Greenlight Capital

LO 1 Define financial assets and explain their valuation in the balance sheet.

Financial assets are cash and other assets that convert directly into known amounts of cash. The three basic categories are cash, marketable securities, and receivables. In the balance sheet, financial assets are listed at the current value. For cash, this means the face amount; for marketable securities, current market value; and for receivables, net realizable value.

LO 2
Describe the objectives of cash management.
The objectives of cash management are accurate accounting for cash transactions, the prevention of losses through theft or fraud, and maintaining adequate--but not excessive--cash balances.

LO 3
Explain means of achieving internal control over cash transactions.

The major steps in achieving internal control over cash transactions are as follows: (1) separate cash handling from the accounting function, (2) prepare departmental cash budgets, (3) prepare a control listing of all cash received through the mail and from over-the-counter cash sales, (4) deposit all cash receipts in the bank daily, (5) make all payments by check, (6) verify every expenditure before issuing a check in payment, and (7) promptly reconcile bank statements.

LO 4
Prepare a bank reconciliation and explain its purpose.

The cash balance shown on the month-end bank statement usually will differ from the amount of cash shown in the depositor's ledger. The difference is caused by items that have been recorded by either the depositor or the bank, but not recorded by both. Examples are outstanding checks and deposits in transit. The bank reconciliation adjusts the cash balance per the books and the cash balance per the bank statement for any unrecorded items and thus produces the correct amount of cash to be included in the balance sheet at the end of the month.
The purpose of a bank reconciliation is to achieve the control inherent in the maintenance of two independent records of cash transactions: one record maintained by the depositor and the other by the bank. When these two records are reconciled (brought into agreement), we gain assurance of a correct accounting for cash transactions.

[SigmaForex Funding Methods]

Safety of funds plays an important role in any type of business; we make our best efforts to ensure protection of customers’ money.

Minimum deposit required for funding new accounts:
Our accounting department is ready to help you fund your new account or add funds to an existing account. For Standard Dealing Desk Accounts the minimum deposit is $ 500, and for the No Dealing Desk Accounts the minimum deposit is $ 2000.
Deposit instructions:
You must open a web account and associate it with your live account to insure security of transactions in your account

How to do so?
1. Open web account
2. Login and associate your Live Trading Account with your Web Account
3. Login to your Web Account and click 'Make a Deposit"

Deposit methods
1- Bank wire transfer
A wire transfer is a transfer of money from one bank account to another. The actual transfer is done by the bank, and neither the sender nor the recipient of the money sees or touches the actual funds.
Deposit Time
1-5 business days SigmaForex does not guarantee deposit times in the event of a margin call

Fees
None
SigmaForex will not be held responsible for charges or fees assessed by going through an intermediary bank.
Withdrawal Eligibility
Immediate availability

Restrictions
The account holder name of the funds must always match the name listed as the customer on the trading account.
2- E-gold payments
Open www.e-gold.com- Create new e-gold account - Issue transfer request from your e-gold account to SigmaForex e-gold account.
Deposit Time
Immediate deposit SigmaForex does not guarantee deposit times in the event of a margin call
Fees
None
SigmaForex will not be held responsible for charges or fees assessed by going through an intermediary bank.

Withdrawal Eligibility
Immediate availability
Restrictions
The account holder name of the funds must always match the name listed as the customer on the trading account.

You do not have an account yet?
Open Live Account