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Atr - Cash Pool Reconciliation: Process

This document describes the process for reconciling Maersk Sverige AB's cash pools in SEB bank. The reconciliation is done monthly to ensure balances in the bank accounts match the balances in the internal books. The process involves retrieving bank statements, identifying any balance errors, correcting errors, transferring data to a reconciliation template, checking balances against the general ledger, verifying the cash pool reconciliation, notifying others of significant differences, and following up on insignificant differences. The goal is to have the cash pool reconciliation balance equal zero at the end of the process.

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392 views6 pages

Atr - Cash Pool Reconciliation: Process

This document describes the process for reconciling Maersk Sverige AB's cash pools in SEB bank. The reconciliation is done monthly to ensure balances in the bank accounts match the balances in the internal books. The process involves retrieving bank statements, identifying any balance errors, correcting errors, transferring data to a reconciliation template, checking balances against the general ledger, verifying the cash pool reconciliation, notifying others of significant differences, and following up on insignificant differences. The goal is to have the cash pool reconciliation balance equal zero at the end of the process.

Uploaded by

kalpeshmaersk
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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ATR – CASH POOL RECONCILIATION

PROCESS:
ACCOUNTING TO REPORTING

LEVEL 4 PROCESS:

CASH POOL RECONCILIATION

BRIEF DESCRIPTION OF THE PROCESS:


Maersk Sverige AB is the legal owner of five (USD, EUR, SEK, DKK, NOK) different cash pools in
SEB. Reconciliation is made to insure that all Cash Pool balances are reflected and matched in
the involved agencies as well as in the local IHB owner’s books of accounts. This reconciliation
is also the basis for the mirror postings made in the agencies reflecting the I/C balances
resulting from Maersk Sverige AB being the owner of the Cash Pools.

Frequency:

Monthly – Day 3 of period end

Change History:

Version Date Remarks


1 16/02/09 Draft

SIPOC

Supplier Input Process Output Customer


SEB, External bank Reconciling the Cash pool Local finance,
PNQGSCFNACEN account balances in the SEB accounts CENFINACCIHB
statements, IHB master accounts at reconciliation
reconciliation file the close of the report for
month and the IHB the month
accounts in agency
books

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Maersk Global Service Centres


ATR – CASH POOL RECONCILIATION

1. Retrieve and export bank statement to reconciliation template

This process should be done after the IHB close for the month is completed by the PCC
team and the IHB recon file has been received from PNQGSCFNACEN or CENFINACCIHB.

1) First step is making sure that we have received the IHB reconciliation file created by
PNQGSCFNACEN / CENFINACCIHB (GSC is to supply this file by 1100 on day three in PE) and copy
folder “Bank Cash Pool recon CPH” to this months reconciliation folder. Rename all workbooks to
the current month and replace the old IHB recon file with the new received from PNQ/CEN.

2) Logon to SEB C&I onlinea) and choose a cash pool setupb) in the “Account Group” Display. Set date
to “last in month” and export to spreadsheet layout.

a) b)

3) The list of accounts is available in the cash pool reconciliation template for each of the
following currencies:

SEK

C:\Documents and
Settings\RRA048\Desktop\0901\Bank Cash Pool recon CPH\BO Cash Pool SEK 0901.xls

USD

C:\Documents and
Settings\RRA048\Desktop\0901\Bank Cash Pool recon CPH\BO Cash Pool USD 0901.xls

DKK

C:\Documents and
Settings\RRA048\Desktop\0901\Bank Cash Pool recon CPH\BO Cash Pool DKK 0901 .xls

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ATR – CASH POOL RECONCILIATION

NOK

C:\Documents and
Settings\RRA048\Desktop\0901\Bank Cash Pool recon CPH\BO Cash Pool NOK 0901.xls
EUR

C:\Documents and
Settings\RRA048\Desktop\0901\Bank Cash Pool recon CPH\BO Cash Pool Euro 0901.xls

2. Identify Errors of balance in account

Check if the external bank balances have been correctly updated in the template by comparing
it with the website.

3. Correct errors of balance

If there are any errors found, correct the recon template by updating the bank balances to
reflect those on banks’ website.

4. Transfer bank statement data to template

1) Once the bank balances have been downloaded from website, they should be updated in the cash
pool reconciliation template of each currency attached to para 1.
2) The reconciliation file “BO Cash Pool CURR YYMM”, sheet “SEB YYMMDD” should be updated with
the bank account balances in the same order as specified in the file. Check to make sure that all
accounts in the specification are updated. Only “T” & “C” account types are allowed. (These are
the Cash Pool accounts where “C” is the “Master” and “T” is the “Transaction account”) Balance of
the account specification should equal zero.

c)

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ATR – CASH POOL RECONCILIATION

3) Update all dates in the workbook to current reconciliation date(last date of the month)

4) Enter the “Calculation” sheet d) and update the six “grayed” cells. Instructions on how to handle
each item are available in the sheet. Values can be found in either FACT/SAP or in the
reconciliation sent by PNQ/CEN. Confirm that the G/L data is equivalent to the bank data in cells
I4-I6 & I9.

5. Check balance against GL account


a. Run balance sheet for the month and check if the master account balances tally with
the External bank statements.

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ATR – CASH POOL RECONCILIATION

b. GL accounts to be verified is mentioned in column E of the sheet ‘calculation’ in the


reconciliation file for each currency.

b. If there is a difference between the GL amount and the amount reflected in the Bank
website, a manual FI posting transferring the difference to the bank clearing account
must be posted.

6. Check cash pool reconciliation

If there are no differences between the GL amount and the bank amount, the values
updated in the reconciliation file should be checked to see if all the fields with formula have
been auto populated correctly.

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ATR – CASH POOL RECONCILIATION

7. Check amount of cash pool balance

If the template is updated as above correctly, cell F29 should equal Zero “0”.

8. Notify CENFINACC about significant balance

In case of a material or significant balance/difference in the cash pool reconciliation (cell


F29), then inform CENFINACCIHB about the difference along with the reconciliation for the
month.

9. Follow-up on insignificant balance next month


If the balance in the reconciliation is not material then the difference needs to be
investigated after the period end is complete in the next period.

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Maersk Global Service Centres

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