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Unit 4: Financial
Office Management
| Term | Definition |
|---|---|
| Automated Teller Machine(ATM) | An electronic machine machine from which cash deposits and withdrawals can be made |
| Bank Reconciliation | Bringing into agreement a bank statement with a party's to cash account records |
| Blank Endorsement | An endorsement that consists only of the endorser's signature on the back to of a check |
| Cash | Refers both both to actual cash (cions and bills), checks, money orders, and funds in checking accounts in a banking institution |
| Check | A written order order to a 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 a percentage of the value of what the employee sells or process |
| Deduction | An item that reduces gross pay earned by an employee |
| Deposit | The placement of cash (cash, bills, checks) into an account |
| Depositor | The individual who places cash (coins, bills, checks) into an account |
| Electronic Banking | Use of a computer and a telecommunications network to transfer funds form one fund to another |
| Electronic Funds Transfer (EFT) | The use of a computer and a telecommunications network to transfer funds from one party to another |
| Employee Earning Records | A business form used to record details affecting payments made to an individual employee |
| Endorsement In Full | An endorsement found on the back of a check indicating the new owner of a check; also know as a special endorsement |
| Gross Pay | The salary paid to an employee before any deductions are withheld |
| Hourly Wage | The amounts of money an employee earns for each hour of work |
| Net Pay | The total earning paid to an employee after earns payroll taxes and other deductions are withheld |
| Overtime Pay | The amount of pay am employee receives as an incentive for working over the regular work day or work week |
| Payroll | The total amount earned by all employees for a period |
| Payroll Register | A business form 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 Record | A form in a petty cash system used to summarize expenditures |
| Petty Cash System | A system established by a business 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 to it's original level of cash |
| Restrictive Endorsement | An endorsement found on the bank of a check restricting further transfer of a check's ownership |
| Salary | The money paid for employee serivces |
| Signature Card | A bank document prepared by an account holder that is a key to the bank account security that document who may sign checks on particular bank accounts |
| Special Endorsement | An endorsement indicating a new owner of a check; also known as an endorsement is full |
| Time Card | A card that is required of employees to record their arrival and departure times for payroll purpose |
| Cash over | Relating to a petty cash system by which there is a cash discrepancy showing more money on hand then the related records indicate |
| Cash short | Relating to a petty cash system by which there is a cash discrepancy showing less money on hand then the related records indicate |
Created by:
meganmarieee
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