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FP101 Week Two DQ 1
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Refer to p. 87–93 of Personal Finance. Identify two cash management products and provide a short description of each. Do you have any experience with these products?
Account Reconciliation and Controlled Disbursement Account Service are both important and beneficial to a company by managing people’s money spending situations.
It is used to ensure that the money leaving an account matches the actual money spent, this is done by making sure the balances match at the end of a particular accounting period. Account reconciliation has practices include collecting relevant account data like invoices, checking account balances, correcting these balances, finding discrepancies, controlling policy to prevent discrepancies, and more. Account reconciliation procedures can be simple or extremely complex depending on the size and scope of a company. It is important to reconcile balance sheet accounts at the end of a period as part of the closing process each month to help identify errors if any will occur before closing. Balance sheet account reconciliation is the comparison of the account’s general ledger trial balance with another source. Differences caused by the timing of transactions, such as outstanding checks, are identified as reconciling items. Controlled Disbursement Account service is a check presentment service designed to help you minimize idle balances and tighten account management with minimal administrative involvement. It provides early same-day notification of your check clearing totals, allowing you to precisely fund disbursement activity, enhance investment opportunities or reduce borrowing requirements. Controlled disbursement is used to regulate the flow of checks through the banking system on a daily basis, usually by mandating once-daily distributions of checks. When regulating the flow of check through the system, it is in order...