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Who is responsible for recording the cash deposits and posting the payments to customer accounts?
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General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
What is customer deposits?
Deposits that the customer makes, money that the customer puts into the account.
What keeps track of deposits and withdrawals?
The bank and its database keeps track of all deposits and withdrawals done on all its accounts.
Is a customer deposit a current liability?
Yes, customer deposits is that amount which is received in advance for the services in future.
Definition of 'cash deposit'?
Cash deposits are moneys that are placed into the bank to be kept safe. There are accounts to keep each of these cash deposits.
What accounts are affected when you receive 550 from a customer for future services?
Debit - Cash. Credit - Customer Deposits.
Who posts cash deposits and post payments to customer accounts?
Your banking institution or the payee's accounting department.
General ledger account?
There are several different accounts that are used in the general ledger. Some of these accounts include cash, accounts receivable, inventory, notes payable, accounts payable, and customer deposits.
What is customer deposits?
Deposits that the customer makes, money that the customer puts into the account.
What are noninterest bearing deposits?
Typically deposits in checking accounts.
What are noninterest-bearing deposits?
Noninterest-bearing deposits are funds held in a bank account that do not earn any interest for the depositor. These deposits typically include funds in checking accounts and some types of demand deposit accounts. Unlike interest-bearing deposits, noninterest-bearing deposits do not generate any additional income for the depositor.
What does the Federal Deposit Insurance Corporation do?
It acts as an insurer of bank customer deposits. A+
What are the various types of bank accounts?
* Savings Account/Checking Account * Current Account * Fixed/Time Deposits * Recurring Deposits
Why are certificates of deposits?
Certificates of deposits are important because they are time deposits, which are similar to savings accounts. They are virtually riskfree because they are insured.
Why are certificates of deposits important?
Certificates of deposits are important because they are time deposits, which are similar to savings accounts. They are virtually riskfree because they are insured.
How can you know your bank fixed deposits through your pan no?
You cannot. Banks in India are not interconnected to one another. Each bank maintains an account of customer records separately. So, the customer himself may have to visit each of the banks where he has accounts to get a statement of all his fixed deposit accounts. If anyone apart from the actual customer wants this information, banks will refuse to divulge the information unless they are from the police department.
When comparing certificates of deposits to saving accounts one would say certificates of deposits are less liquid?
True
