Podcast
Questions and Answers
Why is it important to ask for supporting documents before proceeding with the first payment?
Why is it important to ask for supporting documents before proceeding with the first payment?
What should be done if a client cannot provide the necessary supporting documents for a payment?
What should be done if a client cannot provide the necessary supporting documents for a payment?
What additional information must be included in the Payment Approval email regarding drastic changes in payment amounts?
What additional information must be included in the Payment Approval email regarding drastic changes in payment amounts?
When there is a change in bank details for vendor payments, what initial action should be taken?
When there is a change in bank details for vendor payments, what initial action should be taken?
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What should be done if there is uncertainty regarding any new or recurring vendor payments?
What should be done if there is uncertainty regarding any new or recurring vendor payments?
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Study Notes
Banking Control Process Refresher
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First time payment: Always request supporting documentation.
- If client cannot provide, revert to them to confirm availability.
- Insist on supporting documents to protect company assets.
- If client insists on proceeding without documentation, send a disclaimer acknowledging the risk and releasing weConnect from responsibility.
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Change of bank details: Follow the normal banking control procedure.
- Top up from the initial banking control validation email to confirm the change.
- Resend the new vendor template creation email for approval by Assistant Manager/Manager.
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Payment Approval Email: Provide further details regarding:
- Nature of expense/payment: Clearly state the reason for the payment.
- Drastic Increase/Decrease: State the previous payment amount and explain the reason for significant changes if applicable.
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Uncertainty: Reach out to the client for clarification regarding any new or recurring vendor payments.
- If unable to clarify, seek advice from EM/HOD before replying to the client.
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Description
This quiz serves as a refresher on the banking control process focusing on documentation requirements, change of bank details, and payment approval protocols. It emphasizes the importance of supporting documentation and proper communication with clients. Prepare to review critical steps to ensure accuracy and compliance.
