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

Published byArron Stevenson Modified over 8 years ago

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Presentation on theme: "Microenterprise Access to Banking Services Program Accounting Entries RBAP-SMART Money Accreditation Training."— Presentation transcript:

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

2 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 Wallet50,000.00 Due from Local Bank 50,000.00 2) Pre-funding Smart Money Mother Wallet (CLMA) A/R Smart Money Mother Wallet50,000.00 A/R Smart Money Sweep Wallet 50,000.00 3) Funding of Smart Money Branch Wallet (SMB CLA) Due From Head Office10,000.00 A/R-Smart Money Branch Cash Loading Wallet 10,000.00 A/R - Smart Money Mother Wallet 10,000.00 Due From HO/Branches 10,000.00 1.Sweep Wallet or Encashment Mother Account (EMA) 2.Mother Wallet or Cash Loading Mother Account (CLMA)

3 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 Hand7,000.00 A/R Smart Money Branch Cash Loading Wallet 7,000.00 5) Encashment (Money Out) (Transactions for the Day) A/R Smart Money Branch Encashment Wallet 4,000.00 Cash on Hand 4,000.00 ** Take note that entries to recognize income for MIMO fees is not yet reflected here. You need to prepare a separate entry.

4 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 7,000.00 Due From HO/Branches7,000.00 Due From Head Office 7,000.00 AR-Smart Money Branch (Cash Loading / Encashment) Wallet 7,000.00 7) Consolidation and Settlement A/R Smart Money Sweep Wallet27,000.00 A/R Smart Money Cash Loading Mother Wallet 27,000.00 Due from Local Bank27,000.00 A/R Smart Money Sweep Wallet 27,000.00 ** 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.

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

6 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 Office15,000.00 A/R Smart Money Branch Cash Loading Wallet 15,000.00 A/R - Smart Money Cash Loading Wallet 15,000.00 Due From HO/Branches 15,000.00 [b] from to Branch Encashment Wallet (SMB EA) to to Branch Cash Loading Wallet (SMB CLA) A/R Smart Money Branch Cash Loading Wallet 15,000.00 A/R Smart Money Branch Encashment Wallet 15,000.00

7 End of Presentation

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