BANK RECONCILIATION Definition

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BANK RECONCILIATION is the verification of a bank statement balance and the depositor's checkbook balance.

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NET 10, 30, etc. usually refers to payment terms on an invoice, e.g. Net 10 2%, 30, would mean that if a purchaser pays the invoice within 10 days a 2% reduction in invoice amount may be enjoyed, but full invoice amount is due within 30 days.

DOCUMENT CONTROL is a function or department which keeps track of all documentation, specifications and processes. The purpose is to ensure that everyone uses the correct and most current processes and specifications.

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