Clearing

NSF check – The bank will return the check to the healthcare practice marked NSF, the payment posted to the patient will be reversed.

Shall be able to accept payment from all reputed bank transfer facilities for customer flexibility.

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

It may be extremely difficult to spot a business account-kiting scheme due to the volume of checks deposited daily. Nevertheless, tellers should be alert to the possibility that a business member could be engaged in a kiting scheme when processing the check deposits.

1. A NSF check should appear in which section of the bank reconciliation? (Points : 2)

When people think of bank transactions, they usually think of coins and dollar bills as the form of transaction, but what about check transactions? Since checks are not considered as currency and coin, how are they transacted? Checks would fit into the non-cash transactions along with the EFT. Checks that are collected through the FRS are credited to the place where the check has been sent. If the check happened to be an interbank check, the process

Some of the entries were made on a Check window, some of them on Deposit window

Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)

Although these services seem irrelevant, they are key to the function of regular banks as well as the federal government. One of these services is check clearing, “a service provided by the Fed to report receipts and expenditures of bank clients”(Meek 2011). Each federal district processes millions

All incoming checks are received daily by CSI Cashiering department. All checks received must be deposited or sent back to a customer by 12 noon on the business day following receipt of the check. This document outlines the steps a Quality Assurance colleague will take when QC testing check deposit by CSI Cashiering department.

very time consuming, which is a factor that could keep NDAS from serving its customers

If the source document is a cash sales slip, it means that goods or services are sold to a customer for cash. Therefore, bank account will be debited, and sales or revenues will be credited. If it is a sales invoice, the sales of goods or services are on account. The accounts receivable will be debited and sales/revenue will be credited. When the source is a purchase invoice, meaning that the company purchased goods on account, therefore expense or assets account are going to be debited, credit account would be bank. When the source document is a cheque copy, there might be 4 different types of transactions. The first one is the company is paying an account payable; the second is purchasing an assent by cash; the third might be payment for an expense by cash; the last one is owner’s drawing of money for personal use. Consequently, the possible debit accounts that might be influenced could be liability account – accounts payable, asset account, expense account and drawings account. Bank will be credited. Lastly, if it is a cash receipts, meaning the cheques are received from customers on account. Bank will be debited and accounts receivable will be

Banking-related transactions that typically take long span of processing can now be done in just a few minutes, or even seconds. Aside from this, there are still other brilliant benefits that the IT has contributed to the finance sector, which may bring not only advantages but also possible drawbacks.

Singapore Financial System is one of the world’s largest financial systems. According to Mishkin (2009), Financial System refers to a system that consists of the markets and institutional units that interact for the purpose to provide facilities such as payment and transfer systems and organizing the funds for investment from saved surplus funds to units who have shortage

• Describe the meaning and marketing of cheques, crossing of cheques and cancellation of crossing of a cheque;