OPTIMIZATION OF ACCOUNTS RECEIVABLE MANAGEMENT THE CREDIT UNION
Abstract
The article is devoted to the issues of optimizing the management of accounts receivable in credit unions. The author substantiates the classification of calculations with different debtors with refinement of analytical information on debtors and assessment of arrears at the reporting date.
The importance of forming a reserve of doubtful debts for other receivables is proved. The main principles of forming a provision for covering losses from undisbursed loans for accounts receivable, including debt for unpaid accrued interest on loans, are generalized. The article clarifies the features of overdue loans.
The author summarizes the information on the formation of a provision for covering losses from unsecured loans set forth in normative documents by credit unions. In particular, the terms of delay, the standard of reservation and disclosure of information in the reporting on each level of delay.
It is substantiated the importance of observance of normative documents regarding the provision of provision for coverage of losses from unspent loans, as state authorities in the sphere of regulation of financial services markets are strictly controlled by the implementation of asset quality standards. The article discloses the value of the asset quality standard and describes the consequences for a non-bank financial institution for non-compliance with this indicator.
The author proves the direct relationship between the receivables and solvency of the credit union. The features of insolvency and consequences for the further activity of the institution in the event of non-fulfillment of their debt obligations are determined.
The article describes the essence and importance of prudential supervision by the National Commission for the Regulation of Financial Services Markets in order to assess the financial position of credit unions and their performance in order to minimize the risks from financial asset transactions.
The author presented a series of control procedures to optimize the management of accounts receivable by a non-bank financial institution, in particular: control over the timeliness and completeness of payments for various types of receivables at the reporting date (reconciliation of planned and actual payments); control over delays; control over the formation of reserves for all types of receivables.
