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Why it is better for business to have two signatories for a cheque rather then one?
Having two signatories for a cheque enhances financial security by reducing the risk of fraud or unauthorized transactions. It ensures that at least two individuals are involved in the approval process, promoting accountability and oversight. This practice also helps prevent errors, as multiple signatories can verify the legitimacy of the payment before it is processed. Overall, it fosters a culture of transparency and trust within the organization.
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How should a alteration on a cheque be treated?
An alteration on a cheque should be treated with caution. Any changes made to the cheque, such as modifications to the payee's name or the amount, should be initialed by the drawer to validate the alteration. If the alteration is not properly authenticated, the cheque may be considered invalid, and the bank may refuse to honor it. It’s best practice to issue a new cheque rather than altering an existing one to avoid potential issues.
What is corporate check?
at a guess i'd say it was a cheque drawn from a company, rather than a personal, cheque bookcan be used to pay company bills etc, often needs to be counter-signed by two people, and often has limits
What is meant to cts clg in bank statement?
"CTS CLG" in a bank statement refers to "Cheque Truncation System Clearing." It indicates that a cheque has been processed through the CTS, which is a method used to electronically clear cheques rather than physically moving them. This system enhances the efficiency and speed of cheque clearing, allowing funds to be transferred more quickly between banks. If you see this notation, it typically means that a cheque you issued has been successfully cleared.
What is a check that has been written but not presented to a bank for payment?
Its a cheque that has been handed over rather than cash paid. It tells the bank to pay the person named the amount of money written on thee cheque. If the recipient doesn't hand the cheque to their bank the payer never has their money taken from their account, so has obtained goods our a service without paying for it. I cant remember who it was, but someone famous never signed autographs so that people kept the cheques they signed and never cashed them so they got away without paying
Is cheques received from credit customers a sales?
No, cheques received from credit customers are not classified as sales; they represent the payment for sales made on credit. When a sale is made on credit, it is recorded as revenue at the time of sale, while the receipt of the cheque is a cash inflow that reduces accounts receivable. Thus, the cheque signifies the collection of previously recognized sales revenue, rather than a new sale.
Would you rather make money or better the business?
Better business. With a better business money will follow.
When do you write a number in words rather than using digits?
a cheque
What is a cash economy?
Business done without physical cash, except through digital.
What is the procedure done by bankers for out of range cheques?
A cheque (American and others write Check) is an order (an instruction) by the cheque writer to his/her bank to take money from their account, and to give it to the person (or business) named on the cheque. The cheque writer (drawer) writes the various details including the money amount, date, and a payee (intented recipient/beneficiary of the transfer) on the cheque, and signs it, ordering their bank to pay that person or company the amount of money stated.If the depositor's bank reverses the cheque deposit and advises you cheque out of range you can ask either bank "What do you mean? What's the problem?" Neither banker may really know why the automated cheque reader has rejected the cheque. Odds are - there is a blemish or error in the digital/electronic coding on the cheque that make the cheque invalid, or rather, the instruction to the paying bank becomes void for some reason [whether deliberate by the writer, or otherwise]. Because we are "at the mercy" of the automated cheque reader it is best to ask the writer to replace the faulty cheque than get into a tantrum with any bank staff.Stale cheques are cheques not presented within six months of the date on the cheque. When the holder of the cheque seeks to deposit the stale cheque, the bank will typically decline to accept it. The teller may suggest you ask the cheque writer to issue a new replacement cheque - but they are not obligated to advise you about your options.Regards, Myke
What is the instruction to the bank on a crossed bank?
IF you meant 'on a crossed cheque' - it's an instruction to the bank, to credit the value of the cheque to the payee's account - rather than handing over the cash.
Why core business is on top rather diversified business?
core business is better than diversified business becoz core business focuses only on one business on the other hand diversifes business hass to many business to handle
How should a alteration on a cheque be treated?
An alteration on a cheque should be treated with caution. Any changes made to the cheque, such as modifications to the payee's name or the amount, should be initialed by the drawer to validate the alteration. If the alteration is not properly authenticated, the cheque may be considered invalid, and the bank may refuse to honor it. It’s best practice to issue a new cheque rather than altering an existing one to avoid potential issues.
Can you withdraw cash from the teller if your cheque is issue under your name and the bearer is cross?
No, you cannot withdraw cash from a teller using a crossed cheque that is issued in your name, as crossing typically indicates that the cheque must be deposited into a bank account rather than cashed. The crossed cheque is meant for security purposes, and only the account holder can deposit it into their account. If you need to access funds, you would need to deposit the cheque into your bank account first.
What is corporate check?
at a guess i'd say it was a cheque drawn from a company, rather than a personal, cheque bookcan be used to pay company bills etc, often needs to be counter-signed by two people, and often has limits
What is meant to cts clg in bank statement?
"CTS CLG" in a bank statement refers to "Cheque Truncation System Clearing." It indicates that a cheque has been processed through the CTS, which is a method used to electronically clear cheques rather than physically moving them. This system enhances the efficiency and speed of cheque clearing, allowing funds to be transferred more quickly between banks. If you see this notation, it typically means that a cheque you issued has been successfully cleared.
Why can't a cash cheque be crossed?
A cash cheque cannot be crossed because crossing indicates that the cheque must be deposited into a bank account rather than cashed directly. Crossing serves to enhance security and reduce the risk of theft or fraud by ensuring that the funds are transferred through banking channels. Since cash cheques are intended for immediate payment in cash, they do not require this added layer of security. Therefore, crossing would contradict the purpose of a cash cheque.
Were the US and UK and France members of NAFTA?
The United States, Canada and Mexico were all signatories to the NAFTA agreement. France and the UK were never part of the agreement, but rather are part of European trading agreements.
