CHIPS Definition

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CHIPS is Clearing House Interbank Payment System. A computerized payment system for clearing checks in New York.

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JOINT VENTURE is a venture by a partnership or conglomerate designed to share risk or expertise. See also VENTURE.

NATURAL ACCOUNTS in the Chart of Accounts are user defined accounts for the activities associated with the accounting entity that capture data at the transaction level. Natural accounts exist for a range of Assets, Liabilities, Equity accounts, Revenues, and Expenses.

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