Microenterprise Access to Banking Services Program Accounting Entries RBAP-SMART Money Accreditation Training.

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Presentation transcript:

Microenterprise Access to Banking Services Program Accounting Entries RBAP-SMART Money Accreditation Training

Accounting Entry Funding of Smart Money Wallets Head Office Branch Level Account DescriptionDrCrAccount DescriptionDrCr 1)Pre-funding Smart Money Sweep Wallet (EMA) A/R Smart Money Sweep Wallet50, Due from Local Bank 50, ) Pre-funding Smart Money Mother Wallet (CLMA) A/R Smart Money Mother Wallet50, A/R Smart Money Sweep Wallet 50, ) Funding of Smart Money Branch Wallet (SMB CLA) Due From Head Office10, A/R-Smart Money Branch Cash Loading Wallet 10, A/R - Smart Money Mother Wallet 10, Due From HO/Branches 10, Sweep Wallet or Encashment Mother Account (EMA) 2.Mother Wallet or Cash Loading Mother Account (CLMA)

Accounting Entry Day-to-day Transactions – Branch Level Head Office Branch Level Account DescriptionDrCrAccount DescriptionDrCr 4)Cash Loading (Money In) (Transactions for the Day) Cash On Hand7, A/R Smart Money Branch Cash Loading Wallet 7, ) Encashment (Money Out) (Transactions for the Day) A/R Smart Money Branch Encashment Wallet 4, Cash on Hand 4, ** Take note that entries to recognize income for MIMO fees is not yet reflected here. You need to prepare a separate entry.

Accounting Entry Consolidation and Settlement Head Office Branch Level Account DescriptionDrCrAccount DescriptionDrCr 6) Transfer from Branch to Head Office for Consolidation/Settlement A/R - Smart Money Cash Loading Mother Wallet 7, Due From HO/Branches7, Due From Head Office 7, AR-Smart Money Branch (Cash Loading / Encashment) Wallet 7, ) Consolidation and Settlement A/R Smart Money Sweep Wallet27, A/R Smart Money Cash Loading Mother Wallet 27, Due from Local Bank27, A/R Smart Money Sweep Wallet 27, ** Take note that instead of transferring back the total remaining balance of Smart Money (P 47,000) only P 27,000 was transferred back to BDO. P20,000 Smart Money will be used for Smart Money MIMO transactions the following banking day.

Summary: Ending Balance ** Ending Balance after ConsolidationDrCr Cash on Hand3, A/R Smart Money Mother Wallet20, Due from Local Bank 23,000.00

Accounting Entry **Reloading of Branch Cash Loading Wallet Head Office Branch Level Account DescriptionDrCrAccount DescriptionDrCr 6) Reloading of Branch Cash Loading Wallet (SMB CLA) [a} from Smart Money Mother Wallet (CLMA) to Branch Cash Loading Wallet (SMB CLA) Due From Head Office15, A/R Smart Money Branch Cash Loading Wallet 15, A/R - Smart Money Cash Loading Wallet 15, Due From HO/Branches 15, [b] from to Branch Encashment Wallet (SMB EA) to to Branch Cash Loading Wallet (SMB CLA) A/R Smart Money Branch Cash Loading Wallet 15, A/R Smart Money Branch Encashment Wallet 15,000.00

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