection Register (or LOCKBOX Transmittal Log) the date, reason, and amount returned.

6. Refund of Remittances. Collection Officers may refund the value of unused recreation tickets from receipts on hand when conditions in FSH 6509.14, section 154, have been met. If not practical to refund from receipts on hand, the request for refund shall be forwarded to the Budget and Finance Section for payment by way of the Miscellaneous Payment System. Other remittances may not be refunded by a Collection Officer in the absence of specific authority in the Forest Service Directives System.

31.24a - General.

1. Bills for Collection files. Maintain the following files:

a. Numeric Billing Files. The numeric files are the basic record of all types of billings issued for the unit. Maintain one numeric file for each fiscal year. File billings in numerical bill number sequence with the largest number on top. Keep the file intact, even after billings have been paid, canceled, and so forth.

b. Unpaid Alphabetical Billing File. Maintain one alphabetical file of all unpaid billings issued. File the copies of unpaid billings promptly, in alphabetical order. When remittances are received, remove the copies from this file, stamp them paid, and distribute as needed.

c. Unpaid Due Date Billing File (for optional use). Many units have found this to be a valuable tool for ensuring that unpaid billings receive prompt followup. File a copy of unpaid billings in due date order. Each day review the file for that day's billings that are due and, if not paid, begin followup action as necessary. When remittances are received, remove the copies from this file. There is no need to stamp them paid and distribute them because this is done from the alphabetical file.

2. Remittances received by Collection Officers.

a. Most remittances, other than those covered in item b, below, should be sent directly to the lockbox bank by the remitter. Any of these remittances that are erroneously sent to a unit or Collection Officer require special handling because they are not considered paid until received by the lockbox bank. When first received, they should be recorded on the Collection Register or LOCKBOX Transmittal Log. A notation should be made on the unpaid billing file copy showing the date received and that it was forwarded to lockbox. Do not stamp the billing with a paid date at this point, nor enter it as paid in the WILBARC system. The remittance should be forwarded, along with the original copy of the Bill for Collection, to the lockbox bank. The unit shall stamp the bill paid, distribute the copies of paid billing, and enter it as paid in WILBARC only when confirmation is received through normal lockbox processing that the billing has, indeed, been received by the lockbox bank. Any billing not confirmed as paid through lockbox, other than those in item b, below, are to be considered accounts receivable at monthend.

If the payment is late because the remitter erroneously sent the collection to the unit, the billing will generally be subject to the delinquent payment provisions of the billing.

b. Other remittances. Over-the-counter sales (such as map sales or Christmas tree permits), campground receipts, and other remittances received by Collection Officers should be handled according to items 1 through 6 of the parent text, then forwarded to the lockbox bank with the original copy of a Bill for Collection to support each remittance.

Before forwarding any remittance to lockbox, the Collection Officer should ensure that each Bill for Collection contains the proper unit, fund code, and accounting data. Make certain each remittance is negotiable (that is, it is not a postdated or stale check), the payee information is proper, is signed, and the remittance document itself does not contain a conditional endorsement (sec. 31.24d).

3. Processing remittance information from the lockbox bank.

The basic lockbox process starts when each unit is notified by the Regional Office, Financial Management (RO-FM), that collection information either needs to be retrieved by the unit or that there is no collection activity for that unit on that day.

The BOA (lockbox bank) daily mails copies of checks, Bills for Collection, and any other documents included with the remittance to the RO-FM. The BOA also mails items the bank could not process, such as stale, postdated, improperly endorsed checks, and bills sent to the lockbox without a remittance enclosed. Additionally, the bank mails copies of wire (electronic) payments and checks marked "non-sufficient funds" (NSF) with remittance advice showing the original deposit date. The RO-FM retains the lockbox documentation above for about 3 months. Due to the large quantity of paper received, RO-FM does not routinely examine or forward any of the above documentation (except NSF checks) to units. Units should contact RO-FM any time they are looking for some specific documentation that may have been included with the collection sent to BOA, such as a signed permit erroneously sent to BOA with a payment.

The RO-FM also acts as the clearing house for missing and unidentified collections. The RO-FM daily sends out a listing of unidentified collections through the Data General system to all units. Units should review this list daily and immediately notify RO-FM if a collection on the list belongs to them. If an unidentified collection is not claimed by a unit within a few days, the RO-FM researches the collection transaction to determine ownership. The RO-FM also answers any lockbox system-related problems.

