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English translation: collection orders
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| 12:29 Aug 9, 2005 |
| Portuguese to English translations [PRO] Bus/Financial - Finance (general) / commercial papers | |||||||
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|  Selected response from: Jane Lamb-Ru (X) | ||||||
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| Summary of answers provided | ||||
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| 5 +2 | Collection orders |
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| 5 +1 | bank dockets |
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| 1 | billing slip |
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| Discussion entries: 4 | |
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Answers
5 mins confidence: 
peer agreement (net): +1
peer agreement (net): +1| bloquetos de cobrança bank dockets Explanation: This is how I would express this idea. |
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26 mins confidence: 
| bloquetos de cobrança billing slip Explanation: how about that? Billing slip?/ just guessing... |
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1 hr confidence: peer agreement (net): +2
peer agreement (net): +2| bloquetos de cobrança Collection orders Explanation: Here is an explanation in English from Sisbacen: This Document Will Help You!! SISBACEN). SISBACEN is a real time network, which participants use to settle Interbank foreign exchange transactions for gross settlement on a same business day basis. Law prohibits banks from maintaining local correspondent accounts with each other so all Interbank transactions flow through SISBACEN. There is no set minimum or maximum value for transactions processed through SISBACEN. The Banco do Brasil (BB), not to be confused withthe BC, is a government owned commercial bank, which has the predominant role in the effective operation of Brazil’s non-Interbank payment and clearinghouse systems.•A company is considered resident in Brazil if it is organized under Brazilian law and maintains management and control within Brazil. Resident companies are taxed on their worldwide income net of tax treaties. Non-residents are subject to taxationon their Brazilian sourced income. The basic tax rate is 15% with a surtax of 10% on income over BRL 240,000. A social contribution tax is added to this and is 8% for businesses and 9% for financial institutions. •There are three payment methods relating to treasury management: −Documents of Credit (DOC) are electronic transfers used for Interbank payments, intra-company and third party payments within the same financial institution. They are processed in batch and settled through the clearinghouse on the current or next business day. Bank customerinitiation of a DOC is made electronically. All DOCs settle through the national clearinghouse. ****−Collection orders known as Bloquetos****. They are standardized billing bar coded documents issued bysellers via a commercial bank to buyers. Buyers take the Bloqueto to any bank and pay the face -------------------------------------------------------------------------------- Page 2 value of the Bloqueto, along with any fees assessed to the bank. Following information capture, the item is processed through the clearinghouse for settlement on the next business day. All Bloquetos settle through the nationalclearinghouse. −Checks are commonly used and also settle through the clearinghouses. Checks are processed within each clearinghouse in two cycles. High-value checks (over BRL 130) are processed overnight and settled the next morning with prior day value, while low-value checks are processed overnight and settle the next day. Settlement varies depending on the location of the clearinghouse where the check is drawn and the location of the clearinghouse where the check is deposited. Settlement is first attempted within the local clearinghouse, followed by the regional clearinghouse (SIRC) and last, by the national clearinghouse. As a result, check clearing may takeone to eight days. •There are four types of clearing houses: −Local clearing houses, which can exchange documents with their respective state capitals within two working days. There are currently 345 such clearinghouses.−Local clearing houses that require more than two working days to exchange documents with their respective state capitals. There are currently 157 such clearinghouses. −Integrated regional clearing houses known as SIRCs, which centralize the processing of documents within their regions. There are currently84 such clearinghouses. −The national clearinghouse is located in Sao Paulo, with a backup facility in Rio de Janeiro.•The financial operations tax, Imposto sobre Operacoes Financeiras (IOF), is levied at varying rates on loans and credit operations, securities transactions, certain foreign exchange transactions and insurance policies. It is added to the cost of each transaction. This tax is also levied at varying rates on income earned from certain short-term financial investments, the tax being withheld by the financial institution for the investor. Both companies and individuals are subject to this tax. •The New Brazilian Payment System. In April 2002, Brazil’s Central Bank enhanced its clearing processing “Sistema de Pagamentos Brasilero” (SPB) and required all banks operating in Brazil to upgrade their systems to conform to the newstandards. The enhancements have permitted same day settlement (T+0) for payments over 5,000 Reais. •Some traditional treasury management techniques are not permitted in Brazil. This includes leading/lagging, reinvoicing, multilateral netting and pooling. Sweeping (zero balancing) and concentration are permitted. Third party fundmovements in Brazil are subject to the provisional financial transaction tax (CPMF) of 0.25%. •The basic BRL operating account is referred to as a current account and may be held by resident corporations. Multiple BRL accounts can be held to facilitate accounting objectives or as part of an overall treasury strategy. Interest is not paid on current accounts and savings accounts generallypay interest monthly. Accordingly, liquid mutual funds paying daily or monthly interest are an option for earning interest on idle funds. Overdrafts are permitted by prior arrangement with the account holding bank (when the account has an overdraft credit line). •Local US dollar accounts are not permitted in the country except for entities legally domiciled in Brazil and focused on oil and gas, transportation, prospecting, producing, and processing. •There are several short-term investment andfinance options available to resident and non-resident corporations. In addition to government securities and CDs, highly liquid mutual funds and savings accounts are principal options. Overdrafts, along with money market lines comprise thepredominate sources of short-term finance. In -------------------------------------------------------------------------------- Page 3 general, bank finance continues to be the major source of funding.•Corporate receipts are usually in the form of Bloquetos and DOCs. In the case of checks, future dated checks often accompany a purchase order and are cleared by the seller’s bank on the due date. Direct debits and credits are used in Brazil but not between different banks. Accordingly large volume collections are facilitated through a multibank network. The practice of sending payables files to a bank for processing is common among large organizations. For more informationFor more information, please contact your Bank of America Treasury Services representative. -------------------------------------------------- Note added at 1 hr 59 mins (2005-08-09 14:28:51 GMT) -------------------------------------------------- Here is the Link: *****Things to Remember When Doing Business in Brazil File Format: PDF/Adobe Acrobat - View as HTML sellers via a commercial bank to buyers. Buyers. take the Bloqueto to any bank and pay ... value of the Bloqueto, along with any fees. assessed to the bank. ... corp.bankofamerica.com/public/ products/pdf/treasury/AE-AA-0032ED.pdf ****** -------------------------------------------------- Note added at 2 hrs 0 min (2005-08-09 14:29:24 GMT) -------------------------------------------------- Final: Collection Order |
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