The document discusses factoring and forfaiting. It defines factoring as the sale of book debts by a firm to a financial institution, where the factor pays for the debts as they are collected and provides immediate liquidity to the client. Forfaiting is described as the purchase by a financial intermediary of the export receivables of an exporter without recourse to the exporter, dealing specifically with receivables relating to deferred payment exports. The key differences between factoring, bill discounting, and forfaiting are outlined.
One of the oldest forms of business financing, factoring is the cash-management tool of choice for many companies. Factoring is very common in certain industries, such as the clothing industry, where long receivables are part of the business cycle.
Factoring is a financial transaction where a business sells its accounts receivable (invoices) to a third party called a factor at a discount in exchange for immediate money. This allows the business to finance continued operations. Factoring differs from loans in that it involves the purchase of a financial asset rather than assessing creditworthiness, and it involves three parties rather than two. There are various types of factoring including recourse, non-recourse, maturity, and invoice factoring. Factoring provides businesses with financing, accounts receivable maintenance, collection services, and advisory services.
Factoring and forfeiting are mechanisms for financing exports. Factoring involves purchasing a company's accounts receivables to provide working capital, while forfeiting involves discounting export bills or promissory notes without recourse to the exporter. There are benefits to both exporters and importers such as improved cash flow, risk mitigation, and access to longer term financing. The key differences are that factoring is for ongoing domestic or export sales while forfeiting is for single export transactions backed by letters of credit or guarantees.
Factoring & Forfeiting
James Manufacturing, a small boat trailer manufacturer, was awarded a large contract but faced cash flow issues due to the long payment terms from the state. Through factoring, James received an advance of 80% on delivered trailers, providing working capital to complete the order on time. Forfeiting allowed Fox Fresh Exports in Zimbabwe to receive immediate payment in foreign currency less a discount by selling promissory notes from UK importer Tesco to a bank, improving cash flow. Both helped companies access working capital and meet delivery deadlines.
This document provides an overview of factoring and forfaiting as methods of trade finance. It defines factoring as the sale of receivables to a factoring institution without recourse. Forfaiting involves the sale of long-term debt resulting from export contracts to forfaiting institutions. Both methods allow exporters to convert credit transactions into cash flows. Factoring is used for short-term receivables, while forfaiting finances medium-term capital goods through the purchase of debt instruments.
Factoring
what, how, why, who is in factoring
how factoring work in the real world
Parties involved in factoring
working model
Typed of factoring
advantages and disadvantages
functions of factoring and process of factoring
conclusion
This document contains a list of 4 potential scenes for window displays: downstairs, bedroom, dog walking, and walking near a lamppost at a bus stop. The scenes provide options for visual vignettes to be displayed in store windows.
The document discusses factoring and forfaiting. It defines factoring as the sale of book debts by a firm to a financial institution, where the factor pays for the debts as they are collected and provides immediate liquidity to the client. Forfaiting is described as the purchase by a financial intermediary of the export receivables of an exporter without recourse to the exporter, dealing specifically with receivables relating to deferred payment exports. The key differences between factoring, bill discounting, and forfaiting are outlined.
One of the oldest forms of business financing, factoring is the cash-management tool of choice for many companies. Factoring is very common in certain industries, such as the clothing industry, where long receivables are part of the business cycle.
Factoring is a financial transaction where a business sells its accounts receivable (invoices) to a third party called a factor at a discount in exchange for immediate money. This allows the business to finance continued operations. Factoring differs from loans in that it involves the purchase of a financial asset rather than assessing creditworthiness, and it involves three parties rather than two. There are various types of factoring including recourse, non-recourse, maturity, and invoice factoring. Factoring provides businesses with financing, accounts receivable maintenance, collection services, and advisory services.
Factoring and forfeiting are mechanisms for financing exports. Factoring involves purchasing a company's accounts receivables to provide working capital, while forfeiting involves discounting export bills or promissory notes without recourse to the exporter. There are benefits to both exporters and importers such as improved cash flow, risk mitigation, and access to longer term financing. The key differences are that factoring is for ongoing domestic or export sales while forfeiting is for single export transactions backed by letters of credit or guarantees.
