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What is the Vet Report? This report is prepared by Bankserv usually on the date of submission for the User and serves to confirm that their data has been processed and details any errors that have been detected. The report consists of three sections:-
The Installation Header/Trailer page contains technical information, which is of use to Cypher. The User Header/Trailer page contains:-
The above fields are critical; and if the Bankserv vet program finds any discrepancies on any of these fields the tape is likely to be rejected. The only part of the page that is of any interest to the User are the record totals and values, the rest is technical. The Homeback/Contras Record page contains: - This is the most important part of the vet report. With this section of the report a User can determine, before action day, which of its entries will not be collected or paid via the magtape service. Not only is the vet report used for Homeback entries, but it also informs the User of the pending closure of branches. This allows the user to obtain the new banking details from the clients. Homeback entries are technical rejections of the debit and/or credit orders, viz. the branch code is invalid or closed, account number is incorrect etc. The vet report is also important when doing reconciliation’s, as the contra and any Homeback entries will appear on the bank statement. When the reconciliation is done, all one needs to do is cross check with the bank statement and the vet report. Vet report error codes. Should an error occur, a code ranging from 1 to 4 is assigned to the error and Bankserv takes action on these codes according to the list below :-
The Vet Report is automatically E-Mailed to the User. Aggregate Limits. This is the maximum total value of transactions processed by the User in any seven day period is restricted to a limit which is fixed by negotiation between the User and his bank. This limit is based on a revolving cycle of seven calendar days. The first day of this cycle is the first effective action date. In other words an entry will be subtracted from the available amount on its effective action date and its value will become available again seven calendar days later. Provision exists for the User to arrange with his bank to get a special allowance, over and above the normal limit, to cater for occasions when the limit is not adequate for the User’s requirements in any particular period. These special allowances in effect permit the User to exceed his normal limit by a specified amount in a specified calendar month. The method of control is that any amounts processed, which exceed the amount available within the normal limit at any given time, will be deducted from the amount available within the special allowance. These deductions occur on the date on which Bankserv processes the tape. Any portion of the special allowance, which is unused at the end of the month for which it was intended, will be lost. Where the User processes both debit and credit entries separate independent limits will apply to debits and credits. Any User data set, which contains values in excess of the available amount, will be rejected by Bankserv. The User is advised to implement adequate procedures to enable him to forecast his processing requirements accurately, to ensure that arrangements for increased limits, or special allowances, can be made in good time. Users who pay salaries through the Magtape system are advised to check aggregate limits when bonuses are paid or general increases take place. Item Limits. The second limit that affects your entries is the Item Limit. This is the maximum value of entries homing to a client's account on any one day by the User is restricted to a negotiable limit. Where a User submits more than one entry for the same action date against one their client's account sequentially within a single dataset, then the total value of such entries processed may not exceed this limit. Any additional entries for the client's account that exceed this limit are rejected and will appear on the TSR023 Vet Report.
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