Cash PaymentA process that affects the correct planning of the process within the Methods of Payment in Foreign Trade Title. Payment method; the time of collection is evaluated with the risk, bank steps and necessary documents undertaken by the parties. A single method may not be suitable for each country, customer and contract. Check out the scope of the order before the payment is made, how the opposite party verification, delivery plan and return/resistibility conditions are addressed in the contract.
Document layout
Keep each document with transaction reference, source, date, version, responsible and approval information. Then update the changing areas in traceable format instead of writing on the old record. Compare documents in the closing process and financial record.
Control points
- Match the information between document and payment records with order/exclusion.
- Make the difference in the conditions of the party, product, quantity, currency and delivery/deparation before shipment.
- Keep the confirmations made by responsible person, carrier, bank and customer with date and reference.
Sample application
For example, when a business has prepared a transaction titled “Peshin payment”, the purpose of processing and evidence of the hand is lost. Then the related teams compare data, confirms missing information from the source and the approved version holds in the transaction file. When the procedure is completed, it compares and saves the difference and follow-up action.
Discussion question: What information difference in your transactions leads to additional confirmation or re-document editing?
This sharing is for general information and professional discussion. Up-to-date legislation, contract and product/procession properties should also be evaluated.
Current source: T.C. Ministry of Commerce — Import and export questions-cevaps