Factoring & Forfeiting
James Manufacturing, a small boat trailer manufacturer, was awarded a large contract but faced cash flow issues due to the long payment terms from the state. Through factoring, James received an advance of 80% on delivered trailers, providing working capital to complete the order on time. Forfeiting allowed Fox Fresh Exports in Zimbabwe to receive immediate payment in foreign currency less a discount by selling promissory notes from UK importer Tesco to a bank, improving cash flow. Both helped companies access working capital and meet delivery deadlines.
This document provides an overview of factoring and forfaiting as methods of trade finance. It defines factoring as the sale of receivables to a factoring institution without recourse. Forfaiting involves the sale of long-term debt resulting from export contracts to forfaiting institutions. Both methods allow exporters to convert credit transactions into cash flows. Factoring is used for short-term receivables, while forfaiting finances medium-term capital goods through the purchase of debt instruments.
Factoring
what, how, why, who is in factoring
how factoring work in the real world
Parties involved in factoring
working model
Typed of factoring
advantages and disadvantages
functions of factoring and process of factoring
conclusion
This document contains a list of 4 potential scenes for window displays: downstairs, bedroom, dog walking, and walking near a lamppost at a bus stop. The scenes provide options for visual vignettes to be displayed in store windows.
The document discusses the differences between pure substances like elements and compounds, and mixtures like heterogeneous mixtures which are not uniform throughout and homogeneous mixtures which are uniform. It also covers separation techniques like distillation and filtration that can be used to separate mixtures based on differences in their physical properties like boiling point or ability to be filtered. Key concepts around chemical properties and evidence of chemical changes are also reviewed.
The document provides brief trivia questions and answers about various countries' internet domains, awards, singers, national days, advertisements, logos of companies, slogans, websites, car manufacturers, and email services. It asks which country uses .mm as its domain, the highest civilian award in India, the first singer to perform at the UN, the country without a National Day, who sent telegrams about retirement, the animal in MGM's logo, the magazine with the slogan "Capitalist Tool", the website that launched a campaign before revealing a new logo, the group that owns Bentley, and the email service Google acquired before starting Gmail.
Muse is an English rock band formed in 1994 consisting of Matthew Bellamy, Christopher Wolstenholme, and Dominic Howard. They have a mature fan base and are known for arena-sized performances. Their style is smart casual and they dress normally for their age rather than having a style related to their music. Muse is very well known, having had their songs featured on TV, in advertisements like for Virgin Air, and played widely on radio stations. Their album packaging and advertisements keep a consistent theme with the band's name and album artwork to appear professionally coordinated and help promote their success through various platforms.
This document provides standards, vocabulary words, and teaching strategies related to economics concepts for grades 3-4. It covers topics such as work and earnings, costs and benefits, and production and exchange. Suggested activities integrate economics into history and other lessons and include using classroom currencies, assigning jobs, modeling supply and demand, and following goods from production to consumption. The goal is to help students understand why people work, specialize, trade, and make choices involving costs and benefits.
This document analyzes the layout and design of advertisements from various music magazines. It examines 6 different advertisements, noting elements like the placement of the artist/album name, images, reviews, and links. It then outlines common advertisement layout designs, showing examples of how key information is arranged. The document concludes by providing things for the student to consider when designing their own magazine advertisement, including suggested elements and reviews they could utilize from the bands' websites.
Concur provides an integrated solution for employee spend management that processes $50 billion annually in travel and expense spending across 90 countries and 15 million users. Their solution automates expenses, was the first SaaS expense solution, and end-to-end travel and expense solution. It allows for 41% faster expense reports, 21% quicker approval processes, and 51% lower expense processing costs. Customers see a payback within 10 months and a three-year ROI of 242%.
