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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.
What else can I help you with?
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 does the cash in transit service cost?
The cost of cash in transit services varies widely depending on factors such as the volume of cash being transported, the frequency of service, and the specific security requirements. Typically, providers may charge a flat fee plus a percentage of the cash value transported. It's advisable to request quotes from multiple service providers to get a clearer understanding of the costs involved.
What is a special trucks with armored guards that pick up and deliver cash to banks?
The special trucks you are referring to are known as cash-in-transit (CIT) vehicles. These armored trucks are specifically designed to securely transport cash and valuables between banks, ATMs, and businesses. They are staffed by armed guards to ensure the safety of the cash during transit and to deter theft or robbery. CIT services play a crucial role in the financial system by maintaining the secure flow of currency.
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.
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
When was Transit Transit created?
Transit Transit was created on 2010-08-03.
