Check
Check (outside of the United States known as cheque) is a special pre-printed slip of paper in book format usually produced by the bank. These are used by a business to pay their bills in place of cash or instead of internet banking. These notes are completed by the business by entering the date, the name of the person/business being paid and the amount in numeric value and word value. They have to be signed by the authorized signatory of the bank account and usually expire 3 to 6 months after the date issued. It is safe to send cheques in the post, unlike cash which can be stolen.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Check. A form used to indicate a specific amount of money that is to be paid by the bank to a named person or organization.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
