On the company's books, deposits in transit have been noted; however, the bank has not yet done so.
The bank balance is lower until the check is cleared by the bank, which can deposits take days after the company gets a check and records it in its books.
Money kept in a bank is referred to in the financial lexicon as a deposit. A deposit is a transaction in which money is transferred to a different bank party deposits for safekeeping. Yet another definition of a deposit is a sum of money used as security or collateral for the delivery of a good.
There are two definitions for a deposit. One type of deposit entails deposits transferring money to a different party for safekeeping. According to this definition, a deposit is cash added by an investor to a bank savings or checking account kept at a bank or credit union.
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