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The mastoid process
Checks Cleared
The process by which banks settle transactions, transferring money from the check writer's account to the beneficiary's account once the check is presented for payment.
Bank Reconciliation
The practice of aligning and scrutinizing numbers from financial records with the ones on a bank statement to guarantee they match.
Outstanding Checks
Checks that have been issued and recorded in the account holder's ledger but have not yet been cashed or cleared by the bank.
Deposits In Transit
Funds that have been deposited by a company but have not yet been recorded by the bank, often resulting in discrepancies in bank reconciliation.
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