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Version:Accounting Policies & ProceduresDaily Credit Approvals Policy1.01Date: Page:1 of 3Garfield Brown, Credit Manager Rob Brenton, VP of FinancePreparer: Approver:PURPOSE: The purpose of this procedure

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How to fill out daily credit approvals

01

To fill out daily credit approvals, follow these steps:

02

Gather all necessary information regarding the customer's credit application, such as their name, contact details, and financial information.

03

Review the customer's credit history and determine their creditworthiness. This may involve checking their credit score, income statements, and previous payment records.

04

Assess the customer's credit needs and verify the purpose of the credit. Determine the maximum credit limit and repayment terms based on their financial capacity and risk profile.

05

Prepare the credit approval form or template, including all required fields such as name, address, requested credit amount, proposed repayment schedule, and any additional terms or conditions.

06

Fill out the credit approval form accurately and ensure all necessary information is provided. Double-check for any errors or missing details before submitting.

07

Review the completed credit approval form for consistency and accuracy. Cross-reference the information provided with supporting documents and verify its authenticity.

08

Obtain any necessary approvals or signatures from authorized personnel, such as a credit manager or supervisor.

09

Maintain a record of the filled-out credit approvals for future reference and documentation purposes.

10

Communicate the credit approval decision to the customer, either through a formal notification or personal discussion.

11

Implement any necessary procedures to activate the approved credit facility and monitor the customer's credit usage and repayment behavior regularly.

Who needs daily credit approvals?

01

Daily credit approvals are needed by financial institutions, such as banks or credit unions, that offer credit facilities to customers.

02

Businesses that provide credit or financing options to their clients also require daily credit approvals. These can include retailers, loan providers, or leasing companies.

03

Individuals or organizations who require short-term or long-term credit for various purposes, such as purchasing goods, funding projects, or managing cash flow, may also need daily credit approvals.

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What is daily credit approvals?

Daily credit approvals refer to the process of reviewing and authorizing extension of credit to customers on a daily basis.

Who is required to file daily credit approvals?

All employees who have the authority to approve credit transactions are required to file daily credit approvals.

How to fill out daily credit approvals?

Daily credit approvals can be filled out by providing the necessary information such as customer details, credit amount, reason for approval, and any additional notes.

What is the purpose of daily credit approvals?

The purpose of daily credit approvals is to ensure that credit transactions are properly reviewed and authorized in accordance with company policies and procedures.

What information must be reported on daily credit approvals?

Daily credit approvals must include customer information, credit amount, reason for approval, and any relevant notes or comments.

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