OA109 - Ch 4 Checks and Reconciliation

Process of moving funds electronically from one account to another account. Also known as ACH or Automated Clearinghouse transfers.

• Electronic Funds Transfer

• Deposit

• Withdrawal

The person or business who writes the check

• Payee

• Drawer

• Drawee

The drawer's bank

• Drawee

• Drawer

• Payee

The authorized person or institution the check is authorized to pay

• Payee

• Drawer

• Drawee

Is completed before cash or checks can be deposited into an account in a bank

• Checkbook

• Deposit slip

• Check Register

On the deposit slip, each check is identified by its

• Check number

• Drawer

• ABA Number

Provides a record of each check number, date, amount in check, deposits, and the running balance on the account

• Check book

• Check register

• Checks

Determined after a check has been subtracted from or deposited into the account

• Running balance

• Check

• Checkbook

A list of activities processed by the bank. Is provided monthly.

• Check register

• Bank Statement

• Fraud

What are outstanding checks?

• Checks that have a large amount

• Checks that do not exist any more

• Checks that haven't been deposited in the bank yet