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Money that you have physically taken to the bank and deposited, but due to timing / processing delays, does not show up on the bank statement. For instance: You take a deposit for $1,000 to the bank on Friday the 30th at 3:00, you record it on your books, but due to the way banks operate deposits after 3:00 are posted the next day and your deposit show up on the following month's bank statement as a deposit on the 1st of the month. THAT is cash in transit / deposit in transit.
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∙ 15y ago
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Is cash in transit account receivable or cash account?
why do you debit cash account and credit receivables for cash in transit
Does security cert 2 cover cash in transit?
does security cert 2 cover cash in transit
Cash in transit insurance from where the transit starts and what is the insurance meaning of transit?
Insurance meaning of transit is the common meaning of the word i.e. journey from one place to other. In case of Cash in transit, the insurance attaches during transit i.e. transit start and end as specified under the schedule of policy.
Will a cash in transit truck be robbed?
How much and where?
How much does a cash in transit officer get paid?
25000
What does cash in transit refer to?
Cash in transit is also commonly referred to as CIT or CVIT which means the physical transferring process of banknotes, coins or other valuable items.
How do banks loose money?
by fraud internally or externally or by both in connivance, cash lost in transit.
How much cash can you drive with?
Any amount is legal, but there still exists some rules. Anything over $9999.99 cash, you are required to disclose this fact to the government. A good reason is necessary for this type of transit.
When was Transit Transit created?
Transit Transit was created on 2010-08-03.
What is explanation of the potential causes for a discrepancy between the balance of the Cash in Bank account and a checkbook?
Deposits may be in transit or checks written may not have cleared the account
How much is a 1 zone NJ transit bus pass?
200
When was Grossmont Transit Center - MTS Transit Center - created?
Grossmont Transit Center - MTS Transit Center - was created in 1989.
