Confirmation.community | ABSA Business Banking South Africa Audit Confirmation Instructions

  ABSA Business Banking South Africa Audit Confirmation Instructions

Published:  09/03/2015


The below guide highlights ABSA Business Bank South Africa's specific instructions on accepted form types and how to setup the different form types for relevant bank accounts.
 

ABSA Business Banking South Africa Clients


ABSA Business Banking clients are generally smaller to medium sized entities.
 

ABSA Business Banking South Africa Departments Not Available on Confirmation.com


ABSA Business Banking South Africa can be facilitated through Confirmation.com. There are however a few departments that are in the process of being on boarded and have thus not launched on Confirmation.com as of yet. Should an auditor want a confirmation from any of these departments, they would need to contact the department directly. Confirmation.com is constantly adding bank departments onto the system and will notify auditors once these additional departments have launched. Please refer below to a list of email addresses that can be used to send a manual paper request to the bank.
 

Department Name Email Address
Credit Cardpurchasecard@absa.co.za


ABSA Business Banking South Africa Accounts

 
Account NameAccount DigitsAccount Structure
CurrentConsist of 10 digits(max)XXX XXX XXXX (Can include a 0 before)
Call DepositConsist of 10 digits(max)XXX XXX XXXX (Can include a 0 before)
Investment Consist of 10 digits(max) XXX XXX XXXX (Can include a 0 before) 
CFCConsist of 9 digits 
Forward Exchange Contracts (FEC)Consist of 6 digitsRequires a Midas/Deal numbers
Unit TrustConsist of 10 digits(max) 
FleetConsist of 16 digits 
Vehicle and Asset FinanceConsist of 9 digits 
TreasuryConsist of 12 digits 
ABSA Investment and Management Services (AIMS)Consist of 10 digits(max) 
 

 

  Instructions:


ABSA Business Banking​ South Africa Form Setup Instructions


Depending on how information can be extracted from the bank systems, a form can be set up in 2 ways:
 
  • Individual account basis
    The bank can only extract form details on an individual account basis. Auditors will therefore need to set up each account number as a separate form of the form type.
  • Entity wide basis
    The bank can extract form details on an entity wide basis. Auditors can therefore send a single form of the form type using a main account number. As information is supplied on an entity wide basis all other account numbers do NOT need to be supplied.
 
Form
Type
Form
Description
Setup
Instructions
       Accepted
       Accounts
ZA -
Asset
Provides information on balances, Interest, collateral/security/facilities. 

Note: The bank will provide overdraft information on the ZA - Asset form. 
 
An asset account is typically a current; cheque; deposit; saving; or investment etc.
Individual account basis 

A separate ZA-Asset form needs to be set up per account number.
  • Current
  • Call deposit
  • Investment
  • CFC
  • Treasury
 Click here for a detailed explanation of the ZA - Asset Form 
ZA -
Liability
Provides information on balances, Interest, borrowing agreements, covenant details, collateral/security/facilities.

Note: The bank will provide overdraft information on the ZA - Asset form. Only send a ZA - Asset form and not a ZA - Liability form for an account number that has an overdraft attached.

A liability account is typically loans; advances etc.
Individual account basis

A separate ZA-Liability form needs to be set up per account number.
  • Current
  • Fleet
  • VAF
 Click here for a detailed explanation of the ZA - Liability Form 
ZA - Contingent Liabilities & GuaranteesProvides information on written guarantees and other contingent liabilities.Entity wide basis

Only need to set up one form, with a main account number.
  • Current
 Click here for a detailed explanation of the ZA - Contingent Liabilities & Guarantees Form
ZA - SignatoriesProvides a list of authorised signatories on the client account and documentation with regards to the power of attorney.Individual account basis

A separate ZA - Signatories form needs to be set up per account number.
  • Current
  • Cheque
  • Savings
 Click here for a detailed explanation of the ZA - Signatories Form
ZA -
Letter of Credit
Asks questions in relation to a letter issued by a bank to another bank to serve as a guarantee for payments made to a specified person under specified conditions.Entity wide basis

Only need to set up one form, with a main account number.
  • Current
 Click here for a detailed explanation of the ZA - Letter of Credit Form
ZA -
Derivatives
Provides information on foreign exchange contracts and other derivative positions etc. This information is supplied on an entity basis.

Note: For all FEC’s and Forward positions, set up the form with, preferably, the main MIDAS number (Please do not supply trade numbers). If you do not have the Midas/Deal number, use the main transacting account number
Entity wide basis

Only need to set up one form, with a main account number.
  • FEC
 Click here for a detailed explanation of the ZA - Derivatives Form


 
 
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