For cases where units encounter lockbox problems, such as when a remitter advises their wire transfer has been lost, units should completely research the situation before calling the RO-FM. This will usually uncover the problem, and then the RO-FM can assist in correcting it. In the above example, do not simply assume the remitter is correct; instead, ask them to have their bank supply information as to transmission dates, control numbers used, whether they received confirmation from lockbox, and so forth. The RO-FM will need this information if the unit cannot resolve the problem.

Units need to take the following basic steps, at the frequency shown, to ensure that paid collection information from the lockbox bank is processed correctly. The needed information flows through the National Computer Center at Kansas City (NCC-KC) to the National Finance Center and into the Central Accounting and Timber Sale Accounting Systems. Units should refer to the Lockbox Collections System Users Manual for detailed operating instructions regarding lockbox collection system programs and related data entry.

a. Retrieve the file (LCKBILLR2V) daily from RO-FM. The lockbox system sends a Data General CEO message to units having collections that a given file name is ready to retrieve. The system will also send a message to units having no file to retrieve.

b. After the retrieval process is complete, enter the Lockbox System and update the Accumulated File (see Users Manual). This step is necessary to make sure that only correct records get into the file and that duplicate records are avoided. The records in the Unit Valid Files are matched against the Unit Update File by sequence number. If the sequence number does not exist on the Unit Update File, the record will be added to the Accumulated File. If the sequence number does exist, the record will be deleted because it represents records that are already in the Accumulated File.

c. After updating the Accumulated File, a report is produced by the system that lists all records in the Unit Update File (current unprocessed records). It is at this point that the unit can consider the applicable billing paid and begin updating WILBARC, stamping bills as paid, and so forth. Districts can be notified currently by sending them a copy of the Unit Update File.

d. Proceed to update each record in the Unit Update File with the correct management code and any other data that may need changing, such as object class or transaction code. (See Users Manual.) Code each record as "R" (Resolved) when all the correct information is entered. If a unit has a record in their file that they cannot identify as belonging to them, they should contact the RO-FM to see if the record should be returned to the RO-FM for distribution to the correct unit. Once the RO-FM has confirmed that this indeed belongs to another unit, code the record "U" (Unresolved) and transmit it right away so that the RO-FM can retrieve it. If the record does not contain an "R" or "U," the record will reside in the Unit Update File until the unit codes it with an "R" or "U."

Negative items in the Unit Update File normally represent NSF checks. These are referred to as Debit Voucher items. The bank date of the Debit Voucher is the same as the original deposit date. Code these as "R" or "U" according to the above instructions. The RO-FM sends the NSF check, along with a copy of the Debit Voucher and Remittance Advice, to the applicable unit so they can take appropriate action to recover the debt or take other action deemed appropriate.

e. Select the Resolved (R) records for transmission to NCC-KC and the Unresolved (U) records for retrieval by the RO-FM. (See Users Manual.)

f. Transmit the R records to NCC-KC. (See Users Manual.) Transmit daily if possible, but no less frequently than the first business day of the month and weekly thereafter. During this process, the system will generate an automatic report showing all records prepared for transmission to NCC-KC.

Once NCC-KC processes the data, NCC-KC will generate an edit report for return to the transmitting unit. The edit report will list the records processed, the number of records accepted or rejected, and the number of records added to the NCC-KC Lockbox Collections File and Timber Sale Accounting (TSA) File.

Any items not transmitted by the lockbox closing date at monthend must be included on the Accounts Receivable report for that month.

g. Summary reports of unit records processed by NCC-KC are available upon request by units. (See Lockbox Management Reports section of Users Manual.) Examples of summary reports include the Master File Report, which shows all unit records processed by NCC-KC, and the Management Code Report, which shows the amount transmitted by management code for a designated period for that unit.

h. File management must be performed periodically to avoid system space problems or to resolve such problems, and so forth. (See Users Manual.) Once a quarter, at the direction of the RO, records that have been transmitted successfully to NCC-KC will be deleted from the R file. Unresolved (U) files may be deleted after the RO successfully retrieves them. The LCKBILLR2V files should be deleted after processing. (See item 3a.)

4. Reconciliations of Billings.

As part of the normal monthly closeout, units should prepare a Reconciliation of Billings report and verify the paid amounts in WILBARC agree with collections processed through lockbox for the month. Also verify that the actual remaining unpaid billings in unit files agree with those shown unpaid on WILBARC's Reconciliation of Billings report as well as those reported on the monthend Accounts Receivable report. Refer to the Bills for Collection User Guide (WILBARC) for instructions and examples of billings reports. The monthly Reconciliation of Billings reports should be reviewed and signed by the Financial Manager (Budget and Accounting Officer or other designated individual) and retained in the unit files for the normal retention period for collection reports.

