The depositor account title indicates the ownership of the funds in a deposit account. Put simply, it is the name that appears on the deposit account record.Know More
Depositor account titles may be held by a single individual, a married couple, business partners or other arrangement. One of the individuals may be the primary representative or represent the power of attorney. Depositor account titles may also be held by a fiduciary or escrow company that holds funds for other parties.
Legally, the depositor legally transfers title of the funds deposited to the bank. The bank then records the funds as both an asset and a liability towards the individual(s) or entity holding the depositor account title.Learn more about Accounting
The ledger balance is the total amount of funds in an account at the beginning of a business day. The deposits and debits that take place throughout the day determine an account's available balance.Full Answer >
To complete a petty cash book, keep a running tally of cash in the account, deposits, withdrawals and dates. The petty cash book is a summary of trivial expenses. It can take the form of a ledger sheet or a spreadsheet, such as a Microsoft Excel file. Typically a business maintains a petty cash account for minor expenses, such as meals, flowers, stamps and office supplies, according to Accounting Tools.Full Answer >
Title is a legal term that means ownership while a deed is a legal document that serves to transfer the title of a piece of property from one party to another. The terms are used most often in the field of real estate, but deeds are also used in other circumstances.Full Answer >
It may take a check a few business days to clear, depending upon how long it takes the payee to deposit the check and how long it takes the payor's bank to process and remove the funds from the account. A check is considering outstanding until it is cleared.Full Answer >