The Daily Balancing of the Trade Finance Department Accounts and Management Reports Generation
Course Description
Unless the bank is capable of balancing the accounts of its trade finance department on every business day, it will not be able to produce accurate balance sheet at the end of year (the annual accounting period - normally 31DEC of each year). This is an extremely alarming threat that may cause heavy detriments to the bank's profitability and seriously damage its reputation. The process of daily balancing is totally dependent on understanding the accounting entries that must be posted and validated in the immediate aftermath of the various stages of each transaction.
Who Should Attend
All Staff, regardless of the rank and grade, from the Audit Department, The Compliance Department, The Credit Facilities Department, The Financial Control/Books Department and the Trade Finance Department.Period of the Course
2 Days (8 Training Hours)
Course Objectives
To teach all staff - whose accountabilities compel them to understand the trade finance department books - teach them the accurate and complex accounting treatment of all trade finance transactions so they can possess the technical skills they require to balance their accounts with accuracy and preciseness. Further, the course aims at creating awareness amongst the trainees about the importance of generating daily, weekly and monthly trade activities management reports and the levels at which they must be generated and how to action them properly.
Course Covers
- Principles of International Trade
- Documentary Credits - UCP600
- Bills for Collection, Import/Export
- Understanding the Accounts Structure of the Bank
- International Standard Banking Practice and Accounting Entries
- Generation of Activity and Exception Reports
- Actioning of Reports
- Physical and Accounts Balancing
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- Understanding the Accounts Structure of the Bank
