Glossary
Outstanding check
Definition
A check you've written and recorded that hasn't yet cleared the bank, so it's not on the statement.
Outstanding checks are a normal reconciling item: your book balance is lower than the bank balance until the check clears.
Related terms
- Bank reconciliation
Comparing your records with the bank statement to make sure balances agree and every transaction is accounted for.
- Deposit in transit
A deposit recorded in your books that the bank hasn't processed by the statement date.
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