An account is a financial statement of indebtedness from one person to another. It documents transactions and is integral to recording and maintaining financial records.
A day book utilized for recording payments of cash from an organization's bank account, often integrated with a cash-receipts journal to form a complete cash book.
A cheque account is a bank or building society account on which cheques can be drawn. In the United States, this type of account is known as a checking account. It is designed to provide easy access to funds for everyday transactions.
Cleared balance refers to the funds in a bank account that have been processed and are available for withdrawal or use. It excludes any deposits that have not yet been confirmed or cleared by the bank.
A closed account refers to either a bank or charge account that has been terminated or an accounting ledger that has been closed off at the end of a financial period.
A credit transfer is a system that enables the transfer of money from one bank account to another, based on instructions given by the payer, detailing the receiver’s sort code and account number.
A plastic card issued by a bank or building society that allows customers to pay for goods or services at retail outlets by directly debiting their accounts using a telephone network.
A frozen account refers to a bank account from which funds may not be withdrawn until a lien is satisfied or a court order is received freeing the balance. This situation can occur due to legal issues such as disputes over the ownership of property.
A joint account is a bank or building-society account held in the names of two or more people, allowing any of the account holders to operate it independently. It is commonly used by spouses, partners, or business collaborators.
An overdraft is a loan provided by a bank or building society for a customer with a cheque account, allowing the account to go into debit, up to a specified limit known as the overdraft limit.
A withdrawal refers to the act of removing or taking out money from a place where it is kept, such as a bank account or a mutual fund.
