Difference between revisions of "Check truncation"
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Revision as of 08:23, 20 December 2018
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.
