Check truncation
(Redirected from Check safekeeping)
Check truncation (check safekeeping) is procedure whereby checks are not returned to the drawer with the bank statement but are instead kept at the bank for a certain amount of time before being first transferred to image and then destroyed.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Check truncation (check safekeeping). Procedure whereby checks are not returned to the drawer with the bank statement but are instead kept at the bank for a certain amount of time before being first transferred to image and then destroyed.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
