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Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
In computerized accounting systems with computable quantity accounting, the accounts can have a quantity measure definition. Account numbers may consist of numerical, alphabetic, or alpha-numeric characters, although in many computerized environments, like the SIE format, only numerical identifiers are allowed. The structure and headings of ...
A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank. [1]
A variety of checks against abuse are usually present to prevent embezzlement by accounts payable personnel. Separation of duties is a common control. In countries where cheques payment are common nearly all companies have a junior employee process and print a cheque and a senior employee review and sign the cheque.
The categories include type of item, and if it is a cheque or cash and which bank it is from, such as a local bank or not. The bank teller keeps the deposit slip along with the deposit (cash and cheques), and provides the depositor with a receipt. They can be filled in prior to attending the bank, making it more convenient when paying in.
Examples include such items as cancelled checks, paid bills, payrolls, subsidiary ledgers, bank reconciliations. [1] Accounting records can be in physical or electronic formats. In some states, accounting bodies set rules on dealing with records from a presentation of financial statements or auditing perspective. Rules vary in different ...
Paper checks, though not used daily as much as they used to be, are still a necessary part of making payments and managing your checking account. Online banking has made digital transactions more...
Depending on the financial institution, bank statements may also include certain features such as the canceled cheques (or their images) that cleared through the account during the statement period. Paper statements are typically posted to a customer's home address, and sometimes a copy may be posted to, say, an accountant or guardian.