To calculate deposits in transit, compare the deposit entries in your company’s records to the deposits shown on the bank statement. If a deposit has been made by your company but has not yet appeared on the bank statement, add it to the ending bank balance. This adjustment ensures accurate reconciliation between your records and the bank statement.
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Emagia is a leading provider of AI-powered Order-to-Cash (O2C) automation platform that modernizes finance operations for midsize to large global businesses. Many global businesses and shared service centers use Emagia’s Enterprise Receivables Management System to transform to digital world-class operations in credit, invoicing and payments, receivables, collections, deductions, cash application and cash forecasting. Emagia solutions improve their customers DSO, cash flow, credit risk, operational cost, compliance and profitability.
