Principles of organization of non-cash settlements
Money is the main financial tool,through which all economic transactions are carried out both within individual organizations and the state as a whole. The turnover of money occurs with the use of cash and non-cash types of settlements. Cash and payments are made with the help of banknotes and coins. The system of non-cash payments assumes the use of accounts in banks, that is, deposits, of any form. Non-cash transactions account for about 70 percent of all financial transactions.
The main principles of the organization of non-cash paymentsare the basis of all financial transactions related to the transfer of funds from the account of the organization to other accounts. Non-cash settlements have their undeniable advantages. First of all, this is speed, reliability, absence of risk and insignificant cost of these operations. Instruments of non-cash payments are payment and settlement. Under payment is understood the act of transfer of money, for repayment of obligations. Calculation is the action itself, the consequence of which is monetary calculation. The difference between these concepts is significant. The calculation can be carried out both with the use of cash and non-cash types of funds, and by mutual settlements. This is the process of transferring funds from the organization's account in the bank to other accounts. In this case, several banks can participate in the transaction. Banks have their obligation to clients in providing non-cash settlements. This is the fastest and most efficient transfer.
All banks and their branches, as well as other creditorganizations that participate in the provision of non-cash payments, constitute a payment and settlement system. Thanks to it, the principles of non-cash settlements are preserved and operations take place quickly and in a timely manner.
Principles of organization of non-cash moneyturnover are mandatory for all participants of financial transactions. Only then can the smooth functioning of the whole financial system of not only a single region, but the whole country be ensured.
The main principles of the organization of non-cash payments are divided into five points:
- All non-cash payments must be made incompliance with existing legislation and legal norms. The legality of the conducted transactions can not be violated. Rules for the conduct of banking and non-cash settlements should also be taken into account.
- The right to choose any form of payment.The client has the opportunity to establish and apply the system of accounts and settlements that he considers acceptable in this situation. To perform cashless settlements, each participant in the operation must have an account or a system of accounts with the credit organization.
- The urgency of settlements is a priority in the conduct of a financial transaction. These terms determine the legislation and rules for conducting bank non-cash transactions.
- All operations that are performed with customer accounts are performed only with his consent. Only the account holder decides on the expediency of making a non-cash payment.
- The money on the account is entitled to dispose only of its owner. These are personal funds of the client, which he distributes at his own discretion.
Principles of organization of non-cash settlementsare considered mandatory for all participants of financial transactions. Banks and credit organizations are a link and tool that deals with securing non-cash settlements. They ensure that all existing principles for organizing cashless settlements are observed in accordance with the legislative framework and rules for conducting banking operations. At the same time, credit organizations themselves are responsible for the timely conduct of financial transactions.
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