The document discusses key trends in mobile operating systems and how the Firefox OS could leverage these trends. It outlines 5 trends: 1) the growth of cloud services and implications for data control, 2) the importance of developer communities and marketplaces, 3) a shift to more intuitive and human-centric interfaces, 4) new forms of communication beyond calls/texts, and 5) a convergence of online and offline interactions. The document argues that Firefox OS is well-positioned given its focus on user control, openness, and bringing people together both online and offline.
The document provides information about the 8 planets in our solar system (Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, and Neptune) as well as Pluto. It notes key facts about each planet such as their order from the sun, their composition, number of moons, and other distinguishing features. Mercury is the smallest planet and has the longest day. Venus is Earth's neighbor. Earth is the only known planet to support life. Mars is cold and named after the Roman god of war. Jupiter is the largest planet and has a Great Red Spot. Saturn has rings made of ice and dust. Uranus is tipped on its side. Neptune is stormy with faint rings and
Botani Mengenal Organ Reproduksi Tumbuhansiti julaicha
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Credit Card Processing can be a very intimidating, yet necessary evil in business. This SlideShare goes over what a payment integration is, how to apply this term to your current payment acceptance process, and where to find a payment integration for your business.
The document discusses the differences between pure substances like elements and compounds, and mixtures like heterogeneous mixtures which are not uniform throughout and homogeneous mixtures which are uniform. It also covers separation techniques like distillation and filtration that can be used to separate mixtures based on differences in their physical properties like boiling point or ability to be filtered. Key concepts around chemical properties and evidence of chemical changes are also reviewed.
The document provides brief trivia questions and answers about various countries' internet domains, awards, singers, national days, advertisements, logos of companies, slogans, websites, car manufacturers, and email services. It asks which country uses .mm as its domain, the highest civilian award in India, the first singer to perform at the UN, the country without a National Day, who sent telegrams about retirement, the animal in MGM's logo, the magazine with the slogan "Capitalist Tool", the website that launched a campaign before revealing a new logo, the group that owns Bentley, and the email service Google acquired before starting Gmail.
Muse is an English rock band formed in 1994 consisting of Matthew Bellamy, Christopher Wolstenholme, and Dominic Howard. They have a mature fan base and are known for arena-sized performances. Their style is smart casual and they dress normally for their age rather than having a style related to their music. Muse is very well known, having had their songs featured on TV, in advertisements like for Virgin Air, and played widely on radio stations. Their album packaging and advertisements keep a consistent theme with the band's name and album artwork to appear professionally coordinated and help promote their success through various platforms.
This document provides standards, vocabulary words, and teaching strategies related to economics concepts for grades 3-4. It covers topics such as work and earnings, costs and benefits, and production and exchange. Suggested activities integrate economics into history and other lessons and include using classroom currencies, assigning jobs, modeling supply and demand, and following goods from production to consumption. The goal is to help students understand why people work, specialize, trade, and make choices involving costs and benefits.
This document analyzes the layout and design of advertisements from various music magazines. It examines 6 different advertisements, noting elements like the placement of the artist/album name, images, reviews, and links. It then outlines common advertisement layout designs, showing examples of how key information is arranged. The document concludes by providing things for the student to consider when designing their own magazine advertisement, including suggested elements and reviews they could utilize from the bands' websites.
Concur provides an integrated solution for employee spend management that processes $50 billion annually in travel and expense spending across 90 countries and 15 million users. Their solution automates expenses, was the first SaaS expense solution, and end-to-end travel and expense solution. It allows for 41% faster expense reports, 21% quicker approval processes, and 51% lower expense processing costs. Customers see a payback within 10 months and a three-year ROI of 242%.
The document discusses key trends in mobile operating systems and how the Firefox OS could leverage these trends. It outlines 5 trends: 1) the growth of cloud services and implications for data control, 2) the importance of developer communities and marketplaces, 3) a shift to more intuitive and human-centric interfaces, 4) new forms of communication beyond calls/texts, and 5) a convergence of online and offline interactions. The document argues that Firefox OS is well-positioned given its focus on user control, openness, and bringing people together both online and offline.
