DDM AGRICULTURE LIMITED
CLIENT MONEY HANDLING PROCEDURES
a. Client money held or received by DDM Agriculture is either banked into a general clients’ bank account or a designated account.
b. A general client’s bank account is a client bank account which holds pooled client money belonging to more than one client. A designated discrete bank account is a client-named
bank account which holds client money belonging to a single client.
c. Client monies are held separately from DDM Agriculture’s own monies, are easily identifiable and immediately available. Within the general clients’ bank account, each client’s money is recorded in individual client ledgers, to maintain segregation of funds.
d. Signatories on Clients accounts are at Director level and only those persons are able to authorise new signatories.
e. Any withdrawals from the client account can only be made after a specific approval process has been completed by a signatory in accordance with the bank mandate and DDM
Agriculture’s procedures.
f. All payments are made with sufficient supporting evidence that has been checked by two members of staff before authorising. Segregation of duties is in place within the client accounting team to prevent data tampering within the payment process.
g. All client bank accounts are non-interest-bearing accounts. DDM Agriculture cover any transactional banking and account maintenance charges associated with the operating of
such accounts (if any).
h. Any reporting and frequent requirements are agreed and documented with the client and provided in line with the agreement.
a. All post is to be opened by two people.
b. Client account cheques will be listed on a specific form and signed off by the two post openers.
c. Cheques are typically paid into the bank on the same day but if not, within seven days of receipt, into the relevant client account.
d. A list of cheques and a copy of the paying in slip will be provided to Brigg Client Account department so that the details are available and the total can be agreed to the amount
appearing on the bank statements.
e. Office Account cheques as opposed to Client Account cheques are identified and separated.
f. In the event of a cheque containing both Office money and Client money, the cheque will be paid into the Client Account and the Office Account element paid into the Office Account
once the cheque has been cleared through the Client Account.
a. A duplicate receipt book is used and both the payer and member of staff should sign both copies; one copy should be given to the payer.
b. If a tenant pays with a rent book, after entering the details, a copy of the page should be taken, signed by the payer and retained by DDM Agriculture.
c. Cash and cheques should be included on the list in 1 (b) above and thus included in the day’s banking.
d. In the event that cash or cheques are received after the day’s banking has taken place, they
should be put in a safe locked place until the next day.
a. Invoices payable from a client account but addressed to just DDM Agriculture will not be accepted.
b. Suppliers and Contractors are told that invoices must be made out to the relevant client – ie [ name of Client ], c/o DDM Agriculture.
c. The payment authorisation stamp will be imprinted onto the invoice, details completed and the payment authorised by a Director.
d. A copy of the authorised invoice will be passed to Brigg Client Account for payment. The original will be retained for eventual attachment to the Client’s statement.
a. The majority of payments to Clients, Suppliers and Contractors will be handled from the Brigg Office either by online BACS payments or cheques. In both cases the final online transmission or the cheques, supported by authorised documentation, will be signed off by a Director.
b. Each Office has a Clients Account cheque book and therefore emergency payments can be made locally, but only having first checked with a Director that the funds are available in
the particular client’s account. Under the RICS Regulations, a client’s account cannot be overdrawn. Details of cheques issued must be entered on a payments schedule and emailed
to Brigg Office on the day of issue; the schedule should be signed off by a Director.
c. Clients’ bank details for inputing to our reporting system for future payments to Clients will only be acceptable by the Brigg Office if sent by or authorised by the Client.
d. It is not acceptable for a member of staff to email Brigg Office giving a Client’s bank details, unless the email trail shows that the original email with bank details has been instigated by
the Client.
e. Direct debits and standing orders are not made from our Clients Accounts.
a. Tenants should ensure that they enter their unique property reference in any online payment – this is listed within all invoices sent out by Client Accounts
b. If the client account bank details are given out to other parties, Brigg Accounts should be informed by email so that they can identify the receipt when it appears on the bank statements.
a. The main clients account and other discrete client accounts are reconciled monthly or quarterly depending on the account.
b. All month end reconciliations are checked and signed off by a Director.
c. Reconciliations do not include regularly recurring adjustments or reconciling items that are more than three months old, except for unpresented cheques which should not be more
than six months old.
a. Client accounting records, including copies of reconciliations, are kept for seven years.
a. Any receipts that cannot be identified and allocated to their respective ledgers temporarily be placed in a suspense account.
b. A receipt will not be left in this ledger for more than 7 days, unless: There is evidence of investigation which requires additional time; or there are no bank details supplied of which
to return the funds (e.g. monies received from foreign bank accounts).
c. After this deadline, funds will be returned to the same bank details it was sent from – which can be supplied by NatWest helpline if not discoverable by Bankline.
d. Investigation of receipts should include Firstly, ask Client Accounts and Finance colleagues if it’s recognised. Next, send an Officewide or Firmwide email asking for input from job
managers. Also, if applicable, contact the sender through trusted contact details to clarify with them.
e. Cheques should not be held for any longer than 6 months. After this time, cheques should be returned to the appropriate address with reasoning as to why. It is also helpful to contact
the sender to discuss and confirm that we will not bank said cheque, which may require another being issued.
f. Investigation into cheques can follow similar procedures to unidentified receipts.
g. If after 3 years we have been unable to identify the origin or client relating to the funds we will make a payment to a registered charity, and an indemnity will be obtained.
RICS Client Money Handling Certificate
