T/T Definition

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T/T is a payment or financial transaction designation meaning "Telegraphic Transfer" of funds.

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SIGN-OFF is approval or agreement, e.g. to sign-off on a purchase contract.

AVERAGE PAYMENT PERIOD (APP) is the number of days an entity takes to pay off credit purchases. As the average payment period increases, cash should increase as well, but working capital will remain the same. Formula: accounts payable / (total annual purchases / 360).

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