The document provides information about the 8 planets in our solar system (Mercury, Venus, Earth, Mars, Jupiter, Saturn, Uranus, and Neptune) as well as Pluto. It notes key facts about each planet such as their order from the sun, their composition, number of moons, and other distinguishing features. Mercury is the smallest planet and has the longest day. Venus is Earth's neighbor. Earth is the only known planet to support life. Mars is cold and named after the Roman god of war. Jupiter is the largest planet and has a Great Red Spot. Saturn has rings made of ice and dust. Uranus is tipped on its side. Neptune is stormy with faint rings and
Botani Mengenal Organ Reproduksi Tumbuhansiti julaicha
Dokumen tersebut membahas tentang organ reproduksi tumbuhan seperti bunga, buah, dan biji. Tujuan praktikum adalah untuk mengenal dan mengamati bagian-bagian dari organ reproduksi tersebut serta jaringan dan organ penyusunnya. Dibahas pula proses pembentukan buah dan biji setelah terjadi penyerbukan dan pembuahan, serta penjelasan mengenai struktur dan bagian-bagian dari buah dan biji.
Values culture and ethics of texas instruments and various reasons have been explained as why Texas Instruments was chosen one among the most ethical companies.
The document discusses the global prevalence and importance of the English language. It notes that 67 countries have English as an official language, 43 countries have it as a second language, and 27 countries list it as a third language. English is widely used in various domains including business, technology, aviation, science, diplomacy, medicine, commerce, culture, the military, and more. There are around 550 million native English speakers and over 2 billion people who speak English as a second or foreign language. English has become a dominant global language due to British and American international influence over the past few centuries.
Teks tersebut membahas tentang usaha, energi, dan daya. Secara singkat, usaha adalah hasil perkalian gaya dan perpindahan, energi adalah kemampuan untuk melakukan usaha, dan daya adalah laju perubahan energi terhadap waktu. Teks tersebut juga membedakan antara gaya konservatif dan non-konservatif berdasarkan ketergantungan usahanya terhadap lintasan.
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3. Step 1
• Line up in from of the
tellers
• Every student must
have:
• Deposit ticket
• Endorsed paycheck
• $1.50 check for
savings account
4. What does the CEO do?
• Signs all checks for payroll and operating costs
• Approves business loans
• Meets with business representatives
• Approves business deposits
7. Click on the
Approve Loan
and Print Loan
Agreement
buttons.
Select another
business and
repeat the
process.
8.
9.
10. What does the bank CFO do?
• Prints all payroll checks and expense checks for
operating costs
• Records all checks on an accounts payable
checklist
• Helps CEO approve business deposits
11. What do the Tellers do?
• Accept deposits for personal banking
• Enter transactions into computer program
• Give cash back on deposit ticket
• Help File Clerk
13. Tellers: entering deposits into the computer
program
Check the deposit ticket for
the account number and
enter it in the first box.
The name on the screen
should match the name on
the deposit ticket and
paycheck.
If this is NOT the
customer’s name, ask the
customer to see a JA staff
member.
14. Tellers: entering deposits into the computer
program
Click on the
down arrow in
the next box.
Select Payroll
Check.
15. Tellers: entering deposits into the computer
program
The customer’s
paycheck amount AND
the pay period will
appear on the screen.
The pay period must
match up with the break
pay period.
Enter the amount of
cash back that the
consumer has entered
on the deposit ticket.
No more than $2.00
may be taken in cash!
16. Tellers: entering deposits into the computer
program
After entering the
cash back amount,
click on Accept
Deposit.
17. Tellers: entering deposits into the computer
program
The screen will then go back to the original
screen – ready for the next depositor.
Give the customer the cash back amount!
Remind the customer to take the $1.50 check to
the Savings Officer.
19. What does the Savings Officer do?
• Accepts $1.50 checks to open savings account
• Makes sure everyone has opened an account
• Completes a speech and delivers it at the
Closing Town Meeting
22. What does the File Clerk do?
• Gives JA BizTown cash to tellers
• Files personal banking deposit tickets and
paychecks
• Accepts and files business deposits
26. If you would like to learn more about how the
CFO uses the computer program, click on this link.
