![]() ![]() If you don’t recognize any transaction, you can report the problem to your bank for investigation. Accounts may have different options to help avoid the monthly service fee. Thus, you can check your bank statement every month if you want to verify POS transaction lists by scanning for POS transactions among all instances of your debit card. A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. Customers can typically use a debit card or checks to make purchases or pay bills. ![]() The POS transaction on bank statements appear with the label POS to differentiate them from other types of payment methods. A transaction involving a (1) credit card is based on an accounts credit limit (which is generally higher) and (2) debit card is based on the amount of money. The benefits of POS reconciliation are clear it’s time to explain how. Read more: POS reconciliation – What is POS reconciliation? By conducting POS reconciliation, retail businesses and customers can achieve greater accuracy and consistency in their financial records. It, in other words, confirms whether the amount left in the account is the same as the amount spent or received. POS reconciliation is an accounting task that compares two sets of records and sees if the figures match. After explaining “What does POS mean in banking?”, we’ll discuss one of the tasks that every retailer and customer should do – POS reconciliation – to ensure that your financial activity is recorded correctly and that the amounts are accounted for. ![]()
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