PAYORDER
It is a cheque drawn by a bank on itself. Pay order is an instrument in which the parties are involved the purchase, the bank and the receiver. It can he purchased by any customer. It is usually made by govt. Bodies. A single bank is included in this case.
ISSUANCE
- The standard form is given to the customer; he fills in the detail and signs it.
- The concerned staff checks the form.
- Charges as per effective schedule are applied.
- The cash of the pay order is received.
- A cost memo is signed, stamped and handed over to the applicant as a receipt.
- Then the pay order receipt is filled accordingly.
- Counter foil is also filled.
- An entry is made in the pay order issued register.
- Then the authorized office after checking the pay order signs it.
- The pay order is then handed over to the application after obtaining his signature on the P.O form.
A voucher is also made and posted at the computer Cr bills payable account P.O issued.
PAYMENT
On representation of the pay two authorized officers of the branch sign order receipt the receipt.
The P.O entry is made in the P.O issued register.
Then the amount is credited to the account of the customer or paid in cash.
The P.O is posted at the computer.
PAY SLIP
It
is an instrument used by the bank s for its payment. The slips are
issued to the employees of the banks their bills & invoices. The
bills are transferred payments. In this case only one bank is involved.
He is the issuer as well as the payer.
Procedure prescribed for P.O for issuance and payment is
followed for payment is followed for pay slips with the following
expectations.
- Pay slips are the issued by the bank for the settlements of this own payment.
- No excise duty is applicable on P.S.
ISSUANCE
- A credit voucher is sent from the accounts dept. to the b debt. According to the b debt.
- The P.S books is taken out & filled according to the credit voucher.
- It is entered in the P.S. /P.O register.
- It is signed by, an authorized officer, Operational Manager Mr. Zubair Sheikh.
- The pay slips is handed to the customer.
- A voucher made and posted payment.
- The P.S. is received on the counter, clearing or transfer.
- On receiving the P.S. if it is transferred in the P.S. register.
- The payment is made and the P.O. is posted at the computer.
- Dr. Bills payable P.S. issued.
If Askari branch is in that city, the OBC forwarding schedule in
sent to that Askari Branch. Otherwise it is addressed to the
particular Branch to whom the cheque belongs.
