Overview


Groworx Philippines OPC secures its funding requirements through Groworx Pty Ltd. As a rule of thumb, funding requirements must be requested at least three (3) days prior to transfer date. Funds can only be requested twice a month (every 1st and 15th of each month) unless there’s an immediate need to secure funding.

 

The Fund transfer request must be approved by both the Finance Manager and the CEO through this Service Request. 

 

Employee Responsibility


  • The PH Finance Officer must forecast the expenses for the next two weeks, taking into consideration the daily cash position of GW Pty Ltd. 

  • The Finance team has the sole responsibility of maintaining a good liquidity position for Groworx. 


Process Flow



1. The Finance Officers prepare the Cash Position Report, to show the forecast of expenses and funding requirements for the next 4 weeks. 


2. After getting the funding requirement for the specific period, submit a Funding Request service ticket.


    2.1 From the Beacon homepage, click Service Catalog.

    

    


2.2 On the next page, click Corporate Finance.



    2.2 Then hover over the Funding Request, then click Request Now.


    


    2.3 On the next page, enter the following information:

    

    



Field

Parameters

Entity

Select the entity which is requesting for funds

Currency

Enter the currency to be transferred


Note: Due to the recent decline of the Foreign Exchange rates, it is recommended to indicate the home currency of the requesting entity.

Amount

Enter the amount to be transferred

Fund Required On

Enter the date when the funds are required to be credited

Reason for Fund Transfer

Enter the purpose of the Fund Transfer


Ex. Salaries for 15-31 March 2020 and Purchase of Equipment

Supporting Documents

Not required if the fund request is for Salaries only. 


Should there be any reason for the Fund Transfer, attach the invoices / quotes as PDF files.


Once everything is in order, click Place Request. 


3. The ticket will then be routed to the Finance Manager for review and approval.


3.1 If the funding request is sound and reasonable, approve the ticket for it to be routed to the CEO for approval.


3.2 If there are any deviations found in the fund request, reject the ticket. The requestor will be notified of such and will need to submit a new ticket for the revised funding request.


4. The ticket will then be routed to the CEO for review and approval.


4.1 If the funding request is sound and reasonable, approve the ticket.


4.2 If there are any deviations found in the fund request, reject the ticket. The requestor will be notified of such and will need to submit a new ticket for the revised funding request.


5. Once the ticket is approved, GW Treasury will be notified of the funding requirement, which will then trigger GW Treasury to transfer the funds to the requested bank account.