It will take you out of this training program. If you
choose to do that, please accept our thanks for
volunteering at JA BizTown. We can’t do it
without you!
CFO Online Training
Editor's Notes
>>>Welcome to Fifth Third Bank, which serves as one of the financial hubs for JA BizTown. Students will come here twice during the day to deposit paychecks into their personal checking accounts. Students have been assigned checking account numbers before they arrive. The CFOs in all businesses have entered their names with those account numbers into the computer program during Business Start-up. >>> Half of the businesses have accounts at PNC Bank as well. >>>The businesses will be applying for a loan and making business deposits.
All businesses have bank accounts Business banking is only at the CEO desk inside the bank.
When the official business day begins, after the Opening Town Meeting and staff meeting, the first red group will go to the bank and lunch. Personal banking customers will line up in front of the tellers. >>> If they have forgotten to endorse their paychecks, they may do this at the teller station.
The Fifth Third CEO is very important to the business transactions throughout JA BizTown. >>>The CEO will receive the Loan Application forms and the Promissory Notes from the other business CEO’s at the beginning of the day.
After the JA Staff announces banks are open, the business day starts. Business representatives will bring a loan application and a promissory note to the CEO to apply for their business loans.
The CEO will approve business loans on the computer by clicking on loan approval. >>>> Then the CEO selects a business that has made a loan request via computer in its business.
Then this screen will appear with the selected business name and loan amount. ***Loan amount must agree both on the computer and the paper!!! >>> The CEO will click on the Approve Loan button and then on the Print Loan Agreement button. The Agreement will print out and the CEO will sign it. They will then file it for the attorney to sign. After both the CEO and attorney sign it, the CFO will deliver it to the business and signed by the CEO’s. It will then be hung up in the individual businesses. >>> After printing the loan agreement, it will go back to the home screen automatically.
It is important for the CEO to approve all loans. Each business will know whether its loan has been approved via the computer program. How can the CEO check to make sure that all loans have been approved? >>> If an asterisk appears at the end of the business name, then the loan has been approved. >>> If there is no asterisk, then the loan needs approval. >>>The CEO will only approve loans for their specified businesses: City Hall Lilly Lab Steak n’ Shake FedEx Payton Manning Children’s Hospital TKO >>>These busineese will be listed in the banks as well as gone over during the Opening Town meeting.
Later in the day, businesses will begin making deposits to repay their loans. >>> To approve a deposit the CEO must have the deposit slip and the checks that go with it. After receiving the checks and deposit slip they can click the Deposit button on their computer >>>This screen will appear. >>> The CEO will select a business name. >>> Then the CEO checks to see if any deposits have been made. In this case, the “1” indicates that this is the businesses first deposit. The bank CEO must keep checking all the businesses to see if there are any new deposits and approve them. It will help if you remind the CEO to keep up on all of their paperwork.
>>>The CFO handles all accounting transactions for Fifth Third Bank! >>>The CFO will print all payroll checks and expense checks for operating costs. >>> The CFO will fill in for the CEO when they are on break.
The tellers accept deposits for personal checking accounts. The customer will hand the teller the deposit ticket and endorsed paycheck, and the teller will enter the customer’s account number into the computer. The computer knows how much each account number is paid. Then the teller will enter the cash back amount and complete the transaction. Teller will be slow during the first or second round of deposits, but they become much faster as the day progresses. This means that they will have some free time during each break. Tellers may help the File Clerk file payroll checks and deposits during down time.
>>>When the customers arrive at the bank, they will hand a deposit ticket and an endorsed paycheck to the teller. The first time a customer comes to the bank, the deposit ticket should indicate that the customer wants $2.00 back in JA BizTown cash. Tellers will receive JA BizTown dollar bills from the File Clerk during the Start-up part of the day before any customers are allowed in the bank. Only $2.00 in cash per payroll check is allowed to be given to customers. There are very few places to use cash. Customers are required to write checks at most businesses. Sometimes customers will come to the bank to get a lot of cash. This is not permitted and will not do them any good because most businesses ONLY take checks for payment. If you see a student with a lot of cash in his or her hands, something is wrong. Please contact a JA staff member to fix the situation.
