Cash management - How to prepare Daily Cash Position record - Part 2

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If your firm maintained 2 or 3 banks for payment processing, we have to modify a slight bit of the technique so that we can operate effectively all the bank's accounts and at the same time manage to earn extra income by carefully spend surplus fund in short term investment. Lets assume that your firm has 3 bank accounts and we name it as Bank A, Bank B and Bank C. We should pick one bank as your major bank where you pool all your cash in that bank. Let's assume that our major bank is Bank B. That means all your major collections must be deposited into this bank account. Your major payment which comprise big whole such as subcontractors and salary payment must also from this cash pool account.

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Any payment prepared which is small in whole but the rate of recurrence is high such as utilities bills payment, petty cash reimbursement, staff claim and other payment should be prepared by using Bank A. We will deposited the incoming cheques into Bank A with more or less the same whole of cheques prepared so that the catalogue equilibrium in Bank A is all the time in ideal balance.

If we have specific payment pattern for the month, for example we only pay for our suppliers and workshop every 25th of the month, then we use Bank C for our cheque payment. Here we use Zba technique which means Zero equilibrium Accounts technique where we will only change fund from our cash pool catalogue which is Bank B to Bank C only once a month. That means there is no extra cash in Bank C, which means we have pool all extra cash in Bank B for our short term speculation purposes. I will explicate additional the topic of short term speculation when we reach to that topic soon.

All the suggested techniques above looks complex but the imagine behind that is we manage to get ready daily cash position more faster and strict without spending your time to frame out the serial whole for every categories if we use one bank only. From our example above, you will notice that bank A is for bills payment, staff claims and other payment. That means you only have to identify 3 series of serial cheque numbers for the payment using Bank A. Bank B only has 2 payments which is subcontractors and salary while Bank C meant for suppliers and workshop payment. The second imagine of doing that is to avoid idle equilibrium in Bank A and Bank C which do not earn any interest income. All our income has been pooled in Bank B where we can place short term speculation placement from tenor of overnight to one week.

To reach our bank equilibrium for that day, we just imagine by simply using uncomplicated arithmetic which is chance equilibrium + Incoming Cheques - payment made = windup Balance. When place all the bank column side by side, we manage to get the total windup equilibrium when we total up Bank A,Bank B and Bank C windup balance. This is what I call the cash dashboard where we can see all our bank equilibrium with only one glance. Of course it is not unblemished yet because we still have not taken into notice the ready equilibrium and cash & cash equivalent figure. I will explicate in depth all this terminology later.

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