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Unit4:Financial info
Office Management
| Term | Definition |
|---|---|
| Automated Teller Machine(ATM) | An electronic machine from which cash deposits and withdrawals can be made. |
| Bank Reconciliation | Bringing into agreement a bank statement with a party's cash account records. |
| Bank Endorsement | An endorsement that consists only of the endorser's signature on the back of the check. |
| Cash | Refers both to actual cash, checks, money orders, and funds in checking accounts in a banking institution. |
| Cash Over | Relating to a petty cash system by which there is a cash discrepancy showing MORE money on hand than the related records indicate. |
| Cash Short | Relating to a petty cash system by which there is a cash discrepancy showing LESS cash on hand than the related records indicate. |
| Check | A written order to the bank to make payment against the depositor's funds in the bank. |
| Checking Account | A bank account from which payments can be ordered by a depositor. |
| Commission | A fee paid to an employee, usually based on a % on the value of what the employee sells or processes. |
| Deduction | An item that reduces gross pay earned by an employee. |
| Deposit | The placement of cash (coins, bills, checks) into an account. |
| Depositor | The person who places a deposit. |
| Electronic Banking | use of a computer & a telecommunications network to transfer funds from one fund to another |
| Electronic Funds Transfer (EFT) | the use of a computer & a telecommunications network to transfer funds from one party to another |
| Employee Earnings Record | a business form used to record details affecting made to an individual employee |
| Endorsement in full | an endorsement found on the back of a check indicating the new order of a check aka- special endorsement |
| Gross pay | the salary paid to an employee BEFORE any deductions are withheld |
| Hourly Wage | the amount of many an employee earns for each hour of work |
| Net Pay | the total earnings paid to an employee after payroll taxes and other deductions are withheld |
| Overtime Pay | the amount of pay an employee receives as an incentive for working over the regular work day or work week |
| Payroll | the total earned by all employees for a pay period |
| Payroll Register | A business used to record payroll information on all employees for a pay period |
| Petty Cash Record | a form used in a petty cash system to record all disbursements and receipts |
| Petty Cash Summary Report | a form used in a petty cash system used to summarize expenditures |
| Petty Cash System | a system established by a business that that keeps a small amount of cash on hand for making small payments |
| Regular Pay | an amount paid to an employee for performing work excluding overtime pay and commission earned |
| Replenish | relating to a petty cash system by which the cash box amount is restored to its original level of cash |
| Restrictive endorsement | an endorsement found on the back of a check restricting further transfer of a checks ownership |
| Salary | the money paid for employee services |
| Signature Card | a bank doc. prepared by an acct. holder thats a key to the bank acct. security that documents who may sign checks on a particular bank accts. |
| special endorsement | an endorsement indicating a new owner of a check aka- endorsement in full |
| Time card | a card thats required of employees to record their arrival and departure times for payroll purposes |
Created by:
kayyelainee
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