SIGHT DRAFT Definition

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SIGHT DRAFT is a draft which is payable on demand.

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CORRESPONDENT BANK is a bank having communications and business links with the sellers bank.

 

OPEN BALANCE EQUITY is an account that is automatically created by QuickBooks whenever a company is created.  It is an equity account similar to Retained Earnings or Owner Capital. The Open Balance Equity account is basically a "plug" account used by QuickBooks to balance a transaction (basic accounting debits=credits). QuickBooks will enter a balance in the Open Balance Equity account for two reasons: beginning account balances or forced adjustments.

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