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Does a payee makes the payment or receives the payment?
Receives. A payee is paid (an employee is employed). A payer pays (an employer employs).
What are cashiers checks?
The cashier's check is known by many synonyms. It can be called a bank check, a teller’s check, a treasurer’s check, or an official check to name just a few. It is different than the type of check you would write from a personal bank account, and usually considered more acceptable for certain transactions, because it provides in most cases, a guarantee of payment to the receiver of the check. What makes the cashier's check unique is that funds are not drawn from your personal account. As most people know, funds can shift in a personal account on a daily basis. Even if you can prove to someone that you have money in your account to cover a check, that might only be true for a moment or two. Checks are cleared in the order they are received, and if you have other outstanding checks, the value of your checking account will shift when these checks do clear. In order to get a cashier's check, you withdraw funds from your personal account, or you have cash available. You then pay these funds to the bank that creates the bank check; this is often your own bank. Funds from the check are then drawn on the bank, and not on your personal account. Thus this form of check is considered secure, especially when issued by a reputable bank. There is very little possibility of a legitimate cashier's check bouncing, since the bank is the payer of the check. If a person fraudulently writes a check to cover the cashier's check, the bank might try not to cash the check. In most cases, this is not an issue, since most people use their own banks to get cashier's checks, and the bank has immediate access to information about the person’s bank account. The bank won’t accept a check from a person to create a bank check if they know there are not sufficient funds to cover the check. Some institutions will require a cashier's check as a secure form of payment. For instance you may need to get one for deposits on or purchases of automobiles, for deposits or first month’s rent for a newly rented apartment or for a down payment on a house. This really depends upon the institution or business. Some people find the process of obtaining these checks tiresome, and in most cases there is a fee attached to getting a check of this type. This fee may be a percentage of the total check or a flat fee, and this again depends upon the issuing bank, and your relationship to the bank, (such as your being a customer of the bank). The rise in Internet fraud has prompted many to fall victim to phony or fake check scams. A “private” individual emails you regarding a check they wish you to deposit, and in exchange you will transfer funds to them from your own account. These checks are often cashier's checks and they can look very real. It’s a good idea first off, to never deposit a check from someone you didn’t know yesterday, and who is claiming to be from a foreign country or some such, especially when these folks contact you via email. Second, if you do accept cashier's checks, be sure it is issued from a bank you know, and verify independently of the address or contact number on the check, that the bank actually exists and is legitimate. If it is a bank you’re familiar with, verify with the bank to be certain the check isn’t a phony. This is especially helpful when it comes to private transactions between individuals, such as someone paying you with a cashier's check to purchase something from you.
When a supplier makes a downward adjustment in the amount owed by a creditor the creditor will?
increase the amount of the account payable to the supplier, and decrease an asset such as inventory.
What is a supplemental check?
A supplemental check is used when a payee is owed additional money outside of their occurring payment. This can also occur with passing of new laws (i.e. 2008 when some tax payers received additional checks) or when a payer notices something incorrect in the system (perhaps they have been overcharging you for a service). Payroll usually makes the adjustment and issues a supplemental check (or deposit) to make up the difference.
An advantage of paying for things with cash rather than by check?
Paying with cash offers immediate transaction finality, eliminating the risk of bounced checks or delayed processing times associated with checks. Additionally, cash transactions can provide greater privacy, as they do not leave a paper trail or require personal bank information. Furthermore, cash can help with budgeting, as physically handling money makes it easier to track spending and avoid overspending.
MHow to make a check payable to a third party?
To make a check payable to a third party, it must first be signed by the payee. The payee then makes it payable to the third party.
How many times does santa check his list?
He makes the list and checks it twice.
What does a Maintenance person do?
He checks for any irregularities and checks if all the instruments are working in proper condition. He makes a total check of the aircraft.
What does Santa Claus check?
He checks his list twice. He also checks all the reindeer to make sure they are ready and comfortable, and makes sure the toys are well packed.
What is a system that allows each branch of government to limit the powers of other branches?
checks and balances
What does a doctor check during a physical?
the doctor checks your basic mobility, makes sure that you don't have any defects that will cause you to get hurt, and all in general checks you physical status.
What does the accounts payable department do?
The accounts payable is part of a company's accounting department. Accounts payable makes payments to outside firms that supplies it with a service or product.
What is stretching account payable?
Stretching accounts payable has to do with making payments. When a company makes the payment after the due date, yet only pays what is due, not any penalties. This is stretching accounts payable.
How are deluxe checks different from regular checks?
There is no difference between regular checks and deluxe checks. Deluxe is the name of the company that makes the checks. For example, there are Deluxe checks and there are BECU checks.
Is salary payable a asset or liability?
The key word is "payable". This makes salary payable a liability until it is fully paid. There are two entries for a Salary Payable, the original Journal Entry to record when the payable occurs and the Adjusting Entry to record when the balance is paid. Entry to record: Salary Expense (debit) $$$ Salary Payable (credit) $$$ Entry to pay: Salary Payable (debit) $$$ Cash (credit) $$$ yes
What are current checks used for?
"If you mean the brand, Current, then it is used to personalize your checks. To make them prettier of more original. Current makes checks more stylish. You can choose from parchment checks or check with flip flops on them. There is a wide variety."
What system makes it more likely that the president and congress will always compete for power?
Checks and Balances