31.24b - Underpayments and Overpayments. The Financial Manager for each unit shall determine appropriate action to be taken when amounts paid on billings differ from the amount billed.

For underpayments the billing is usually reduced to equal the amount of the remittance and, if appropriate, a supplemental billing is issued for the balance due. The authority to accept underpayments, which involve moneys offered in compromise, is included in FSH 6509.11h, section 26.

For overpayments, the remitter may wish to replace the payment with a check for the correct amount or apply the overpayment to the next payment due, whichever is appropriate. Accepting the full remittance and refunding the overpayment should be the last option because of the administrative cost involved.

31.24d - Endorsements. All checks and money orders are to be made payable to "USDA - Forest Service", "Forest Service - USDA", or " National Forest." No check or money order should be made payable to the BOA or Forest Service employees by name. Checks for campground receipts for which only one Bill for Collection is prepared must have region, forest, and district identification codes on the back of the check (for example, TS-05-03). This is a tremendous aid to the RO-FM when researching NSF checks or other problems.

31.27 - Deposit of Remittances

31.27a - Deposit of Domestic Forest Service Remittances. Forest Service remittances, except for remittances for claims, must be forwarded to the lockbox at the BOA at the following address:

Unit Collection Officer, Forest Service

Pacific Northwest Region

File No. 71652

P.O. Box 60000

San Francisco, CA 94160-1652

It is very important to include the file number in the address because this indicates to the bank that this remittance belongs to Region 6 or to PNW (Station 26). Each region/station has a unique file number.

Most payers should be instructed to mail remittances to the lockbox address. One exception is remittances for claim billings, which should be sent to the Unit Collection Officer at the unit's address. If payment for a claim is remitted by an insurance company, a release statement is likely to be included on the back of the check. These release statements must be cleared through the Office of General Counsel before depositing the check.

Payers also have the option of sending payment by messenger delivery (Federal Express, Express Mail, and so forth) or wire transfer. Provide the following instructions to payers wishing to use these options.

Messenger deliveries or express mail should be sent to the following street address:

Bank of America

Remittance Banking North

1455 Market Street, 21st Floor

San Francisco, CA 94103

The messenger should go to the lobby phone and dial 31785. Messenger deliveries must be made before 12 noon Pacific time to be processed in that day's business. Deliveries made after 12 noon will be processed as the next day's business.

Wire transfer service is also available through most banks. Wire transfers must arrive at BOA before 1:15 p.m. Pacific time to be processed in that day's business. Wires arriving after 1:15 p.m. will be processed as the next day's business.

The following information must be included on the wire transfer message to be deposited to the correct account. See Exhibit 01 for sample wire transfer formats.

Item Description

1. Priority Code: To be provided by the sending bank.

2. ABA Transit No.: The nine-digit identifier represents the ABA routing transit number of the sending bank. Provided by the sending bank.

3. Type Code: Provided by the sending bank.

4. Sending Bank Name: The name of the bank initiating the wire transfer.

5. Leave this field blank.

6. Federal Reference #: The sending bank will assign this number to identify the wire transaction.

7. Dollar Amount: Represents the total dollar value of the wire.

8. Receiving Bank Name: Bank of America SF.

9. Enter FTR.

10. BNF (Beneficiary): Enter USDA Forest Service.

11. Account No.: Identifies the Forest Service bank account number to be credited with the payment. The account number for the Pacific Northwest Region is 1233580871.

12. RFB=File #: Identifies the USDA Forest Service lockbox file number. The file number for the Pacific Northwest Region is 71652.

13. ORG=: Enter name of remitter/originator (up to 20 characters). OBI=: (Originator to Beneficiary Information). Enter the bill number (up to six characters), unit number (four characters), contract number (eight characters) shown on the bill for collection.

