Deposit in transit
Deposit in transit is a [[deposit that was made by customers of a bank but did not reach, or was not processed by the bank before the preparation of the bank statement.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Deposit in transit. Deposits that were made by customers of a bank but did not reach, or were not processed by the bank before the preparation of the bank statement.
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.