>>>This is the computer screen that the teller uses. >>The teller will accept the deposit ticket and payroll check from the customer and staple them together. >>>Then the teller will enter the account number of the customer that is found in the lower right-hand corner of the deposit ticket. >>> After the account number is entered, push go and the customer’s name will appear. The names on the deposit ticket and screen should match. >>>If they don’t, have the customer speak to a JA staff member to make changes in the main computer program. The teller will not be able to do this.
After the name is confirmed, the teller will click on the down arrow to select the payment type – payroll check.
The computer program knows which job has been assigned to that account number, so it will enter the paycheck amount automatically. >>>They drop down pay period box must be selected to complete the transaction. Remind the kids that they must have the correct pay period selected. >>> Then the teller enters the amount of cash back that the customer wants. For the first pay period, this should be $2.00. No more than $2.00 may be taken in cash per paycheck. If the customer does not want any cash back, the teller must enter zero.
Next, the teller will click on the Accept Deposit button. >>>Pushing cancel will not enter the deposit. If this happens they must enter the information again
After the teller clicks on Accept Deposit, this screen will appear briefly to let the teller know that the deposit has been entered into the computer program. >>> The teller should now give any cash due to the customer. >>> On the first deposit, each customer will have a $1.50 check to open a savings account. The customer will take the check to the Savings Officer after making a deposit.
Sometimes, a customer may want to deposit cash received earlier in the day. In that case, the teller would select Cash, rather than Payroll Check. If a customer has a lot of cash to deposit (more than $2.00), something is wrong. Contact a JA staff member before the teller does anything. >>> If a customer comes into the bank to check on their account amount, please direct them to a JA staff, as the tellers do not have those capabilities! >>>A JA staff member will train all of you workers!
The Savings Officer is in charge of the savings accounts at Fifth Third, accepting checks to open accounts and recording those transactions. >>>The 1.50 check was completed at school and they only have to do this once! >>>After the second sets of breaks, the Savings Officer may visit his businesses and personally collect the savings checks that were not delivered. The money automatically comes out of their account, so they have to open a savings account. >>>Also, they can not take money out of their savings accounts.
After a customers have made their first checking account deposit, they go to the desk of the Savings Office to open a savings account. The students prepared a check for $1.50 at school to open the account.
The Savings Officer will complete a speech and deliver it at the Closing Town Meeting.
The File Clerk has several tasks during the day: >>>After the CFO/CEO are done with the check for FedEx they take it and get the supplies >>>Getting cash from the safe and distributing to tellers, they will be filling out a cash-out ticket and count it for each person. >>>Filing transaction papers for personal and business banking
>>>During Business Start-up time, the File Clerk will count cash for each teller station: $50 in bills. >>>The File Clerk will get money from the bank safe. If it has not been opened, they should ask the CEO to open it.
>>>The Clerk will record the amount of cash distributed to each teller on the Cash Out Checklist. >>>The Teller initials the checklist to indicate the he or she has received the cash and counted it. >>>Good news! This is the only time of the day that the File Clerk does this. Later in the day, the Clerk may simply refill baskets with dollar bills.
During the day, the File Clerk will file each deposit ticket and corresponding paycheck by account number for personal checking accounts. Tellers may help with this during their down times.
If you would like to learn details about the CFO computer program, click on the link below. This is the end of your training for Fifth Third Bank. A JA staff member will speak with you on the visit day before the students arrive. Junior Achievement thanks you very much for serving as a volunteer. Remember that the students will not be perfect. Your role is to smile and be supportive. You do not complete their jobs. They are the workers and they are responsible. Encourage them to continue doing their jobs. Answer their questions. If you can’t answer the questions, please contact a JA staff member. Thank you!