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Bank Reconciliations (b)
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Is direct debit not like an increase in our bank balance? Because ‘debit’ increases the cash balance? Respond
@chandhini, Respond?!!!!
A debit on the bank statement is a payment. Direct debits are automatic payments (and therefore a credit in the cash account).
@johnmoffat, If that is the logic,then how are credit transfers assumed to be a tranfsfer from our A/c instead of a trasnfer to our A/c?
@chandhini, *transfers
@chandhini, I know it is confusing but blame the UK banks, not me
They call it a credit transfer because you are transferring money to the credit of someone else’s account.
@chandhini, Direct debits are initiated by the person receiving the money from us – they simply tell our bank how much money that want out of our account.
Credit transfers are initiated by the person who is paying the money – we tell our bank to take the money out of our account and credit someone else’s account.
@johnmoffat, I’ve got it now! Thanks!
Thanks!
@chandhini, You are welcome
hhaha im sure i will not have problem with understanding “direct debit” from now on
…especially with tht example
lectures are awesome , very helpful . thank you so much OpenTuition.com
brilliant stuff
superb
good
i’m in love with the lecturer and his smashing British accent. <3
excellent
excellent keep up the good work.
8)
very good explanation and the example you gave about the old lady is hilarious