A deteriorating food preservation supply chain model with downstream delayed payment and upstream partial prepayment

This paper investigates a food supply chain model consisting of the supplier, food producer and multi-retailer of a deteriorating item under fully delay-in-payment and partial advance payment scheme. The deterioration rate of raw material is dependent on temperature and other environmental factors with respect to time. Here, the food producer prepares food after collecting the raw material from the supplier and then storing it in cold storage. The refrigeration cost is dependent on the occupied volume in the cold storage (where the products are preserved for freshness) and power consumption. The supplier offers delay-in-payment to stimulate the food producer to buy more raw material (which minimizes the holding cost and earns more revenues), whereas the food producer takes the partial advance payment on purchase cost from the retailers to ensure the order quantity. A mathematical model is developed to obtain optimal production time and the optimal number of deliveries so that the average profit of the food producer is maximum. Finally, a numerical example and sensitivity analysis of the key parameters are provided to illustrate and test the feasibility of the proposed model.

Attributes and impact of advance payment system on cash flow, project and organisational performance

Purpose Construction companies require meticulous and thorough financial planning to ensure business survival in an increasingly competitive global market. Past studies assert that cash flow management is also crucial to meeting project and organisational performance expectations. However, the link between an advance payment system (APS), cash flow and project performance has hitherto received scant academic attention. Therefore, this study aims to investigate the attributes and impact of APS on cash flow, project and organisational performance. This study surveyed all registered contractors listed in Grades 1–9 on the Construction Industry Development Board Register of Contractors in South Africa. Design/methodology/approach This study adopted an empirical epistemological design and deductive reasoning to analyse primary data collated via a questionnaire data collection instrument. Summary statistical and regression analysis were used to explore data garnered. Findings This study found that key significant attributes of APS in South Africa were payment of balance to the contractor upon project delivery; advance payment to contractors before the commencement of the work; and payment to contractors as agreed. This study proffers that project performance in terms of cost, time and quality performance is highly and positively supported by APS. Moreover, APS positively supports the efficiency, competitiveness and profitability of construction organisations. Cumulatively, these findings confirm that APS attributes in South Africa conforms to the global attributes of APS. The research concludes that client use of APS on projects improves the likelihood of attaining improved quality and time performance. This paper concludes with a recommendation that both public and private clients consider the option of an APS as the ideal payment system to support project and organisational performance. Originality/value To the best of the authors’ knowledge, this work constitutes the first attempt to explore the linkages between an APS, cash flow and project performance in South Africa and seeks to engender wider polemic debate and further discussion among industry stakeholders.

Economic Order Quantity Model with Weibull Distributed Deterioration under a Mixed Cash and Prepayment Scheme

Two distinct inventory models are investigated for a deteriorating item under the frequency of advertisement and market price-sensitive aggregate demand where the deterioration percentage complies with Weibull distribution. In one model, the stock-out environment is not studied, while another one handles the stock-out situation by moderately backordering based upon the waiting time duration for the products. Advance payment, another realistic feature, is implemented by paying off a fraction of the acquisition cost amid single or many equal segments from the order placing moment to receiving moment whereas the remaining fraction is accomplished at the order delivery instant by the practitioner to the supplier. The utmost aim is computing the inventory policy along with the market price and marketing strategy to reach the highest total profit for both models. The models formulated here extend several inventory studies previously developed in the literature and suggest several important outcomes. This makes two exceedingly nonlinear and mixed-integer optimization problems, which are elucidated by constructing two efficacious algorithms. Two numerical illustrations are accomplished to perceive the working competence of the algorithms and the consequences of the parameters on the practitioner’s optimal policy are highlighted in a tabular form executing a sensitivity examination. Based on the performed analyses, finally, some decision-making salient findings are obtained.

THE STATUS OF A POST-DATED CHEQUE PRIOR TO THE POST-DATE

Electronic payment seems to be taking over but cheques are still used for valid reasons. Post-dated cheques are used for reasons such as making an advance payment, securing future payment at a future time, etcetera. However, the status of post-dated cheques prior to the post-date has been questionable since many years ago. The consumers who were affected by this situation were for decades placed in a quandary since the courts had been unable to resolve the uncertainty. This article is an analysis of the status of post-dated cheques prior to the post-date according to the South African law of negotiable instruments. A comparative study of English law is undertaken since the South African law of negotiable instruments is derived from the English law; hence the English law position is imperative and influential in regard to the South African law of negotiable instruments. Consideration is given to the South African and English legislation for the definitions of concepts such as a bill of exchange, cheque, payable on demand, etcetera. It will be shownthat post-dated cheques are regarded as demand instruments and thus valid cheques in both South African law and English law.

RISK MANAGEMENT ANALYSIS ON REALLOCATION AND REFOCUSING OF THE NTT PROVINCE REGIONAL BUDGET DURING THE COVID-19 PANDEMIC

This study aims to assess risks and carry out risk mapping in reallocating and refocusing the East Nusa Tenggara Provincial regional revenue and expenditure budgeting during the Covid-19 Pandemic. Qualitative research methods are carried out through literature studies, normative studies and prospective studies. Assessment of the scale of likelihood and impact risk for government management was carried out by 32 government internal supervisory in Provincial and District Inspectors in East Nusa Tenggara. Respondents assess, prospectively, the likelihood and impact scales of the identified risks. The results showed 25 risks of reallocating and refocusing the regional revenue and expenditure when Pademi Covid-19 was identified and analyzed. At the high-risk level, when reallocating and refocusing the budget during the Covid 19 pandemic, the PPK Region Unit Works has the task of preparing Region Unit Works financial reports. The risk of such activities is being late in preparing Region Unit Works financial reports; risk of being late in compiling budget implementation documents from the activities of Budget user officials; and the risk of an orderly general cash book made by the treasurer of receipt/expenditure. There is one risk involved at the very low level, namely inappropriate cash due to incorrectly inputting the transaction nominal; there are transactions that have not been inputted so that there is a difference; there is an advance payment which is not recorded; money used for non-operational needs.

Organizational and Legal Regulation of Accounting of Business Trip Expenses of Employees of Public Sector Institutions of Ukraine

Introduction. The public sector of Ukraine at the present stage of its historical development is constantly transforming, cooperating with many countries of the world in various fields, adopting their experience of the state formation. Therefore, in order to ensure an effective solution to the issues of successful functioning of public sector entities, there is a need for business trips both on the territory of Ukraine and abroad. At the same time, both heads of public enterprises and institutions and ordinary workers can be sent on a business trip. Purpose. The goal of the research is to analyze the organizational and legal foundations and scientific and methodological positions regarding business trips, accounting for the costs for their implementation and documenting this process in institutions and at public sector enterprises. Results. The article examines the list of documents that are made to document business trips and identifies the specifics of reporting on receipt of funds. The requirements for documents added to the report on the use of funds provided for a business trip or on condition of accountability have been determined. The features of the procedure for reflecting expenses in accounting and tax accounting have been considered. The introduction of the performance audit mechanism has been proposed as a progressive source of control over the use of public funds. Conclusions. Absolute and timely documentation of the accounting of business trip expenses within the framework of regulatory legal acts is a guarantee of compliance with accounting policies, reliability of accounting and reporting, accounting for settlements with accountable persons. In order to minimize travel expenses and make the most efficient use of financial resources, institutions operating in the public sector are in dire need of a performance audit mechanism. Keywords: business trips; accountable persons; advance payment; business trip expense report; per diem expenses; reporting deadlines; performance audit.