Cheque Expiration and Interac e-Transfer FAQs

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Where are deposits typically entered on a bank statement?

Both debit and credit sides

Credit side (correct)

Debit side

Nowhere in the statement

What is the purpose of a bank statement?

To provide a report of all banking transactions to the account holder (correct)

To track only cheque transactions

To list only withdrawals made from a bank account

To show the balance carried over from the previous month

Why does the writer mention that the bank statement includes 'written proofs of each transaction'?

To promote the use of cheques for all transactions

To indicate that digital copies of transactions are not reliable

To highlight the importance of keeping physical records of transactions (correct)

To emphasize the security features of a bank statement

Based on the text, why might someone see a discrepancy between their synoptic journal and a bank statement?

Deposits are recorded as credits in bank statements but as debits in synoptic journals Signup and view all the answers

How often does a bank typically send out a bank statement?

Monthly Signup and view all the answers

What information should be on a cheque according to the text?

Name of beneficiary, Amount paid, Signature of issuer, Number of the cheque, Date of issue Signup and view all the answers

Why is it recommended to fill a withdrawal slip when withdrawing money?

To have a record and reduce the chances of forgetting the withdrawn amount Signup and view all the answers

What should the issuer do to validate the information written on the back of a cheque?

Initial every piece of information written Signup and view all the answers

How long is a personal cheque typically cashable for?

6 months Signup and view all the answers

What additional information can be written on the back of a cheque apart from endorsing it?

Reason for which cheque has been issued, Invoice number, Statement date, Final Payment Signup and view all the answers

Why is it advisable for sole proprietors to make a copy of the deposit slip?

For record-keeping purposes Signup and view all the answers

What is required to use Interac e-Transfer for business invoicing and payment needs according to the text?

A Canadian online bank account and an email address or mobile phone number Signup and view all the answers

When should you use Interac e-Transfer according to the text?

For invoicing clients and customers, and paying business expenses Signup and view all the answers

What does the Interac e-Transfer Request Money feature facilitate according to the text?

Accounting record creation Signup and view all the answers

What is necessary for the recipient when receiving funds via Interac e-Transfer?

An email address or Canadian mobile phone number Signup and view all the answers

Can a person cash a personal cheque whenever they want to?

No, personal cheques have an expiry date Signup and view all the answers

What does a person need in order to use Interac e-Transfer for business purposes?