Making payments
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Here are some tips for paying while travelling abroad: - Carry some foreign cash for small purchases, but don't carry large amounts. - Consider getting travellers' cheques in the local currency for security. - Bring your debit card to withdraw local cash from ATMs. Inform your bank before travel. - Bring a credit card as backup for larger purchases, but pay it off each month. - Consider a prepaid travel card loaded with local currency to avoid fees on each transaction. - Always keep receipts and be aware of exchange rates when paying or withdrawing funds.
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CA-CPT Accounts - Bank Reconcilation Statement - Revision Sheet
The document discusses bank reconciliation statements. It defines a bank pass book and cash book and how they record transactions differently. A bank reconciliation statement is prepared to reconcile any differences between the bank pass book balance and cash book balance. It lists transactions that cause differences and categorizes them as plus or minus items to determine the correct balance. Preparing the reconciliation helps identify errors and take necessary actions.
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The document discusses bank reconciliation in Tally, which allows accounting of a company's bank account balance with the bank statement. It facilitates checking the correctness of reconciliation by marking vouchers with bank dates, and recovering reconciliations of any date. The reconciliation process in Tally involves displaying the bank account, entering the bank date for vouchers, and updating the reconciliation totals as vouchers are marked to match the bank balance.
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This document contains a table listing 6 journal entries made on different dates, including debits and credits to accounts such as office equipment, cash, accounts receivable, accounts payable, note payable, trucks, and capital. The entries record various business transactions such as purchases of assets using cash or notes payable, and sales on account increasing accounts receivable.
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This document provides guidance on managing personal finances, including setting financial goals and choosing bank accounts. It discusses the importance of setting both short-term and long-term financial goals. It also provides tips for choosing a bank, opening an account, making deposits, writing checks, using a debit card safely, and maintaining an account register to keep track of transactions and avoid overdrafts. Key aspects of bank statements are explained to help the reader reconcile their account.
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This document summarizes various types of bank accounts. It discusses the requirements for opening a savings account such as identity and address proofs. It also describes the KYC process banks follow. Some key bank accounts covered include savings accounts, current accounts, fixed deposits, recurring deposits, salary accounts, escrow accounts, and vendor accounts. Their key features, advantages and disadvantages are outlined. The differences between fixed and recurring deposit accounts are also highlighted.
bank accounts maintained by the business enterprise.pptx
Here are sample deposit and withdrawal slips that I designed based on my knowledge of basic banking documents:
[SAMPLE DEPOSIT SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash $________
Checks $________
Total $________
_________________________
Depositor's Signature
[SAMPLE WITHDRAWAL SLIP]
ABC Bank
Main Street, Manila
Date: __________
Account No.: __________
Cash Requested $________
_________________________
Account Holder's Signature
Banking practics
This PPT explains the concepts of Banking practices and obligations, and Banking Ombudsman Scheme, 2006
Banking (p)
This document provides an overview of common bank accounts and services. It explains the basic types of accounts (current and savings), common services like debit cards and cashpoint cards, how to write and use cheques, direct debits and standing orders for regular payments, obtaining and reporting lost bank cards, getting statements and checking transactions, and earning interest. The document is intended to help readers understand basic banking terminology and services.
Dbs3024 biz trx week 4 banking system
This document provides an overview of the banking system and various methods of making payments and conducting business transactions. It describes traditional methods like cash, cheques and credit cards, as well as newer electronic alternatives like debit cards, online banking, direct debits and mobile payment systems. The document also covers related topics like cheque clearing processes, completing bank forms, and the roles of cashiers and bankers. It aims to explain how banking and payments have evolved increasingly toward digital and cashless methods.
Different methods of payments
The document discusses different methods of payment including cash, cheques, credit cards, debit cards, hire purchase, standing orders, interest-free credit, bank loans, and overdrafts. It provides details on how each method works, such as how cheques allow payment by transferring funds from a current account, debit cards transfer funds directly from a bank account, and credit cards allow borrowing within a pre-set limit. The document also gives tips for using payment cards securely and understanding terms and conditions.
Unit 3B - Checks
This document provides instructions on how to properly manage and use a checking account. It explains the key parts of a check, how to correctly write checks including spelling out numeric amounts, the importance of avoiding writing checks to cash, how to record checks in a check register, how to reconcile the register with bank statements each month, how to endorse checks, and what overdraft protection is and how it works to protect against insufficient funds.
chap 4 principle accounting .pptx
The document discusses accounting for cash and cash controls. It defines cash and its characteristics as the most liquid asset. It describes methods of controlling cash including bank checking accounts, petty cash funds, and voucher systems. It discusses bank reconciliation by reconciling the bank statement balance to the company's cash balance in its records. Key steps in bank reconciliation and common reconciling items are also summarized.
