|
3S is a full-featured 32-bit accounting software for Windows 95 and Windows NT.
3S includes: General ledger, Accounts receivable and Accounts payable: Powerful invoice/order entry system: Bank reconciliation: Automated cheque printing: The facility to design your own reports, business forms and financial statements. Export reports directly to Office97 and Corel WordPerfect Suite 7 and 8.
 Research 3S
In business, account payee are the words used in crossing a cheque to ensure that the cheque is paid into the bank account of the payee only. However, it does not affect the negotiability of the cheque.
Research Account Payee
Advise fate is a business term for a request by a collecting bank wishing to know, as soon as possible, whether a cheque will be paid on its receipt by the paying bank. The cheque is sent direct and not through the Bankers' Clearing House, asking that its fate should be advised immediately.
Research Advise Fate
In business, allotment is a method of distributing previously un-issued shares in a limited company in exchange for a contribution of capital. An application for such shares will often be made after the issue of a prospectus on the flotation of a public company or on the privatisation of a state- owned industry. The company accepts the application by dispatching a letter of allotment to the applicant stating how many shares he has been allotted; he then has an unconditional right to be entered in the register of members in respect of those shares. If the number of shares applied for exceeds the number available (over subscription), allotment is made by a random draw or by a proportional allocation. If an applicant has been allotted fewer shares than he has applied for, he receives a cheque for the un-allotted balance (an application must be accompanied by a cheque for the full value of the shares applied for).
Research Allotment
Ante-date is a business term to date a document before the date on which it is drawn up. This is not necessarily illegal or improper. For instance, an
ante-dated cheque is not in law invalid.
Research Ante-Date
The Association for Payment Clearing Services (APACS) An association set up by the UK banks in 1985 to manage payment clearing and overseas money transmission in the UK. The three operating companies under its aegis are: BACS Ltd, which provides an automated service for interbank clearing in the UK; Cheque and Credit Clearing Co. Ltd, which operates a bulk clearing system for interbank cheques and paper credits; and CHAPS and Town Clearing, which provides same-day clearing for high value cheques and electronic funds transfer. In addition EftPos UK Ltd is a company set up to develop electronic funds transfer at the point of sale. APACS also oversees London Dollar Clearing, the London Currency Settlement Scheme, and the cheque card and eurocheque schemes in the UK.
Research Association for Payment Clearing Services
A bank draft (banker's cheque; banker's draft) is a cheque drawn by a bank on itself or its agent. A person who owes money to another buys the draft from a bank for cash and hands it to the creditor who need have no fear that it might be dishonoured. A bank draft is used if the creditor is unwilling to accept an ordinary cheque.
Research Bank Draft
A bank statement is a regular record, issued by a bank or building society, showing the credit and debit entries in a customer's cheque account, together with the current balance. The frequency of issue will vary with the customer's needs and the volume of transactions going through the account. Modern cash dispensers enable the customer to ask for a statement whenever he needs one.
Research Bank Statement
A building society is a financial institution that accepts deposits, upon which it pays interest, and makes loans for house purchase or house improvement secured by mortgages. They developed from the Friendly Society movement in the late 17th century and are 'non-profit' making - the reality however is that the directors receive large sums of money in wages and bonuses.
The early building Societies were joint-stock benefit societies for the purpose of raising by periodical subscriptions a fund to assist members in obtaining small portions of landed property and houses, which were mortgaged to the society until the amount of the shares drawn on was fully repaid with interest. These societies were divided into two sections: the Proprietary and the Mutual Societies. The former class took money on deposit, paying a somewhat higher rate of interest than could generally be had on money available at call, and gave loans for building purposes, or the like, repayable by instalments. The profit of the company lay in the difference between the rate charged to borrowers and the rate paid to depositors.
The Mutual Societies were of two chief kinds, either limited to a certain term of years and confined to a certain number of members, or permanent, and not confined to any definite number of members, but ready to receive new members as long as the society existed. A favourite form of terminating society allotted its capital among the members, according to the number of shares they held, by ballot. The subscriptions were paid weekly or monthly, and on securing an 'appropriation' the member repaid this sum very much as he would have paid his rent, over a term of years, at the end of which the house or land became his own. He also maintained his small subscription, and at the winding-up of the society was entitled to a share of the profits.
Terminable societies were giving place to the permanent kind by 1910. These, by the constant admission of new members, have a constant supply of funds at their disposal, and are thus able to supply the demands of all the borrowers; while the security offered to investors induces many people to enter the society merely with the view of having a convenient means of depositing their savings, and not with the intention of acquiring any real property for themselves.
Building societies are regulated by the Building Society Act (1986). The societies accept deposits into a variety of accounts, which offer different interest rates and different withdrawal terms, or into 'shares', which often require longer notice of withdrawal. Interest on all building- society accounts is paid net of income tax, the society paying the tax direct to the Inland Revenue. The societies attract both large and small savers, with average holdings being about 5000 pounds.
Loans made to persons wishing to purchase property are usually repaid by regular monthly instalments of capital and interest over a number of years. Another method, which is growing in popularity, is an endowment mortgage in which the capital remains unpaid until the maturity of an assurance policy taken out on the borrower's life; in these arrangements only the interest and the premiums on the assurance policy are paid during the period of the loan. Since the 1986 Act, building societies have been able to widen the range of services they offer; this has enabled them to compete with the high-street banks in many areas. They offer cheque accounts, which pay interest on all credit balances, cash cards, credit cards, loans, money transmission, foreign exchange, personal financial planning services (shares, insurance, pensions, etc.), estate agency, and valuation and conveyancing services.
The distinction between banks and building societies is fast disappearing, indeed many building societies have obtained the sanction of their members to become public limited companies. These changes have led to the merger of many building societies to provide a national network that can compete with the Big Four banks. Competition is well illustrated in the close relationship of interest rates between banks and building societies as they both compete for the market's funds. Moreover, the competition provided by the building societies has forced the banks into offering free banking services, paying interest on current accounts, and Saturday opening.
Research Building Society
A cash dispenser is a machine for supplying cash to cardholders, often installed outside banks and building societies to provide a 24-hour service. The customer is supplied with an embossed plastic card (cash card or cash- point card) bearing account details. When it is inserted into the dispenser with the appropriate personal identification number, it will allow cash to be withdrawn direct from the customer's account. Other services may also be requested, such as the provision of a statement of account, a cheque book, or account balance. Cheques and cash may also be paid in through a
cash dispenser.
Research Cash Dispenser
|
The Probert Encyclopaedia was designed, edited and programed by
Matt and Leela Probert
©1993 - 2009 The Probert Encyclopaedia
Southampton, United Kingdom
|
|
|
Abbreviations
