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What happens when deposits are made to a bank account after year end and the bookkeeping is done for the year and the transaction was put in the books as being made at year end?
Wiki User
∙ 16y ago
You need to correct the entries. If uncorrected, your bank balance will be overstated as of the YE. Also, your sales and/or accounts receivable will be incorrect.
Wiki User
∙ 16y ago
If deposits are made to a bank account after year-end but mistakenly recorded as being made at year-end, this would result in the financial statements showing incorrect information for that period. To correct this, an adjusting entry should be made in the subsequent period to reflect the deposits made after year-end. This will ensure that the financial statements accurately reflect the timing of the transactions.
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What happens when the bank puts a deposit in the wrong account?
They will research it, and if the deposit was put into the wrong account they will debit the account it was put into and credit the account it was supposed to go into. It is important you fill out your deposit slip accurately because that is the record of where it should have gone. If that happens, all parties involved will be notified by the bank. The bank will revert the transaction if the mistake was on their part. If the incorrect transfer happened because of the customers mistake in providing accurate account numbers, the bank would not revert the transaction.
What happens if I have two direct deposits hit my account at same time?
Assuming you're entitled to the money - nothing ! However - if one of the deposits were made in error - and the bank discovers the fault - they an quite legitimately remove that money from your account without your consent.
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The transaction would still be processed... provided the bank account linked to the debit card had sufficient funds in it.
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The term settlement is used to signify the completion of a transaction. For example while buying settlement happens when the shares are delivered to your DEMAT account similarly while selling settlement happens when the money that you got out of selling the stocks is deposited to your bank account.
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All payments whether credit or debit will be rejected in case of closed bank accounts. In case of credit transactions (people trying to put money into your account) the transaction will be declined and the funds sent back to the sender. In case of debit transactions (people trying to withdraw money from your account) the transaction will be declined and no funds will be dispersed.
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The amount will be corrected before it posts to the account and becomes available, because ATM deposits are verified by humans.
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They can refuse any transaction they choose.
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Negotiation.
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You are responsible for any money that is present in your account. If you feel some transaction (a deposit) has happened in your account which you are not aware of, you must notify the bank of the same. If you happen to hold on to this money and it so happens that this money was being used by terrorists and they put it into your account by mistake, you will also be in trouble. So it is better if you intimate the bank reg. this.
Does the IRS look at cash deposit in banks?
Yes, it is possible. If a deposit of over $5000 happens in an account, the bank has to intimate the Government & the IRS. The IRS can then use this information to verify it the account holder has enough earning potential to match the deposits on his/her account. If they feel there is any inconsistency between the earning & the cash held in the account, they can investigate the person to find if he/she is evading tax.
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