Accounts and Financial services
This document discusses various methods of making and receiving payments, including cash, cheques, credit cards, money orders, postal orders, electronic transfers, standing orders, bank drafts, and letters of credit. Cash allows for quick payments but carries theft risks, while cheques provide proof of payment but may bounce. Credit cards offer lines of credit for purchases. Money orders and postal orders are obtained from post offices for sending smaller or larger fixed amounts. Electronic transfers and standing orders automatically transfer funds between bank accounts on a one-time or recurring basis. Bank drafts and letters of credit provide guarantees of payment from banks.
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This document provides information about different types of cash books used for recording cash transactions, including simple, double column, and triple column cash books. It discusses the format and accounting treatments for each type. Specific examples are provided to illustrate how transactions are recorded in double and triple column cash books. The document also covers petty cash books and the imprest system for petty cash. In summary, it is an overview of cash book concepts and formats for recording cash receipts and payments.
Payment methods
This document discusses various payment methods including cheques, credit cards, debit cards, and cash cards. It describes the key characteristics of cheques such as being drawn on a banker, payable on demand, and containing a certain money amount. It also discusses crossed and open cheques, components of a bill of exchange, protections provided to paying and collecting bankers, negotiation of cheques, dishonor of cheques due to insufficient funds, and the different types of cards including their distinguishing features.
Subsidiary books
This document discusses various subsidiary books used in accounting. It describes 8 main subsidiary books: cash book, purchase book, sales book, purchase return book, sales return book, bills receivable book, bills payable book, and journal proper. It provides details on the purpose and structure of each book for recording transactions in a specialized and organized manner before posting to the ledger.
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Financial Assets: Debit vs Equity Securities.pptx
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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Making payments
- 1. 9
- 2. Cheque: A written instruction to your bank to pay a sum of money to another person. 9
- 3. Cheque: (continued) There are three parties to a cheque: ◦ drawer — the account holder ◦ drawee — the bank where the account is held ◦ payee — the person being paid the money 9
- 4. A cheque contains the following additional information: 1. Date 2. Amount in words 3. Amount in figures 4. Drawer’s signature 5. Cheque number 6. Account number 7. Branch sort code 8. Purpose of payment 9. New balance in account 1 1 8 2 3 9 4 5 5 7 6 9
- 5. Crossing a cheque Crossing a cheque involves drawing two parallel lines across the front 9
- 7. Advantages: Disadvantages:
- 9. Plastic Cards: Banks provide a number of ―plastic‖ cards for their current account holders: ◦ Laser (Debit) Card ◦ ATM Card ◦ Cheque Guarantee Card ◦ Credit Card People use ―plastic‖ to pay for goods and services and to transfer money to other people without using cash. 9
- 10. Money can be transferred electronically in the following ways: Direct Debit A direct debit can be used to make a regular payment where the amount changes each time, e.g. the electricity bill Standing Order A standing order can be used to make a regular payment where the amount is the same each time, e.g. a regular donation to charity 9
- 12. A stopped cheque – A cheque which the drawer informs the bank not to honour A postdated cheque – A cheque that has a date on it sometime in the future A stale cheque – A cheque that is more than 6 months old A blank cheque – A cheque with some of the details missing
- 13. A crossed cheque – A cheque with two parallel lines on the face of it An open cheque – A cheque which is not crossed An endorsed cheque – a cheque which is signed on the back by the payee
- 14. Payee – the person who receives the cheque Drawer – the person who writes the cheque and from whose account the money will be taken Direct Debit – A method of paying bills where the amount may change Standing Order - A method of paying regular bills of a fixed amount
- 15. Money can be transferred electronically in the following ways: Bank Giro Credit Transfer A bank giro credit transfer is used to make a single payment to another person through the bank, e.g. paying your TV licence Paypath Paypath is used by employers to transfer the wages of their employees directly into their bank accounts each payday Bank draft A bank draft is a form of a cheque which a bank draws on itself. You pay the bank and they issue a bank draft made out to the person you want to pay 9
- 16. •Workbook p54
- 19. An exchange rate is the quantity of a foreign currency which can be purchased for one’s own currency (eg. One Euro)
- 20. Euro → Foreign Currency = Multiply by the Sell Rate Foreign Currency → Euro = Divide by the Buy Rate
- 21. Peter is going on holidays to Florida. He has saved €1,500 and wants to change this to dollars for his holiday. He goes to the bank and sees this sign: US Dollars: Bank Sells = 1.45 Banks Buys = 1.55 How many dollars can he get for his €1,500? Remember: Euro → Foreign Currency = Multiply by the Sell Rate €1,500 x 1.45 = $2,175 Answer: Peter can get $2,175 in exchange for €1,500
- 22. Peter is coming home from his holidays and has $100 left. Again he goes to the bank and sees this sign: US Dollars: Bank Sells = 1.45 Banks Buys = 1.55 How many Euro can Peter get for his $100? Remember: Foreign Currency → Euro = Divide by the Buy Rate $100 / 1.55 = €64.52 Answer: Peter can get €64.52 in exchange for $100
- 23. Foreign Cash - £ $ ¥ Travellers’ cheque Debit Card Credit Card