Loan


Free Online Merchant Account

If you use an offshore checking account, the deal will be regarded as domestic and you will not have to pay more for the transaction...
For instance, if you use an internal account and strike a deal with a merchant residing outside the United States, the deal will be considered international, which will entail higher fees...
This is not the case with offshore accounts...


There are several reasons why this sort of account is regarded by many as the best option:

  1. It is available for free
  2. It helps you boost your business by attracting audience from various parts of the world
  3. You have a broader choice of banks and electronic payment services
  4. You can increase your turnover and save more money
Because banks charge higher fees for international transactions, an offshore account allows you to avoid these charges...


It is quite advisable to diversify your business with offshore accounts and use several banks instead of one...
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Online Merchant Account Services

There are various types of online checking account services, which process credit cards online...
Do not share your passwords or other personal and confidential information with third parties unless you trust them...
In the former case, you are going to have to get your account directly from the bank...


If you have decided to make transactions via online merchant services, you should take care of your own financial security...
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Bookkeeping



Single-entry system

The primary bookkeeping record in single-entry bookkeeping is the cash book, which is similar to a checking (cheque) account register but allocates the income and expenses to various income and expense accounts...
This type of cash book usually uses the imprest system: a certain amount of money is provided to the petty cashier by the senior cashier...
A journal is a formal and chronological record of financial transactions before their values are accounted for in the general ledger as debits and credits...
It may be split into two daybooks: receipts daybook for money received in, and payments daybook for money paid out
  • General Journal daybook, for recording journals
  • Petty cash book

    A petty cash book is a record of small value purchases before they are later transferred to the ledger and final accounts, it is maintained by a petty or junior cashier...
    Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses...
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    Imprest Cash Funds

    Imprest Cash Funds must not be maintained in checking or other bank accounts without specific authorization from the Treasurer’s Office...


    Each imprest cash fund is to be maintained at its original amount unless it is increased or decreased by obtaining from or returning the proper Form to Procurement Services...


    When accounting discrepancies occur in the submission of vouchers, Accounts Payable reserves the right to round off credit balances that it considers de minimus in amount...


    All imprest cash funds are subject to unannounced audits by the Office of University Audits or Procurement Services...
    The usual time for Procurement Services to create an imprest cash fund is five business days...
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    Checking Account

    Online banking services are available for imprest checking account holders too...
    With checking accounts growing more and more popular, many banks offer user friendly online services with lucrative checking account rates ...
    Free checking accounts provide basic opportunities for secure money storage and convenient bill payment and electronic shopping options...
    If you fail to live up to these criteria, you are not going to be ousted, but your returns may be almost as good as if you started a low interest checking account ...


    If you want to have cashed checks sent to you by email or you’d like to use some kind of checking account package service, you must be ready to pay fees...
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    Balance Transfer Credit Cards



    Whatever kind of transfer you choose, there are a few must-know things, which you should bear in mind while choosing between different companies:

    1. The longevity of the introduction card rate
    2. Fees and commission charges
    3. To how many transfers the introductory rate is applied?
    4. Is the rate applied to your daily purchases?
    5. How will the rate change when the introductory period expires?
    6. Imprest checking account details
    7. Transaction fee size.
    Credit card companies charge transfers differently...


    If you have a good credit record, you can use imprest balance cards...
    Contrary to that, if you are transferring to an existing account, you will be charged...
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