SIGHT DRAFT is a draft which is payable on demand.
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.
Enter a term, then click the entry you would like to view.