31.27a - Exhibit 01

SAMPLE WIRE

Single Invoice Payment

(1) Priority Code

(2) ABA Transit No. (3) Type

(4) SENDING BANK (5) (6) Fed Ref # (7) DOLLAR AMOUNT

Seattle First National 1234 $10,777.89

(8) RECEIVING BANK (9) FTR

Bank of America SF FTR

(10) BNF (11) USDA Forest Service Acct. No. (12) RFB=File #

USDA Forest Service 1233580871 71652

(13) ORG=Weyerhaeuser Co, OBI=Bill 001234, Unit TS18,

Subunit/Contract 03059615

=============================================================================

SAMPLE WIRE

Multiple Invoice Payment

(1) Priority Code

2) ABA Transit No. (3) Type

(4) SENDING BANK (5) (6) Fed Ref # (7) DOLLAR AMOUNT

Seattle First National 1234 $ 30,000.00

(8) RECEIVING BANK (9) FTR

Bank of America SF FTR

(10) BNF (11) USDA Forest Service Acct. No. (12) RFB=File #

USDA Forest Service 1233580871 71652

(13) ORG=Weyerhaeuser Co., OBI=Amount 15,000.00; 10,000.00;

5,000.00; Bill 001634; 001820; 000123; Unit TS04; TS18; TS21;

Contract 03051674; 04178675; 01017895.

================================================================

NOTE: When making multiple payments with one wire, the first amount goes with the first bill number, unit number, and contract number. The second amount goes with the second bill number, unit number, and contract number, and so on.

CAUTION: No more than 200 characters may be entered in item 13. This will usually limit to three the number of bills that can be paid with one wire.

31.27b - Deposit Ticket, Form SF-215. Disregard parent text.

31.27c - Deposits for Other Agencies. If possible, forward the remittance to the other agency for them to deposit; or, have the remittance sent directly to the other agency by the remitter. When it is not practical to avoid receiving another agency's remittance, process it through lockbox to the credit of the appropriate suspense account for later disposition. If the lockbox bank credits the Region 6 account in error with a remittance that belongs to another agency, request the lockbox bank correct the transaction.

31.27d - Small Business Administration Loan Repayments. Handle in the same manner as deposits for other agencies as described in R-6 supplement to section 31.27c.

31.27e - Pipeline Receipts for Bureau of Land Management. Handle in the same manner as deposits for other agencies as described in R-6 supplement to section 31.27c.

31.27f - Deposits Made by Other Agencies for Forest Service. If possible, have the other agency submit the remittance to the lockbox bank to credit the Region 6 account. If this is not possible, follow the parent text.

31.27g - Deposit of Foreign Remittances. Avoid accepting foreign payments when possible. Rather than follow the direction in the parent text, foreign payments should be converted locally, when possible, and included in the normal collection transmittal to the lockbox bank.

Units that have local banks willing to exchange foreign currency and checks for a cashier's check made payable to "USDA - Forest Service" are authorized to use those facilities. Any service fee charged by the bank for conversion is considered part of the cost of exchange and is to be deducted from the funds being exchanged.

Arrangements have been made with the BOA in San Francisco for those units that do not have local banks willing to exchange foreign currency and checks. This arrangement is the exception to the rule that cash cannot be mailed. Accordingly, mail foreign currency to the BOA if there are no local banks willing to make the exchange. Foreign currency may be held up to 30 days when the value is less than $100. Foreign checks may be held up to 30 days when the value is less than $5,000. The BOA would prefer monthly transmittals when dollar values are small.

The process when using the BOA follows:

1. Prepare the Bill for Collection in the Collection Officer's name.

2. Use the lockbox address on the line for the "payment to be mailed to."

Pacific Northwest Region

File 71652

P.O. Box 60,000

San Francisco, CA 94160-1652

3. Itemize the denominations of currency and list all checks separately with the face amount of the check in the description block. (For example, 3 - $5 bills, 1 - $1 bill, 2 checks - John Smith $5, Mary Jones $10. Canadian currency.)

4. Leave the amount and the amount due blank.

5. Complete the Unit No. block as required for a lockbox deposit and any other deposit.

6. Make sure this Bill for Collection has a bill number before submission.

7. Complete the rest of the Bill for Collection in the normal manner.

8. Send two yellow copies and one green copy to the unit's accounts receivable clerk.

9. Prepare a stamped envelope addressed to the BOA lockbox using the address in item 2, above.

10. Mail the white and pink copies of the Bill for Collection, the currency, the checks, and the extra envelope (item 9) to:

Bank of America

Foreign Currency Services No. 5089

345 Montgomery Street, Lower Level 1

San Francisco, CA 94104

The BOA shall convert the checks to U.S. dollars and mail the white copy of the Bill for Collection and a cashier's check made payable to "USDA - Forest Service" in the envelope addressed to lockbox. The deposit shall be handled like any other lockbox transaction from that point.

If a foreign currency Bill for Collection is outstanding at monthend for report purposes, the accounts receivable clerk should carry this Bill for Collection at face value until the exchange value is known.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download