The definition is: the daily ledger balances less uncollected checks
divided by the number of days in a period.
Ledger balances are those listed on the bank's books, while collected balances equal ledger balances minus float associated with the account.
Negative Collected Balance = Ledger Balance - Float, given Float > Ledger Balance.
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Float Balance means the amount of funds represented by checks that have been issued but not yet collected.
The answer is R
Calculate the average balance and finance charge
Ledger balances are those listed on the bank's books, while collected balances equal ledger balances minus float associated with the account.
Negative Collected Balance = Ledger Balance - Float, given Float > Ledger Balance.
Monthly average balance is the sum of daily balances in a month divided by the number of days in that month.
It is calculated by averaging the balance after each day. This is then averaged with the closing balance after each month.
Negative collected balance is a term used in accounting to describe accounts that are cannot be collected on. This means that they have tried several times to collect the balance and have been unsuccessful.
Who loaned the money?
Credit card companies use average daily balance to calculate interest charges. Each day's balance is added together, and then divided by the number of days in the billing cycle.
Use this simple formula: I=Average daily balance times the interest rate, divided by 366 times 30 days in November.
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to reconcile the cash book balance with the balance on the bank statement
The minimum sum of cash balances daily. Example - if your checking account requires a minimum daily collected balance of $500 to avoid a monthly maintenance fee, you must keep your cash balance in your checking account at or above $500.