Glossary
Deposit in transit
Definition
A deposit recorded in your books that the bank hasn't processed by the statement date.
Deposits made late on the last day of a period often appear on the next statement. They're added to the bank balance during reconciliation.
Related terms
- Outstanding check
A check you've written and recorded that hasn't yet cleared the bank, so it's not on the statement.
- Bank reconciliation
Comparing your records with the bank statement to make sure balances agree and every transaction is accounted for.
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