Quickbooks Chapter 10-Banking

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  1. Transfer Funds
    The movement of money from one account to another account.
  2. Bank Reconciliation
    Procedure used to determine the correct cash balance in an account by comparing the activity recorded in the account with the activity recorded on the bank statement.
  3. Credit card charges
    Expenditures charged to a credit card to be paid at a later date.
  4. Reconciling Items
    Differences between the bank statement and the company's records that have to be reconciled so that the cash balance in the company's accounting records agrees with the balance in its bank statement.
  5. Deposit in transit
    A deposit recorded on the company's books, usually at the end of the month, yet deposited too late to be on the current month's bank statement
  6. Outstanding check
    A check written and recorded by a company that has not yet been paid by the bank.
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Quickbooks Chapter 10-Banking
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