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off the book

English translation: not recorded in official financial records

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:off the book
English translation:not recorded in official financial records
Entered by: ahmadwadan.com
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08:13 May 2, 2008
English to English translations [PRO]
Bus/Financial - Finance (general) / Microfinance institutions (MFI)
English term or phrase: off the book
Benefits for the Microfinance institution (MFI):

1. Receivables are off the book and cash comes in.
2. All borrower related ratios improve substantially as more borrowers are serviced at existing capital structure.

I appreciate if you give me the meaning of point 1 in plain English.

Thank you
ahmadwadan.com
Kuwait
Local time: 08:49
not recorded in official financial records
Explanation:
see: http://www.thefreedictionary.com/off the books for a definition of "off the book" and
http://www.thefreedictionary.com/receivable for a definition of receivable.

basically, it means that transactions related to microfinance are not recorded in the company's accounts.
Selected response from:

Adele Oliveri
Italy
Local time: 07:49
Grading comment
Thank you Adele and all.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +8not recorded in official financial records
Adele Oliveri
3 +3commentKen Cox
5not in this bookzax


Discussion entries: 2





  

Answers


13 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +8
not recorded in official financial records


Explanation:
see: http://www.thefreedictionary.com/off the books for a definition of "off the book" and
http://www.thefreedictionary.com/receivable for a definition of receivable.

basically, it means that transactions related to microfinance are not recorded in the company's accounts.

Adele Oliveri
Italy
Local time: 07:49
Specializes in field
Native speaker of: Native in ItalianItalian
PRO pts in category: 8
Grading comment
Thank you Adele and all.

Peer comments on this answer (and responses from the answerer)
neutral  BusterK: agree with Ken, this doesn't sound at all aound practice...// official is IMO awkward since it suggests unofficial books which is not what you mean with specific provisions.
20 mins
  -> "Official" is not meant to imply existing of "unofficial" records, just the company accounts. If it sounds ambiguous or redundant, it could well be dropped.

agree  Jonathan MacKerron: my take as well "receivables are not recorded, whereas cash is"
26 mins
  -> thank you Jonathan :-)

agree  Victoria Burns:
40 mins
  -> thank you Victoria :-)

agree  Mehmet Hascan: http://www.businessdictionary.com/definition/off-the-book.ht...
53 mins
  -> thank you İrlandalı :-)

agree  Lily Waters
6 hrs
  -> thank you Lily :-)

agree  BrettMN: This is certainly what the phrase means, but most companies wouldn't advertise openly that they would do such a thing, so you might double check the intended meaning with the client.
7 hrs
  -> thanks Brett :-)

agree  Clare-Louise Smith: agree with meaning, however as a native speaker of British English, I'm more familiar with the phrase "to not put XXX THROUGH the books", i.e. to omit monies from the written record of monies received by a company.
10 hrs
  -> thank you Clare-Louise :-)

agree  Dana Rinaldi
11 hrs
  -> grazie Dana!

agree  Erich Ekoputra
18 hrs
  -> thank you ;-)
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27 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +3
comment


Explanation:
How confident are you of the English skills (understanding) of the author of the source text? I'm not a financial expert, but having cash come in while receiveables are not booked to the company's financial accounts doesn't sound like something any accountant or auditor would approve.

Perhaps the intended meaning is that accounts receivable (amounts due from customers) are transferred from the company's account to the account of the financing institution (so the latter assumes the risks associated with collection and (non)payment), while the company receives income -- i.e. the instutution finances the company's accounts receivable.

Ken Cox
Local time: 07:49
Native speaker of: Native in EnglishEnglish
PRO pts in category: 20

Peer comments on this answer (and responses from the answerer)
neutral  Gemma Monco Waters: Ever heard of tax evasion? Ask our new elected prime minister. He can give you some useful information on the matter.
28 mins
  -> true enough -- of course, you need a suitable infrastucture (which Italy apparently has, sadly enough)

neutral  Mehmet Hascan: this practice is used in order to hide the debts and inflate profits (or to hide massive debt and to inflate the value of the company's stock)
50 mins

agree  fourth: This is precisely the position of a moneylender rather than a Microfinance organisation, see Grameen's site. All of this cynical stuff is nonsense
9 hrs

agree  B D Finch: The whole of the source text is poorly written, not to mention financially dodgy.
1 day1 hr

agree  Phong Le
2 days2 hrs
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22 hrs   confidence: Answerer confidence 5/5
not in this book


Explanation:
but recorded in another one.
Legality is the Author's problem.

zax
Local time: 01:49
Specializes in field
Native speaker of: Native in ArabicArabic, Native in EnglishEnglish
PRO pts in category: 16
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