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Answers - Bank Reconciliation Statement
The bank pass book indicates the amount paid into the bank and the amount withdrawn there from. The pass book balance on any given date must be the same as the balance shown by the bank column of the cash book on the same d
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ate. But in actual practice the bank pass book balance seldom agrees with the balance shown by the bank column of the cash book. This happens when some of the transactions appear in the cash book but not in the pass book or
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
in the pass book but not in the cashbook. The difference between the two balances are due to the following reasons.
1. Cheques issued but not presented for payment. When cheques are issued, the entry in the cash book is m
1. Cheques issued but not presented for payment. When cheques are issued, the entry in the cash book is m
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ade immediately. In the books of the bank, the entry is made only when the cheque is presented for payment. It is possible that at the time when the balance of the two books are being compared, some of the cheques might hav
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e been issued but might not have been presented for payment thus causing a disagreement between the two balances.
2. Cheques paid into the bank but not yet cleared. As soon as the cheques arc deposited into the bank, the e
2. Cheques paid into the bank but not yet cleared. As soon as the cheques arc deposited into the bank, the e
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ntry is passed on the debit side of the bank column in the cash book. The customer's account is credited by the bank only when the cheques are cleared. It is possible that when the cashbook is compared with pass book some o
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
f the cheques deposited by the concern may remain uncollected.
3. Interest allowed by the bank. Bank might have credited the account of the customer with the interest and may have made the entry in the pass book. It is pos
3. Interest allowed by the bank. Bank might have credited the account of the customer with the interest and may have made the entry in the pass book. It is pos
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
sible that the entry 10 respect of such interest may not have been made by the customer in the bank column of the cash book thus causing a disagreement between the two balances.
4. Interest and bank charges debited by bank
4. Interest and bank charges debited by bank
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
. The bank debits the account of the customer by way of interest on overdraft. It also debits the account of the customers by way of incidental charges and collection charges. As soon as these charges are made the bank debi
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ts the customer's account. But the entries in the cash book are made by the customer .only when he receives the bank statement or the pass book.
5. Interest, dividend etc. collected by the bank. Sometimes interest on gover
5. Interest, dividend etc. collected by the bank. Sometimes interest on gover
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nment securities or dividend on shares is collected by the bank and is credited to customer's account. If the entry for these do not appear in the cash book, the balance will differ.
6. Direct payment by the bank Sometimes
6. Direct payment by the bank Sometimes
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
under standing instructions from the client, certain payments like insurance premium, club fees etc. are made by the bank. The entry in the bank column of the cash book is only made when the necessary intimation to that ef
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
fect is received from the bank by the client. The entries in the cash book and pass book may be on different dates.
7. Direct payment into the bank by a customer. Sometimes our customers deposit money direct into the accou
7. Direct payment into the bank by a customer. Sometimes our customers deposit money direct into the accou
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
nt in the bank, the corresponding entry for which may not appear in the cash book, due to delay in necessary instructions by the customers.
8. Dishonor of bill discounted with the bank. Sometimes customers get their bills
8. Dishonor of bill discounted with the bank. Sometimes customers get their bills
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
discounted with the bank. If the bank is not able to get payment of these bills on the due date, it will debit the customers accounts with the amount of the bills together with the noting charges, if any. The customer will
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
pass the entry in his books on receipt of the information from the bank.
9. Any error committed by the bank Besides the above reasons if any error is committed either by the bank or by the customer himself while recording
9. Any error committed by the bank Besides the above reasons if any error is committed either by the bank or by the customer himself while recording
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
the transactions in their respective books it will cause disagreement between the two balances.
A reconciliation statement is, therefore, prepared at periodical intervals with a view to indicate the items which cause such
A reconciliation statement is, therefore, prepared at periodical intervals with a view to indicate the items which cause such
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
disagreement between the balance as shown by the bank column of the cash book and the bank pass book on any given date. Other advantages of preparing a reconciliation statement are :
(1) The errors that might have been com
(1) The errors that might have been com
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
mitted either in the cash book or pass book are revealed.
(2) The reconciliation statement will also indicate any undue delay in the clearance of outstation cheques.
(3) A reconciliation statement prepared at regular inte
(2) The reconciliation statement will also indicate any undue delay in the clearance of outstation cheques.
(3) A reconciliation statement prepared at regular inte
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
rvals will discourage the staff of either or the bank from committing the acts of embezzlement. It is possible that the cashier might have made the entry in the cash book but might not have deposited the amount in the bank.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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