Bookkeeping Controls
payment service
SWIFT - Society for Worldwide Interbank Financial Telecommunications - For international
trade
UK payment schemes
Ping it – mobile money platform
Link – platform that connects all ATM machines in the UK.
BACS – Bank Automated Clearing Service – platform for regular, variable payment
CHAPS – Clearing House Automated Payment Service
Pay m – mobile payment platform.
ATM – Automated Teller Machine
Faster Payment – same day electronic bank transfer
Bank draft – ‘next best thing for cash,’ like a cheque but is written by the bank not the payee
to make sure it more trust – worthy.
bank reconciliation
There are steps to complete a bank reconciliation.
1. Compare the debit side of the cash book to the paid in (right side) to the amounts on
the bank statement - tick off all that appear in both.
2. Compare the credit side of the cash book to the paid-out amounts (left side) in the
bank statement – tick off all that appear in both.
3. Add all unticked items in the bank statement to the cash book and then calculate the
new cash book balance.
4. Any unticked items in the cash book will be used in the bank reconciliation.
5. The following table is a bank reconciliation table.
Unticked items on the debit side are called outstanding lodgements and are added.
payment service
SWIFT - Society for Worldwide Interbank Financial Telecommunications - For international
trade
UK payment schemes
Ping it – mobile money platform
Link – platform that connects all ATM machines in the UK.
BACS – Bank Automated Clearing Service – platform for regular, variable payment
CHAPS – Clearing House Automated Payment Service
Pay m – mobile payment platform.
ATM – Automated Teller Machine
Faster Payment – same day electronic bank transfer
Bank draft – ‘next best thing for cash,’ like a cheque but is written by the bank not the payee
to make sure it more trust – worthy.
bank reconciliation
There are steps to complete a bank reconciliation.
1. Compare the debit side of the cash book to the paid in (right side) to the amounts on
the bank statement - tick off all that appear in both.
2. Compare the credit side of the cash book to the paid-out amounts (left side) in the
bank statement – tick off all that appear in both.
3. Add all unticked items in the bank statement to the cash book and then calculate the
new cash book balance.
4. Any unticked items in the cash book will be used in the bank reconciliation.
5. The following table is a bank reconciliation table.
Unticked items on the debit side are called outstanding lodgements and are added.
