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Chapter 37. Banking > Checks and Deposits

Checks and Deposits

One of the most fundamental activities of any small business is the exchange of products and services for something else of value, normally money. This is called a transaction. Selling a product to a customer who pays cash is a typical transaction. But what about customers who pay by check? There are many transactions that do not involve cash, such as writing a check, accepting a check, making deposits or withdrawals at the bank, or transferring funds. It's important to understand the details of these transactions to protect your boss and the company from fraud and theft.

The most common transaction you will be involved in concerns checks, either personal or business. There are many different types and styles of checks, from the plain to the colorful. Yet all checks have some common basic elements such as numbers and names, and there is a specific set of requirements necessary before a check can be negotiable or cashable.


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