Definitions:
Bank debit memo: shows a decrease in the company's bank account due to a interest/service charge.
Bank Credit memo: shows an increase in the company's account. (Interest earned)
Outstanding Cheques: cheques that have been issued but not processed yet.
Cancelled Cheques: cashed cheques
Not Sufficient Funds (NSF) : a cheque that cannot be cashed by the bank because there are not sufficient funds in the customers account.
Cash Payments Journal: a special journal used to record all payments made. Later posted to "cash" account on general ledger.
Cash Receipts Journal: a special journal used to record all money received. This journal is later posted to the company's general ledger cash account.

	Created by racheloucks over 11 years ago

Note on Accouting Exam Prep Notes, created by racheloucks on 24/06/2013.